Dr. Ernest Addison, the Governor of the Bank of Ghana, has called on Africa’s youth to seize the vast opportunities in the financial technology and digital innovation sectors. Speaking at the inaugural 3i Africa Summit in Accra, Dr. Addison emphasized that the continent’s large and youthful population positions it perfectly to drive a FinTech revolution.
Highlighting the advantages Africa holds, Dr. Addison pointed to the continent’s high mobile phone penetration and the rapid expansion of mobile network access. These, combined with the rise of home-grown FinTech solutions, create a fertile environment for employment and wealth creation.
“The youth of Africa have the unique opportunity to revolutionize FinTech and digital innovation,” said Dr. Addison. He added that these factors are crucial in accelerating the digitalization agenda across the continent.
The 3i Africa Summit, which began this year, aims to share the African FinTech narrative, discuss opportunities and challenges, and promote collaboration among policymakers, investors, and innovators. The goal is to advance economic prosperity across Africa and strengthen partnerships with global stakeholders.
Dr. Addison stressed the importance of sustained investment in the sector to prevent stagnation in innovation and scalability. “Without sufficient capital, brilliant ideas and prototypes of FinTech startup solutions with the potential to address diverse financial service needs may not progress to production,” he warned.
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Addressing the issue of intra-Africa trade, Dr. Addison highlighted the development of the Pan-African Payment and Settlement System (PAPSS). This system supports free trade across the continent, aligning with the objectives of the African Continental Free Trade Area (AfCFTA). “PAPSS will enhance both domestic and cross-border payment systems, empowering MSMEs by facilitating access to financing opportunities and broader markets,” he said.
Dr. Addison also touched on the potential of the AgriTech sector to drive agricultural transformation and ensure food security across Africa.
The three-day 3i Summit is expected to result in tangible policy outcomes that will enable affordable and safe instant cross-border payments, further bolstering Africa’s digital and economic landscape.
