Ghana: KfW boss lauds BOG and DBG for support for Fintechs

Arndt Wierheim, the Country Director of German Development Bank, KfW, has commended the organisers of the 3i Africa Summit, the Bank of Ghana (BoG) and the Development Bank Ghana (DBG) for their focus on financial technology (FinTech) and lauded the DBG, specifically, for the development bank’s support for FinTech companies in Ghana, asserting it is in the right direction.

Sharing his impressions of the 3i Africa Summit with the media, Mr. Wierheim indicated that the Summit was very well organised.

He congratulated BoG, DBG and Elevandi for the remarkable Summit on the digital economy.

“Convening such a large number of very diverse participants – policy makers, investors, fintech companies, start-ups, academia – from so many different countries under one roof was a unique achievement.

“Personally, I felt that the atmosphere was very dynamic and conducive to brainstorm and learn about how to transform our economies in the digital era,” he noted.

“Participants, experienced and young entrepreneurs, were enthusiastic and eager to listen and network.

“I hope the Summit will be the start of a tradition. A recurring conference where people discuss and exchange views, offer solutions on the future of the continent, all by Africans and for Africans,” he added.

Speaking on the key outcomes of the 3i Africa Summit, Mr. Wierheim averred one of the key outcomes of the Summit was the need for collaborations and partnerships, asserting that this aligns with DBG’s own collaborative culture and its unique position in the Ghanaian market and that DBG can become more than just a bank by becoming an enabler of increased understanding between the financial sector and the Ghanaian economy.

In his view, DBG’s support for FinTechs is an important building block in modernizing the Ghanaian economy.

Speaking to the media on DBG’s support, Mr. Wierheim noted DBG should be a driving force to modernize Ghana’s financial sector by facilitating different ways of providing access to finance and mitigate risks for market players, particularly Small and Medium Enterprises (SMEs).

“Today’s world is a digital one and the influence of digitalization and FinTech on businesses, governments and consumers will continue to rise. DBG’s support to FinTech is in line with its focal area of ICT. Looking at the way FinTechs are growing and influencing change in Ghana, Africa and the world, supporting them is in the right direction,” he said.

Adding that, KfW also has as one of its pillars the support for FinTechs by encouraging digitalization and innovation.

“KfW as one of the world’s largest development bank is very keen on digitalization and innovation. That forms a key pillar of our own strategy, domestically and internationally. We have a whole innovation hub at our headquarters in Frankfurt, Germany to explore new technologies for our ultimate purpose which is transforming the economy and society in order to improve economic, environmental and social living conditions,” he noted.

DBG through the 3i Africa Summit spearheaded transformative discussions on FinTechs, addressed critical growth and investment opportunities for FinTechs and also explored how market players in the financial ecosystem should embrace digital transformation.

Ghana’s FinTech industry, encompassing the banking and financial services sector, insurance, telecommunications, and non-banking financial services, has emerged as one of Africa’s most promising and scalable fintech ecosystems.

The sector’s rapid growth can be attributed to the government’s Digital Agenda, which aims to promote a cashless, contactless digital economy and achieve financial inclusion and stability. This growth has been particularly evident in recent years, with the industry experiencing a significant uptick in investment, innovation and adoption.

The Ghanaian FinTech landscape has been hailed as a hub for innovation, with a thriving startup scene and a supportive regulatory environment. The country’s commitment to digital transformation and its strategic location in West Africa have positioned it as an attractive destination for fintech companies looking to expand their presence on the continent.

The 3i Africa Summit exceeded its pre-conference targets across board by recording 8,720 registrations, 7,500 attendees, 4,786 industry players, 1,724 policy makers, 1,230 researchers, 95 participating countries, 240 speakers, 58 sessions, 15 tracks, 9 stages and 10 innovator pitches, 2,896 app logins, 7 networking events and trended at #1 on X during and on days immediately after the Summit.

Source: thebftonline.com