The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has opined that the lack of scalability for investors is a major challenge facing Africa’s fintech sector.
He has therefore underscored the need for Africa to accelerate its digitalization efforts by nurturing homegrown financial technologies across the continent.
Addressing attendees on Day 1 of the 3i Africa Summit in Accra, he urged African countries to prioritise innovation, investment, and impactful policy to ensure economic growth and development through digitalization.
The summit is under the theme ‘Unleashing the Fintech and Digital Economic Potential of Africa’.
The event is expected to bring together key players within the finance sector across Africa and the globe.
He said the tech-savvy youthful population, widespread mobile phone usage, improving network accessibility, and the presence of indigenous fintech solutions have positioned the continent at an advantage.
He was, however, quick to add that without sufficient investment, the pace of innovation and scalability of fintech solutions could be hindered.
“Despite the lack of requisite investment in Africa, fintech could slow the pace of innovation and scalability of solutions in achieving the desired impact of a digitised Africa. The general lack of investor scalability is a major challenge of local fintech.
“The regulatory aspect is another reason not to ignore the issue of deficient findings in the fintech space. Fintech should have the ability to navigate regulatory requirements and meet complaint standards which we all agree are non-negotiables, especially, in Africa’s financial industry. Hence the need to address the information gap between the investors and fintech startups to stimulate the payment ecosystem,” he added.
By: Rainbowradioonline.com/Ghana
