Government to Establish FinTech Innovation Fund to Propel Ghana's Digital Revolution - Bawumia

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Vice President Mahamudu Bawumia unveiled plans for the creation of a FinTech Innovation Fund to bolster startups and drive Ghana's digital transformation. The announcement was made during the official press launch of the inaugural 3i Africa Summit in Accra on Monday.

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Scheduled for May 13-15, 2024, the three-day summit, themed "Unleashing Africa's FinTech and Digital Economic Potential," is a collaborative effort between the Bank of Ghana (BoG), Development Bank Ghana (DBG), and Elevandi, a subsidiary of the Monetary Authority of Singapore. The event aims to bring together government officials, businesses, policymakers, academia, investors, and industry thought leaders to discuss and collaborate on unlocking Africa's full potential in FinTech and the digital economy.

Vice President Bawumia, a staunch advocate of Ghana's national digitalization agenda, emphasized the pivotal role of FinTech in driving the country's digital revolution. He stressed the importance of providing financial support to enable FinTech startups to thrive and encouraged stakeholders to work together to enhance the regulatory environment and promote financial inclusion.


Highlighting the transformative power of technology, Dr. Bawumia underscored the potential for technology to empower individuals and businesses, drive innovation, and enhance operational efficiency. He reiterated the government's commitment to digital transformation as a key economic strategy, focusing on empowering individuals and institutions in an era where technology plays a central role in driving growth and prosperity.

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In line with this vision, the Vice President announced the government's intention to establish a FinTech and Innovation Fund aimed at providing essential investment for startups and local FinTech companies to scale up and lead Ghana's digital revolution. The Minister of Finance, Dr. Amin Adam, echoed the importance of supporting startups and local businesses as significant contributors to the Ghanaian economy.

The launch of the MSME Innovative Finance Project, a collaborative effort between DBG, BoG, and the University of Ghana Business School, underscores the government's commitment to fostering growth within the economy by addressing challenges faced by SMEs in accessing financing. The initiative seeks to drive innovation, investment, and impact in Africa's FinTech and financial services sectors, positioning Ghana as a hub for digital transformation and financial inclusion.



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