“It is essential that we break down the policy barriers”- 3i Africa Summit held in Accra

It has gone from being a tiny and elusive industry trend to a transformational force with a notable global surge in the number of fintech users, especially in the area of digital payments, where it is anticipated that there will be more than 3.5 billion users worldwide by 2024.

A report of the UN Task Force on Digital Financing SDGs, People’s Money: Harnessing Digitalization to Finance a Sustainable Future, indicates that “digitalization can have a transformative impact by empowering people [and] has the potential to reshape the flows of large amounts of finance towards SDG impacts and alignment through more and better data, cheaper intermediation and innovative new business models.”

To unleash Africa's fintech and digital economic potential, experts in the finance and technology sectors, drawn from the public and private sectors, met in Accra for the 3i Summit.  Held annually, this year’s explored opportunities to drive innovation, investment and impact in the policy, financial and technology sectors towards advancing the growth of Africa’s economy.    

Opening the Summit, the President of the Republic of Ghana, H.E. Nana Addo Dankwa Akufo-Addo, emphasized the importance of Ghana to invest in the skills needed for digitalization to thrive. ‘‘We are fostering cross border skills, recognition and promoting digital literacy ensuring that our young people have the confidence and capability to navigate the fintech landscape with ease and a plan.” He added that “it is essential that we break down the policy barriers that have held us back for too long”. 

According to the Governor of the Bank of Ghana, Dr. Ernest Kwamina Yedu Addison, “This forum presents a unique opportunity for private and public sector stakeholders to explore, discuss, and interrogate the technological advances, fintech innovations, and financial sector policies to revamp the digital financial services in the industry in support of Africa’s socio-economic vision.’’ 

Immediately after the opening ceremony, the United Nations Resident Coordinator in Ghana, Mr. Charles Abani led a 4-member panel discussion under the theme, “Reflect on Africa the next frontier, and call for increased capital flow”. Mr. Abani said the pace of change is exponential, and AI opportunities must be maximized in the digital economy, referring to the Covid-19 era where businesses, mostly women-owned businesses moved online. He further urged young people to have the drive in their pursuit of fintech to tap into the opportunities available for Africa’s youth.