Ghana has been ranked first in Africa in terms of access to financial inclusion, Vice President, Dr. Mahamudu Bawumia has revealed.

He attributes this achievement to the successful implementation of the government's digitalisation agenda.

He made this announcement during the launch of the 3i Africa Summit 2024 in Accra.

“The acceptance of the Ghana card as the sole identification document for financial transaction in the country will in the long run help in the reduction of Non-Performing Loans and mobile money fraud. All of these developments have contributed to ensuring that Ghana is now ranked in number one in Africa in terms of access to financial inclusion.”

He emphasised that the path of the digital revolution is through financial technology and that Africa’s path would be different from many other countries.

“The path of the digital revolution is through fintech and that is why we want to see the advancement of fintech. Africa’s path is going to be different from many other countries. While, we want to learn from other countries, we should first learn from each other.”

Dr. Ernest Addison, the Governor of the Bank of Ghana disclosed that, the government is set to introduce the Fintech Innovation Fund.

According to him, this is to help promote the fintech industry.

Kwamina Duker, Chief Executive Officer of the Development Bank Ghana, emphasised the human element in the digital revolution.

He stressed the need for skilled individuals to execute and implement technological advancements.

 “With the wealth of technology, products, and ideas at our disposal, we still need people to execute them and make things happen.”

The Bank of Ghana and the Development Bank Ghana launched the inaugural 3i Africa Summit, a fintech festival focused on driving innovation, investment, and impact for Africa's financial services sector.

Themed "Unleashing Africa's Fintech and Digital Economic Potential," the summit will be held in Accra from May 13 to 15, 2024, at the Accra International Conference Centre.

The launch event was attended by prominent figures including the Vice President, relevant ministers, the AfCFTA Secretary-General, the Governor of the Bank of Ghana, heads of multilateral organszations, diplomatic missions, industry associations, and other stakeholders.