Ghanaian Vice President Mahamudu Bawumia has charged Fintechs and other major economic players in Africa to take advantage of unique opportunities on the continent to collaborate, innovate and explore opportunities to impact the lives of the continent’s people positively.
Bawumia made this call on Tuesday while addressing participants at the 3i Africa Summit organized by the Bank of Ghana, and the Development Bank Ghana, with support from the Monetary Authority of Singapore.
Speaking on the topic “Digitising Economies in Africa: A Future Imperative” Dr Bawumia said Africa’s youthful and rapidly increasing population, growing internet penetration and smart phone usage amidst falling internet costs, present a unique set of opportunities to complement the growing influence of fintechs on everyday life.
He said significant growth of fintechs in the financial services market, especially in ensuring financial inclusion. Are opportunities to be harnessed.
As fintech reaches a new level of maturity, African financial services are poised at a pivotal point transformation. With the momentum gained in recent years, several African nations stand on the brink of unlocking unprecedented opportunities, positioning themselves at the forefront of the next wave of fintech innovation and growth, said the vice president.
“In this rapidly evolving landscape, agile fintech players are strategically positioning themselves to capture a slice of this flourishing market. As the fastest-growing startup industry in Africa, the success of fintech companies can be attributed to a confluence of favourable trends,” he observed.
He added, “These trends signify the immense market potential and further establishes the transformative impact that fintechs can have on financial inclusion and economic growth in Africa.”
As fintech continues to thrive amidst these favourable conditions, it is evident that the sector is well-positioned to reshape the future of finance in Africa, driving both innovation and inclusive growth, added Bawumia.
He cautioned that this growth would not come on a silver platter though, so fintech startups in Africa must adopt a multifaceted approach that emphasizes innovation, showcases the expansive market potential, and prioritises regulatory compliance and transparency.
“Startups should continuously strive to develop groundbreaking solutions that address unique challenges faced by African consumers and businesses. They should articulate a clear vision of how their solutions cater for the needs of our growing market, backed by data-driven insights and market research.
“Ultimately, we stand at a pivotal juncture in the evolution of the fintech and tech sectors in Africa, where the choices we make today will profoundly influence our trajectory for years, if not decades, to come,
“It is imperative that we embrace responsible innovation, creating a balance between pushing technological boundaries and ensuring ethical considerations and regulatory compliance,” he added.