Wednesday, 17 April

Maiden 3i Africa Summit launched | BoG Governor calls for investment in African Fintechs

Business
Dr Ernest Addison - Governor BoG

The maiden 3i Africa Summit has been launched in Accra, today, Monday, 26 February 2024, with the optimism that it will steer the financial sector in adopting technology comprehensively to improve the delivery, efficiency, convenience, and inclusivity of financial services in Africa.

Speaking at the launch, Governor of the Bank of Ghana, Dr Ernest Addison cautioned on the potential negative impact a lack of requisite investments in African FinTechs could have on the innovations and scalability of solutions in achieving the desired impact. 

He noted that the lack of funding can significantly stunt the growth of the FinTech movement in several ways. Without sufficient capital, he said, brilliant ideas and prototypes of FinTech startups solutions with the potential to address the diverse financial service needs have failed to progress to production.

Furthermore, he noted that a FinTech is only as strong as its members and in that same vein, a lack of funding could ultimately impact a FinTech’s ability to attract and retain premium talent.

Dr Addison also mentioned that the regulatory aspect is another major reason “we cannot ignore the issue of deficient funding in the FinTech space.” This in his view could hinder FinTech companies’ ability to navigate regulatory requirements and meet compliance standards, “which we all agree are non-negotiables, especially in Ghana’s and Africa’s financial industry.”

He disclosed that from the regular engagement with FinTech startups as part of the Bank of Ghana’s innovation nurturing role, it has emerged that most of these nascent companies generally lack investor visibility, hence, the need to address the information gap between investors and FinTech startups to stimulate the payment ecosystem.

According to the governor, this will help unleash the full potential of FinTech startups to contribute meaningfully to the economic development of the African continent.

Against this background, Dr Addison indicated that the upcoming 3i Africa Summit is designed as a platform for governments, businesses, investors, regulators, innovators, and thought leaders to discuss and collaborate on measures to unlock Africa’s full potential by harnessing the potential of FinTech.

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 Addison emphasised among other things that the Summit will feature a Lab Crawl, a platform through which diverse participants can benefit from visibility for investment opportunities to both local and international investors and capital providers.

The speaker line-up includes 15 keynote speakers of eclectic and influential backgrounds, about 15 Central Bank Governors spanning five continents, three Heads of States, over 100 global investors, asset managers, Tech Executives and many more.

The plenary and break-out sessions will offer participants the opportunity to discourse and learn from over 100 speakers from across the world on current developments influencing Africa’s innovation landscape, capital generation, and policy development.

These interactions, Dr Addison noted, are important to enhance innovators and regulators’ appreciation of each other’s perspectives in the spirit of cooperation and collaboration.

In addition, the Summit will provide the opportunity for professional and career advancements through the integrated online learning channels, which will offer purposefully designed programmes in partnership with experienced partners like Cambridge SupTech Lab, De University of Ethereum and the National Banking College.

 

Source: Classfmonline.com/Emmanuel Mensah