Africa: Ghana eyes major share in $65bn FinTech revenue by 2030
Ghana is looking to earn a major share in some $65bn projected revenue from the Continent’s financial technology industry by 2030, says the country’s Finance Chief, Mohammed Amin Adam.
Per the 2023 Global FinTech Report, an extraordinary expansion in Africa’s FinTech sector is expected with revenues anticipated to grow tenfold by 2030 reaching approximately $65 billion.
In view of the anticipated extraordinary expansion in Africa’s FinTech sector with the attendant revenues, the Government is set to establish an Innovation Fund aimed at further developing the local FinTech industry.
“The Global FinTech report 2023 illuminates the path ahead, projecting an extraordinary expansion in Africa’s FinTech sector, with revenues expected to grow tenfold by 2030, reaching approximately $65 billion. This unprecedented growth trajectory underscores the potential and the pressing need for strategic dialogue and actions that can propel Ghana and the continent in general towards this $65 billion milestone. The question that arises then is how do we harness this potential? And what conversations must we prioritize to navigate the journey ahead effectively?” he quizzed, speaking at the 3i Africa Summit on Monday, February 26, 2024.
According to Mr Amin Adam, the 3i Africa summit emerges as a pivotal platform to address the critical opportunities and challenges at the confluence of policy, finance, and technology, asserting that for policymakers, the ambition is to actively shape the pace of digital transformation while ensuring that inclusion and sustainability form the core of the Government’s policy agenda.
“Consequently, across governments, we are committed to deploying innovative solutions that can drive financial inclusion, bolster economic resilience, and unlock new avenues for growth,” he remarked.
Speaking further regarding the FinTech industry, the Finance Minister noted that Ghana aims to position itself as the ‘plug and play’ destination on the Continent.
“At the heart of the 3i Africa Summit, is a commitment to driving these essential dialogues and partnerships centered on delivering sustainable long-term capital allocation that can transform Ghana in Africa’s economic landscape. Our country Ghana, is at a critical point in its development trajectory and needs partnerships that support its growth framework.
“As we look towards 2030, we must be guided by a vision of an Africa where FinTech flourishes and serves as a cornerstone for inclusive and sustainable economic development with Ghana positioned as the plug-and-play destination on the continent. Around that objective, I genuinely hope this summit will catalyze the strategic partnerships, innovative solutions, and policy frameworks critical to realizing this vision,” he posited.
