The Vice President of Ghana, Dr Mahamudu Bawumia has urged African leaders to prioritize investment in digital technology infrastructure to accelerate the continent’s development.
According to him, the potential of digital technology is to drive growth in the fintech industry, enhance the digital financial sector and promote financial inclusion.
Dr Bawumia said this when speaking at the 3i Africa Summit held in Accra, on the theme “Unleashing Africa’s Fintech and Digital Economic Potential,” which brought together Heads of State, Ministers, Central Bank Governors, industry leaders, and experts to explore innovative solutions for unlocking Africa’s fintech and digital economic potential aimed to catalyze investment in digital infrastructure and foster technological innovation across the continent.
The Vice President’s speech further underscores the importance of digital identities and mobile money interoperability in promoting financial inclusivity.
He highlights the role of artificial intelligence and digital literacy in shaping Africa’s fintech landscape, emphasizing the need for investment in research and development to unlock new opportunities and drive sustainable growth.
The fintech industry in Africa has witnessed significant growth in recent years, driven by technological advancements and increasing mobile phone penetration.
Dr. Bawumia in his remarks explained further the transformative impact of fintech services on online commerce, with projections indicating a substantial increase in online sales and consumer spending in the coming years.
The Vice President also call for increased investment in digital tech infrastructure underscores the critical role of technology in Africa’s development agenda.
“By harnessing the potential of fintech and digital innovation, African nations can drive inclusive growth, promote financial inclusion, and unlock new opportunities for sustainable development” Dr Bawumia explained.
BY Daniel Bampoe