Ghana: Government to establish Fintech Innovation Fund

The government has planned to establish a FinTech Innovation Fund to bolster start-ups and propel Ghana’s digital revolution.

Vice President Mahamudu Bawumia unveiled this initiative in Accra on Monday during the official press launch of the inaugural 3i Africa Summit.

The three-day summit, to be held in Accra, is scheduled for May 13-15, 2024, on the theme: “Unleashing Africa’s FinTech and Digital Economic Potential”.

The event, being organized by the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), in partnership with Elevandi, a subsidiary of the Monetary Authority of Singapore, would attract governments, businesses, policy-makers, academia, investors and thought leaders.

Participants will convene to deliberate and collaborate on unleashing Africa’s complete potential in FinTech and the digital economy, with a specific focus on innovation.

Vice President Bawumia, who had championed the government’s national digitalization agenda, over the past seven years, said the path to Ghana’s digital revolution was through FinTech, hence, it was imperative to support them financially to thrive.

He urged all stakeholders in the FinTech and digital industry to unite in enhancing the legislative and regulatory framework to strengthen the payments ecosystem. This collective effort aims to propel Ghana towards sustained financial inclusion.

Dr. Bawumia highlighted the transformative potential of technology, noting that it would enhance productivity and connectivity. This empowerment would be extended to individuals, FinTech startups, as well as small and medium-scale businesses, fostering innovation and efficiency in institutional operations.

It was against this background, he said, the Government, in the past seven years, had focused on pursuing a digital transformation agenda as part of its economic strategy at the individual and institutional levels.

“The objective is to ensure digital empowerment for a prosperous future in this accelerated digital era, where the use of modern and emerging technologies have become commonplace and a catalyst for growth, progress, and prosperity,” Dr Bawumia stated.

In line with this vision, the Vice President outlined the Government’s plan to establish a FinTech and Innovation Fund. This initiative aims to furnish startups and local FinTech companies with the necessary investment to scale up, thus propelling Ghana’s digital revolution.