Home Business Finance Fintech Key to Unlocking Africa’s Full Potential, Says Dr. Amin Adam

Fintech Key to Unlocking Africa’s Full Potential, Says Dr. Amin Adam

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Dr Mohammed Amin Adams Finance Minister
Dr Mohammed Amin Adams Finance Minister

Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has revealed that Fintech is a beacon of hope for the African continent.

Stressing that the sector offers an opportunity for African countries to realize their full potential and bring about substantial change.

This transformation, he stressed, requires coordinated efforts and strategic alliances among stakeholders, including governments, regulatory bodies, financial institutions, technology firms, and civil society organizations.

Dr. Amin Adam shared these insights at the opening ceremony of the 3i Africa Summit in Accra, Ghana.

He emphasized the need for African countries to transcend national boundaries and form strategic partnerships across various sectors to achieve meaningful progress.

Fintech, he noted, plays a crucial role in improving financial inclusion for the continent’s population, many of whom have limited access to formal financial services.

The minister pointed out that Fintech empowers people to participate meaningfully in the formal economy through innovations like mobile payment platforms, digital lending services, and blockchain-enabled remittance networks.

These technologies are reshaping the financial landscape, enhancing efficiency, reducing costs, and unlocking new sources of value across diverse economic sectors.

Dr. Amin Adam also discussed the 3i Africa Summit’s objectives, which include promoting industry best practices, facilitating knowledge exchange, fostering talent mobility, and encouraging resource sharing. He called for an “African agenda” to achieve development goals, emphasizing the need for public-private partnerships, investments in digital infrastructure, and the creation of regional fintech hubs to bridge the digital divide.

He noted that initiatives such as the African Continental Free Trade Area (AfCFTA) and the African Union’s Agenda 2063 provide a supportive framework for a cross-border approach to development.

He stated that the success of financial innovations relies on a robust financial services sector operating within a stable macroeconomic environment.

Dr. Amin Adam highlighted Ghana’s economic rebound, with growth reaching 2.9% in 2023 against a target of 1.5%, inflation moving towards a year-end target of 15%, and declining interest rates. He acknowledged the government’s efforts to support economic growth, including measures to address fiscal challenges and improve the macroeconomic environment.

Finally, he praised Ghana’s achievements in building a vibrant fintech ecosystem. He noted the diverse array of startups, accelerators, and regulatory initiatives that position the country as a leader in fintech innovation across Africa.

 

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