Vice President Dr. Mahamudu Bawumia has said government intends to set up a Fintech and Innovation Fund with the aim of providing the needed investment required for startups and other fintechs operating in the country.

According to him, the fund forms part of government's broader digital agenda to bridge financial inclusion, propel innovation and boost technological advancements.

Speaking at the press launch of the 3i Africa Summit in Accra on Monday 26 February, Dr Bawumia said government remains committed to pursuing a digital transformation agenda that serves the needs of people and the economy.

“Government will be setting up a Fintech and Innovation Fund to support startups and other fintechs. I'm excited about the attention given to fintech and innovation because it will leapfrog us into the digital revolution in Africa and what has been clear on this journey towards digitalisation has been that most of the innovation have been homegrown.

“…This is driven by local fintechs and IT firms leaving the technological know-how and innovation in the hands of these local firms but usually they lack the capital to make impact with their innovations and so they need the investment" he added.

He cited the developers of the Digital Address System as a prime example of making investments into local firms.

He recounted that the firm that won the bid was located in Dansoman, Accra and subsequently blew away other competitors from UK and others to design the entire infrastructure and system for the addressing system.

The 3i Africa Summit is a fintech festival to drive Innovation, Investment and Impact for Africa’s Fintech and Financial Services sectors.

The initiative has been jointly developed by the Bank of Ghana with the Monetary Authority of Singapore, Development Bank Ghana, and supported by Elevandi to spearhead transformative discussions, address key growth and investment opportunities.

It will also explore how market players in the financial ecosystem are leapfrogging in digital transformation and pioneer the much-needed dialogues and actions to drive Africa’s Fintech growth.

The summit, which is taking place in Ghana from May 13 to May 15, 2024 at the Accra International Conference Centre is anchored on the theme: “Unleashing Africa’s Fintech and Digital Economic Potential.”

MA/NOQ

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