Lack of requisite investments in African FinTechs hindering the goal of a digitised Africa — Dr Addison

The Governor of the Bank of Ghana Dr. Ernest Addison has highlighted lack of investment as a major challenge hindering the progression of financial technology (FinTech) solutions in Africa from prototypes to commercial implementations.

Dr. Addison said this while delivering the welcome remarks at the opening of the 3i Africa Summit in Accra on Monday, May 13.

"It is important to note that lack of requisite investments in African FinTechs could slow the pace of innovation and scalability of solutions in achieving the desired impact of a digitised Africa,” the BoG governor said.

He noted that most local FinTech startups face challenges in attracting sufficient capital to progress their solutions beyond the idea stage due to low visibility among investors.

“Without sufficient capital, brilliant ideas, and prototypes of FinTech startups solutions with the potential to address the diverse financial service needs fail to progress to production," Dr. Addison stated.

"The general lack of investor visibility is a major challenge for most local FinTechs. Without sufficient capital, brilliant ideas, and prototypes of FinTech startups solutions with the potential to address the diverse financial service needs fail to progress to production," emphasised the Governor.

The Summit brings together policymakers, investors and technology entrepreneurs on a platform to foster collaboration that can drive the digital transformation of Africa's economies.

It is themed “Unleashing the FinTech and Digital Economic Potential of Africa,” which, according to the governor, captures the vision of Africa in a digital world and the essence of the continent’s collective endeavours for the next three days.