Priya Patel
TLDR:
- Former President John Mahama plans to establish a US$50 million growth fund for the fintech sector if he regains power in the upcoming presidential election.
- The fund aims to support innovative start-ups, promote financial inclusion, and drive economic growth.
Former President John Mahama has announced his proposal to create a US$50 million growth fund dedicated to supporting innovative start-ups in the domestic fintech sector if he wins the upcoming presidential election. Mahama expressed confidence in the fintech sector’s potential to drive economic growth and financial inclusion in Ghana. He highlighted his success in supporting the pharmaceutical industry with a US$10 million fund, emphasizing his commitment to doing the same for the fintech industry.
Under Mahama’s plan, the next NDC government would promote innovation hubs through public and private partnerships to address Ghana’s development challenges. The US$50 million fintech transformative growth fund aims to address the financial needs of Ghanaian-owned fintech start-ups. Mahama also plans to groom fintech innovators to become technology entrepreneurs, attracting investments and creating jobs.
In addition to the fund, Mahama intends to streamline regulations governing the digital financial space to encourage competition and innovation. He also emphasizes the need to bridge the gender gap in financial inclusion efforts, as the exclusion of women could undermine sustainable development. The proposal has been welcomed by industry experts, with the President of the Ghana Fintech and Payment Association noting the fund’s potential to fuel innovation and drive the sector forward.
Overall, Mahama’s pledge to support the fintech industry comes at a time of rapid growth and innovation in Ghana’s fintech landscape. The establishment of the growth fund signals a promising future for innovation and economic development in the country.
