{"id":58474,"date":"2024-05-18T19:00:31","date_gmt":"2024-05-18T19:00:31","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/dr-addison-laments-inadequate-investment-in-african-fintechs"},"modified":"2024-05-18T19:35:02","modified_gmt":"2024-05-18T19:35:02","slug":"dr-addison-laments-inadequate-investment-in-african-fintechs","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs","title":{"rendered":"Dr. Addison Laments Inadequate Investment In African FinTechs"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>Governor of the Bank of Ghana (BoG) Dr. Ernest Addison, has highlighted the critical need for increased investment in African FinTechs to prevent a slowdown in innovation and scalability of digital solutions on the continent.<\/b><\/p>\n

Speaking at the opening of the three-day 3i Africa Summit Dr. Addison, emphasized that inadequate investment could impede the progress of achieving a digitized Africa.<\/p>\n

In his address, Dr. Addison pointed out that a significant challenge facing local FinTechs is the general lack of investor visibility.<\/p>\n

He noted that without sufficient capital, many promising ideas and prototypes with the potential to address diverse financial service needs fail to progress to production.<\/p>\n

He warned that this lack of funding could stifle innovation and the deployment of scalable solutions needed for Africa\u2019s digital transformation.<\/p>\n

\u201cThe rapid evolution of technology has impacted all facets of life globally,\u201d Dr. Addison said.<\/p>\n

\u201cFor the financial sector, novel technologies in the payment ecosystem have revolutionized business transactions, reshaped customer behavior, and redefined the nature of commerce.\u201d<\/p>\n

He underscored the urgency for Africa to accelerate its digitalization agenda through the 3is of innovation, investment, and impactful policies to boost economic growth and development.<\/p>\n

Dr. Addison highlighted several advantages Africa has in the digitization race, including a tech-savvy youthful population, high mobile phone penetration, and the consistent expansion of mobile network access.<\/p>\n

These factors, combined with rising homegrown FinTech solutions, provide a strong foundation for digital growth.<\/p>\n

He also noted the significant impact of regulatory reforms and the modernization of payment system infrastructure, including mobile money interoperability, which have created a conducive environment for the thriving FinTech sector.<\/p>\n

This, in turn, has enabled Micro, Small, and Medium-sized Enterprises (MSMEs) to expand their market reach beyond local boundaries through an online presence.<\/p>\n

Dr. Addison emphasized the importance of the Pan-African Payment and Settlement System in supporting free trade across the continent in line with the objectives of the Africa Continental Free Trading Area (AfCFTA).<\/p>\n

This system aims to enhance both domestic and cross-border payment systems, empowering MSMEs by facilitating access to financing opportunities and broader markets.<\/p>\n

\u201cWe need to have fashioned out concrete initiatives and partnerships by the end of this 3i Summit to achieve tangible policy outcomes that will enable affordable and safe instant cross-border payments,\u201d Dr. Addison stated.<\/p>\n

He called for a commitment to creating a sound regulatory environment, advancing digital public infrastructure, and exploring the role of FinTech in bridging the financing gap for SMEs, including those in the creative arts industries.<\/p>\n

The Governor concluded by stressing the central theme of fostering innovation and investment across diverse sectors throughout the Summit.<\/p>\n

\u201cBy harnessing the power of financial technology, we can bridge the gap and empower marginalized communities, advancing towards a more inclusive and prosperous future,\u201d he said.<\/p>\n

The 3i Africa Summit presents a unique opportunity for stakeholders to collaborate on advancing the digital financial services industry, thereby supporting Africa\u2019s socio-economic transformation and ensuring the continent\u2019s competitive edge in the global digital economy.<\/p>\n

The highly-anticipated summit on fintech and digital economy in Africa has exceeded expectations, with over 4,000 participants surpassing the initial target of 2,500.<\/p>\n

Among the attendees are three Heads of State, 10 Governors of Central Banks, and over 150 Chief Executives and Senior Executives of FinTechs and financial institutions from across the globe.<\/p>\n

Notably, key players in the financial, investment, policy-regulatory, and digital technology domains in Africa are also actively participating.<\/p>\n

The summit aims to facilitate crucial conversations and strategic alliances to nurture the flourishing African digital economy and fintech sector.<\/p>\n

Through coordinated efforts, the summit seeks to develop creative solutions tailored to address Africa\u2019s unique challenges and leverage its abundant opportunities.<\/p>\n

Participants will engage in a diverse range of sessions covering over 60 topics, with a focus on finding actionable pathways to drive momentum and achieve progress in the fintech sector.<\/p>\n

Key topics for discussion include interoperability of data, digitalizing intra-Africa trade, Africa\u2019s digital economic policy, incentives, infrastructure, financing, regulations, and skilling up the workforce with a focus on women and youth empowerment.<\/p>\n

Other topics include building a financial future for women with fintech, integrating fintech to de-risk agriculture value chains, and Africa\u2019s digital renaissance.<\/p>\n

The discussions, views, and solutions generated during the summit will be compiled into recommendations, collaborative deals, progressive policies, and projects aimed at unlocking Africa\u2019s fintech and economic potential.<\/p>\n

These outcomes will be shared with leaders in the finance, policy, and digital technology sectors for implementation.<\/p>\n

Through this coordinated effort, the Summit will support the development of creative solutions made especially to handle Africa\u2019s unique problems and take advantage of its wealth of prospects.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. Governor of the Bank of Ghana (BoG) Dr. Ernest Addison, has highlighted the critical need for increased investment in African FinTechs to prevent a slowdown in innovation and scalability of digital solutions on the continent. Speaking at the opening of the three-day 3i Africa Summit Dr. Addison, emphasized that inadequate investment could […]<\/p>\n","protected":false},"author":84,"featured_media":58473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[2355,2361,260],"class_list":["post-58474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\nDr. Addison Laments Inadequate Investment In African FinTechs - Gambia<\/title>\n<meta name=\"description\" content=\"Governor of the Bank of Ghana (BoG) Dr. Ernest Addison, has highlighted the critical need for increased investment in ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dr. Addison Laments Inadequate Investment In African FinTechs\" \/>\n<meta property=\"og:description\" content=\"Governor of the Bank of Ghana (BoG) Dr. Ernest Addison, has highlighted the critical need for increased investment in ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-18T19:00:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-18T19:35:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/05\/sm_1716047922.513395.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Dr. Addison Laments Inadequate Investment In African FinTechs\",\"datePublished\":\"2024-05-18T19:00:31+00:00\",\"dateModified\":\"2024-05-18T19:35:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs\"},\"wordCount\":783,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/05\/sm_1716047922.513395.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"Gambia\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/dr-addison-laments-inadequate-investment-in-african-fintechs\",\"name\":\"Dr. Addison Laments Inadequate Investment In African FinTechs - 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