The Vice President, Dr Mahamudu Bawumia, has challenged African leaders, Fintechs particularly those in Africa, and financial institutions to take advantage of the many unique opportunities on the continent to collaborate, innovate and explore opportunities to positively impact the lives of the continent’s people.

Speaking on the topic “Digitising Economies In Africa: A Future Imperative” at the ongoing 3i Africa Summit in Accra on Tuesday, May 14, 2024 Dr Bawumia said Africa’s youthful and rapidly increasing population, growing internet penetration and smart phone usage amidst falling internet costs, as well as significant growth in its financial services market presents a unique set of variables to complement the growing influence of fintechs in everyday life, especially in ensuring financial inclusion.

“As fintech reaches a new level of maturity, African financial services are poised at a pivotal inflection point. With the momentum gained in recent years, several African nations stand on the brink of unlocking unprecedented opportunities, positioning themselves at the forefront of the next wave of fintech innovation and growth.

“In this rapidly evolving landscape, agile fintech players are strategically positioning themselves to capture a slice of this flourishing market. As the fastest-growing startup industry in Africa, the success of fintech companies can be attributed to a confluence of favourable trends.

“These trends signify the immense market potential and further establish the transformative impact that fintech can have on financial inclusion and economic growth in Africa. As fintech continues to thrive amidst these favourable conditions, it is evident that the sector is well-positioned to reshape the future of finance in Africa, driving both innovation and inclusive growth,” he noted.

This growth would not come on a silver platter though, Dr Bawumia warned. To further attract and secure such substantial investment, fintech startups in Africa must adopt a multifaceted approach that emphasizes innovation, showcases the expansive market potential, and prioritises regulatory compliance and transparency, he advised.

“Startups should continuously strive to develop groundbreaking solutions that address unique challenges faced by African consumers and businesses. They should articulate a clear vision of how their solutions cater to the needs of our growing market, backed by data-driven insights and market research.

“Crucially, building trust is paramount for attracting long-term investment. Compliance with regulatory requirements and maintaining transparency in operations are non-negotiables.

“Startups should proactively engage with regulatory authorities, participate in regulatory sandboxes where available, and establish robust governance and compliance frameworks. By doing so, they can instill confidence among investors and fostering a conducive investment environment for sustainable growth.

Citing a UN report which projects that Africa will account for 25% of the world’s population by 2050, Dr Bawumia pointed out that this demographic landscape does not merely signify a vast theoretical market but also emphasizes an expanding addressable technology market.

“Key trajectories such as digital payments, financial literacy initiatives, and AI-driven solutions are expected to shape the FinTech landscape in Africa. By focusing on these areas and investing in research and development, we can unlock new opportunities and drive sustainable growth.

The Future

“Ultimately, we stand at a pivotal juncture in the evolution of the FinTech and tech sectors in Africa, where the choices we make today will profoundly influence our trajectory for years, if not decades, to come. It is imperative that we embrace responsible innovation, creating a balance between pushing technological boundaries and ensuring ethical considerations and regulatory compliance.

Fostering collaboration across various stakeholders, be it governments, financial institutions, tech startups, or investors is crucial for creating synergies and driving collective growth, Dr Bawumia emphasized.

“Equally important is our investment in nurturing talent and advancing technology. It is imperative we prioritise education, training and development, invest in cutting-edge technologies and infrastructure to empower our workforce lead and adapt to the rapid pace of change. In doing so, we can build a resilient and inclusive FinTech ecosystem that not only drives economic growth but also fosters financial inclusion and improves the lives of people across the globe.”

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.

The Vice President and Flagbearer of the NPP, Dr. Mahamudu Bawumia, has paid glowing tribute to nurses and midwives in the country, for their phenomenal and dedicated service to the nation and humanity.

Speaking at the observation 2024 International Day of Nurses and Midwives in Accra, Dr. Bawumia said nurses are at the forefront of healthcare delivery, and they ought be appreciated.

“Nurses and midwives are not just healthcare providers; they are highly skilled professionals who offer evidence-based care to patients and families. Their expertise, empathy, and dedication help enhance health outcomes, lower healthcare expenses, and improve the overall well-being of individuals and communities. If you return home safely to join your family after hospitalization, thank the Nurse and the Midwife,” Dr. Bawumia said.

He continued: “in Ghana, nurses and midwives are the foundation of our healthcare system, delivering vital services to those in need in hospitals, clinics, and communities. They serve as the first line of assistance for patients, offering care, guidance, and treatment.”

“Again, outside Ghana, during the Ebola outbreak in the sub-region, you proved your mettle and dedication towards humanity by fighting the deadly disease in some sister West African Countries.”

On the significance of the International Day for Nurses and Midwives, Dr. Bawumia said observing it is a “sign of our appreciation to you and respect for you for the many sacrifices you have made and continue to make to save  lives.”

Dr. Bawumia’s seize the opportunity to reiterate government’s commitment to improving the healthcare sector, as well as the welfare of nurses and other healthcare professionals.

“As a government, our commitment to promoting healthcare and welfare of nurses is unquestionable,” he added, and cited a number of interventions in the health sector, such as, medical drone delivery service, ambulances for all constituencies, digitalisation of NHIA renewal digital networking of hospitals, Agenda 111 hospitals, among others.

Dr. Bawumia also reiterated his commitment to supporting the work of nurses and improving their welfare. 

“As Vice President, I am dedicated to supporting the work of our nurses and midwives especially with the coming onstream of the Agenda 111 state-of-the-art facilities. It is essential to invest in their education, training, and professional growth to ensure they have the necessary skills and resources to provide exceptional care. Recognizing and rewarding their hard work, commitment, and impact on healthcare and society is equally important.”

