Mahama pledges $50m Growth Fund for fintechs

Wednesday, April 10, 2024 | views Last Updated 2024-04-10T08:32:22Z



Mahama pledges $50m Growth Fund for fintechs

National Democratic Congress flagbearer John Mahama has pledged $50 million for the booming financial technology industry if elected president in December.

A separate body of eminent persons would administer the fund in accordance with the standards of transparency, fairness, equal opportunities, and merit.

He said his government would also promote and nurture innovation hubs through public and private partnerships to harness technology to address Ghana's development challenges.

In collaboration with partners, we will establish a US$50 million fintech Transformative Growth Fund to support Ghanaian fintechs.

Mr Mahama held a special engagement in Accra on Friday for the country's fintech and technology ecosystem.

In order to shape the NDC's policies in response to players' needs and aspirations, the meeting was designed to provide the party with a deeper understanding of the financial technology space.

He explained that under the policy, fintech innovators would be groomed to be technology entrepreneurs, build businesses on their innovations, attract investment, and create jobs.

Mr. Mahama said the NDC government would improve the regulatory and supervisory environment to encourage active participation and healthy competition among diverse players within the fintech ecosystem.

“Diversity and competition drive innovation and enhance the user experience, but I know that young people with brilliant ideas eager to contribute their quota to the national agenda are facing rigidities in the application processes and the general difficult and financially constraining Fintech operational environment.”

I will actively ensure Ghanaian participation in a buoyant, diverse, and competitive fintech ecosystem for the ultimate benefit of our people,” he said.

Mr. Mahama told the gathering that the country could not promote digital innovations without access to data and that his government would remove barriers to data access by providing a regulatory framework for sharing data without compromising privacy.

Among other things, he promised to bridge the gender gap in financial inclusion and manage infrastructure and software as a service to help improve financial technology.

He also promised to help restore the licenses of banks that were unjustifiably shut down in 2019 by the current government.

The President of the Ghana Fintech and Payments Association, Martin Kwame Awagah, said the industry, although relatively new and developing, had shown significant promise of changing our financial service delivery landscape for good.

The use of technology in our financial sector has contributed immensely towards driving financial inclusion in Ghana,” he said.

He said that despite the abundance of innovative ideas, limited access to funding often impeded the growth and expansion of those ventures.

To address this challenge, Mr. Awagah said there was a need to foster a more supportive ecosystem that provided start-ups with access to financing, mentorship, and networking opportunities.

source: Akomaptrendz
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