Vice President Dr Mahamudu Bawumia has reminded to stakeholders at the press launch of the first 3i Africa Summit in Accra that a major key to Africa’s digital revolution is fintechs, which provide the ecosystem necessary for innovation and the means to pay for it.

The Summit, which is premised on innovation, investment, and impact, is being organised by the Bank of Ghana and Development Bank Ghana, in partnership with the Monetary Authority of Singapore through its subsidiary, Elevandi, organisers of the globally acclaimed Singapore Fintech Festival (SFF).  

The Summit will take place over three days from 13th - 15th May this year in Accra, on the theme ‘From Innovation to Impact: Investing in Africa’s Financial Sector to drive Africa’s Transformation’.  

Dr Bawumia speaking at the event noted that such Summits as 3i provide important opportunities for collaboration and peer-learning, bringing together all the stakeholders and players to brainstorm and think through how to leapfrog and transition Africa into the digital revolution.

Dr Bawumia stressed that digital transformation is an inevitable necessity, an appropriate system, a flexible response to emergencies, challenges and needs, and a means used to achieve economic and social development.

“What is clear in the digitalisation journey thus far is that most of the digitalisation that we are seeing is homegrown. In recognition of this, Government will be setting up a Fintech Innovation Fund to support startups and other fintechs,” he promised.