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.

 In South Sudan, women tend to be the ones making sure that there is food on the table for the family. That task, difficult at the best of times, has been made harder by uncooperative weather patterns, causing below-par harvests.

Aware of this critical situation, peacekeepers from Bangladesh serving with the United Nations Mission in South Sudan (UNMISS) recently provided women in Baryar B’ in Wau municipality not only with lots of seeds and with the technical knowledge needed to make them grow and provide food.

“As we are coming to the beginning of the planting season, we are very happy to receive this assistance from UNMISS peacekeepers,” said Sabirino Lino, one of the 20 women who benefited from this initiative by Bangladeshi Blue Helmets.

A significant number of seeds of fast-growing, high-yielding, and nutritious vegetables like okra, radish, pumpkin, brinjal, ash gourd, maize, cucumber, papaya, tomatoes, basil, snake gourd, watermelon,, spinach, as well as pesticide and tools were handed over to the women.

“We heard about the shortage of food and lack of seeds from community members, so we decided to reach out to a group of women here and lend a helping hand,” said Lieutenant Colonel Mohammed Golam, a Civil Military Coordination Officer with the Bangladeshi battalion.

Skills on pest and disease control were also shared with the farmers, as were other tips and tricks on how to create optimal conditions for the new crops.

“We have had a wonderful time with the team from Bangladesh,” affirms Ms. Lino’s fellow farmer Abuk Night Akueer. “It is good to interact with other women as they put us at ease, making it easier to ask questions. I will be closely following the guidelines we have received,” she added, smiling broadly as much-needed rain started to fall from the sky.

The Bangladeshi initiative is in line with the UN Peacekeeping mission’s ongoing efforts to protect civilians, a concept not limited to physical protection but one that also includes building confidence by assisting in creating sustainable livelihoods.

Representing the State ministry of Agriculture, Environment, and Forestry during the hand over, Morris Akol Segin, called for continued support for communities from UNMISS.

Distributed by APO Group on behalf of United Nations Mission in South Sudan (UNMISS).

By Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing, Network International (https://www.Network.ae) and Benjamin Mutimura, CEO, I&M Bank (Rwanda) Plc.

The momentum of financial inclusion programmes is progressively strengthened as financial institutions, businesses and consumers embrace cashless convenience and digital payments that are secure and seamless. Technology development broadens the scope of delivery of financial services, and the advantages of digital payments manifest in providing easy access to the masses, reducing travel and queuing times, quicker transactions and seamless money movements that are cashless.

Currently, Rwanda is a prime market for digital payments, with a young population of which 69 per cent is below the age of 30, and the second-highest population density in Africa. With 87 per cent mobile penetration and an accelerated mobile payments market that grew over 450 per cent [1] during the pandemic, the cashless economy is expected to expand further. In 2022, the number of fund transfers through mobile payment channels amounted to 310 million transactions. In November 2022, the value of these transactions also rose by 41 per cent, from RWF 4.7 trillion to RWF 6.6 trillion, as reported by the National Bank of Rwanda (NBR). The country has set an ambitious target to achieve full financial inclusion by 2024.

Rwanda’s Vision 2050 and the National Strategy for Transformation 2017–2024 set the aspiration for the country to become a strategic hub for financial services in Africa. The growth of the fintech sector is vital to achieving this goal as it encourages the use of digital payments by Rwandan residents. Fintech is a huge contributor in propagating cashless systems and promoting financial inclusion.

A study commissioned by Access to Finance Rwanda in 2022 to assess the “data analytics capacity of Rwanda’s financial institutions, regulators and other local service providers” showed that Rwanda’s financial sector produces a lot of data but only a handful of stakeholders are turning data into insights. Such a limited data-driven culture and the lack of use of data to build products and solutions will severely hinder the financial services sector.

The report states this constitutes a missed opportunity to understand the profiles and needs of clients, optimise business performance, and predict future results while creating efficiencies.

In a radically changing market such as Rwanda, digital payments are of prime importance, specifically in the context of contactless payments and mobile wallets. These unlock significant benefits for consumers for fast, easy, and secure transactions.

Network’s partnership with I&M Bank was formed to reinforce the bank’s digital-first strategy and leadership in the Rwandan market. Through this partnership, Network will offer a variety of payment products and services including credit and prepaid card hosting and processing, along with robust security protocols and a sophisticated API gateway to provide customers value-added services that will enable their financial services with data and analytics, hyper-targeted loyalty management solutions, and tokenization, among other benefits.

In a world where contactless payments and digital wallets are fast becoming the norm, services such as tokenization, customer loyalty management, data streaming, customer profiling and data analytics are simplifying and bringing innovation to commerce and payments. The Rwandan economy has already begun to see the benefits of such innovation, which ushers more citizens into the formal financial system. This will pave the way to making the country an important hub for financial services in the region, with superior banking frameworks that are on par with international standards.

New and superior digital banking experiences that leverage technological innovation will ensure financial inclusion in its truest form. The World Bank’s Rwanda Economic Update [2] suggests that financial services can play a larger role in increasing financial inclusion with the help of innovation. Challenges like the digital divide, limited infrastructure, and financial literacy gaps persist, but policymakers should enhance regulatory frameworks, improve financial and digital infrastructure, and expand government support to foster a digital-friendly environment, according to the report.

As the country tries to reach its financial inclusion target in 2024, knowledge dissemination will play a vital role in laying out the foundation for a paradigm shift towards digital payments in the country, which is inclusive and resilient.

Distributed by APO Group on behalf of Network International.