FinTech

How Governments can Stimulate Fintech Growth in Africa – Expert

OLU PHILIP OJO


The FinTech revolution in Sub-Saharan Africa is accelerating steadily and it is imperative for various governments in the region to stimulate the growth for more economic benefits, Derrydean Dadzie, the CEO of the Ghana Chamber of Technology has said.

Speaking at the annual Banking Conference of the Chartered Institute of Banking, Ghana, Dadzie underlined the critical role that Fintechs play in the financial sector.

He therefore urged governments across Africa to assist in the deepening of the role Fintechs play in the new era financial sector.

According to him, as the private sector have awoken to their roles in funding innovations in the fintech sector, the public sector is required to incentivise the ecosystem players by initiating national and regional schemes to deter the use of cash.

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Dadzie appealed to African governments to start the delivering of payments for public services via fintech-led digital payments platforms. “Governments should as a matter of urgency migrate the uses cases of mass participation onto fintech-led platforms such as utilities, taxes, fines, Gov2Biz, Gov2Ciz, Ciz2Gov, Biz2Gov payments.

He also asked various governments to implement common payments standards and infrastructure as well as boost telecommunication connectivity and increasing literacy.