According to a study by a consulting firm Boston Consulting Group and QED Investors, the value of Africa's fintech industry is projected to reach $65 billion by 2030, but lack of investment and rigid regulatory policies are holding back indigenous fintechs from reaching their full potential.
Themed 'Unleashing Africa's FinTech and Digital Economic Potential', the summit slated for May 13 to 15, is co-organized by the Bank of Ghana and the Development Bank of Ghana in collaboration with Elevandi, an ecosystem development entity set up by the Monetary Authority of Singapore . However, he added:"One thing we are missing, compared to the global community, is the ability to get investments from the commercial capital space into these innovations for scalability."
According to him, there needs to be cross-border policy harmonization to allow fintech efficiencies to spur the needed economic growth, for instance, African solutions like mobile money payment could be further harnessed to allow a Ghanaian user to pay merchants directly when they reach other countries like Rwanda.
Ernest Kayinamura, Chairman of Rwanda Fintech Association, commended the 3i Africa Summit for providing a platform where African fintechs can come together for knowledge sharing, engage investors, and be part of policy-shaping efforts as well.
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Ghana to host 3i Africa Summit to rally investment in African fintechsThe Bank of Ghana and the country’s Development Bank are spearheading the 13-15 June 3i Africa Summit, aimed at propelling the growth of indigenous fintechs.
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