The recently completed 3i Africa Summit in Accra, Ghana, held by May 13 to May 15, 2024was a major event focused on promoting Africa’s digital and fintech sector.
The summit on “Unlocking Africa’s FinTech and Digital Economic Potentiall”, organized by Bank of Ghana, Development Bank of Ghana, and Monetary Authority of Singapore through its subsidiary Elevandi
Some highlights of the summit included a keynote address by the President of Ghana Akuffo Addowho announced a $200 million facility to support SMEs, reflecting the government’s commitment to economic growth and entrepreneurship.
The Governor of the Bank of Ghana, Dr. Ernest Addisonopened the summit with remarks that set the stage for discussions on digital transformation, emphasizing the continent’s young population and the rise of homegrown fintech solutions.
The summit also featured information from the AfCFTA Secretary General, Mr Wamkele Menewho highlighted the critical role of FinTechs in promoting financial inclusion across Africa and the need for a digital trade protocol.
Here are our three key takeaways from the event:
Digital Identities and Identities Harmonization
The event included discussions about its use Digital identities throughout the African region. Discussions were held on the need and implementation of digital identities. Speakers and speakers noted that they can serve as a gateway to inclusion, providing individuals with a verified digital presence that can be used to access government services, banking services, and Health Care.
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Speakers also noted that “ID Harmonization,” which refers to the process of creating interoperable ID systems that can work across sectors and countries, is equally important.
Currently, cross-border traffic and trade are often hindered by inefficient and inconsistent identification systems.
Interoperability
At the event, there were panel discussions revolving around his idea Interoperabilitythe ability of different information technology systems and software applications to communicate, exchange data and use the information
A number of panelists and speakers noted that interoperability would be essential to African Continental Free Trade Area (AfCFTA)which aims to create a single market for goods and services.
There has been a call for a stable regulatory framework in Africa to support interoperability that could significantly increase the volume of cross-border trade, thereby enhancing economic integration
Harmonization of Technical Policies and Regulations
Finally, there were discussions on harmonizing technology policies and regulations across the African region.
A harmonized regulatory framework ensures that all African countries, regardless of their individual economic status, can participate in the digital economy.
Consistent policies across Africa’s borders can help ease of doing business leading to increased intra-African trade. This is particularly important in the digital sector, where services and products often cross physical borders.
Aligning policies related to infrastructure development can help countries work together to improve connectivity, reduce costs and expand access to underserved areas.
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