Let's boost Africa's development through investment in digital tech infrastructure – Bawumia

Dr. Alhaji Mahamudu Bawumia, Vice President of Ghana has urged African governments to prioritize investment in digital technology infrastructure to accelerate the continent's development.

Speaking at the 3i Africa conference in Accra, Dr. Bawumia emphasizes the potential of digital technology to drive growth in the fintech industry, enhance the digital financial sector, and promote financial inclusion.

The three-day conference, themed "Unleashing Africa’s Fintech and Digital Economic Potential," brings together Heads of State, Ministers, Central Bank Governors, industry leaders, and experts to explore innovative solutions for unlocking Africa's fintech and digital economic potential. Organized by the Bank of Ghana, Development Bank Ghana, and Elevandi, the conference aims to catalyze investment in digital infrastructure and foster technological innovation across the continent.

Dr. Bawumia underscores the importance of digital identities and mobile money interoperability in promoting financial inclusivity. He highlights the role of artificial intelligence and digital literacy in shaping Africa's fintech landscape, emphasizing the need for investment in research and development to unlock new opportunities and drive sustainable growth.

The fintech industry in Africa has witnessed significant growth in recent years, driven by technological advancements and increasing mobile phone penetration. Dr. Bawumia notes the transformative impact of fintech services on online commerce, with projections indicating a substantial increase in online sales and consumer spending in the coming years.

Moreover, the proliferation of mobile connectivity has created an ecosystem conducive to fintech innovation, particularly in underserved communities and remote regions. Dr. Bawumia highlights the role of telecommunications infrastructure expansion and significant investments from stakeholders in driving fintech penetration and digital capabilities across Africa.

Dr. Bawumia's call for increased investment in digital tech infrastructure underscores the critical role of technology in Africa's development agenda. By harnessing the potential of fintech and digital innovation, African nations can drive inclusive growth, promote financial inclusion, and unlock new opportunities for sustainable development.