The Governor of the Bank of Ghana, Dr Ernest Addison, has announced the government’s intention to create an Innovation Fund to promote the development of the fintech industry.
Speaking on the challenges of the country’s fintech industry at the launch of the 3i Africa Summit, Dr Addision emphasised that lack of funding significantly stunted the growth of the fintech sector in several ways. In his speech, he mentioned that “without sufficient capital, 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, a fintech company is only as strong as its members. In that same vein, a lack of funding could ultimately impact a FinTech’s ability to attract and retain premium talent.”
He did not provide further details on the fund size or other modalities of the intended Innovation Fund.
The 3i Africa Summit is an initiative spearheaded by the Bank of Ghana and Development Bank Ghana, in partnership with the Monetary Authority of Singapore, to unlock Africa’s full potential, primarily focusing on the Fintech and Digital Economy. The Summit will take place from 13th to 15th May in Accra, under the theme ‘From Innovation to Impact: Investing in Africa’s Financial Sector to Drive Africa’s Transformation’.
Source: Bank of Ghana
