Mahama promises $50m fintech boost and women's bank if elected president

Ghanaian

John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has outlined ambitious plans to invigorate Ghana's burgeoning financial technology (fintech) sector with a $50 million fund, should he secure the presidency in 2025.

Speaking at a gathering with Ghana's fintech community in Accra, Mahama stressed the critical role of positioning the fintech industry strategically

Read full articleto propel economic advancement. With over 70 fintech companies, many of which are startups, he underscored the need for a well-coordinated strategy to foster the sector's expansion.

In addition to bolstering fintech, Mahama unveiled his vision for gender equality in finance, revealing plans for the establishment of a women's bank. He emphasized the importance of closing the gender gap within the financial sector and empowering women, noting concerning statistics that highlight a widening disparity in financial inclusion.

"The gender gap between females and males continues to widen notwithstanding Ghana’s level of financial inclusion," Mahama stated. "This trend is unacceptable and needs urgent attention if we are to put Ghana on the path of sustained and inclusive development."

Mahama proposed the creation of women-owned financial institutions, including the revival of a specialized women's bank, to cater specifically to the needs of women-owned businesses. He highlighted the significance of comprehensive support beyond microloans to facilitate sustainable growth and inclusion for women entrepreneurs.

"We are also thinking to complement this to revive a women’s bank… A specialized bank that would assist this gender bank," Mahama affirmed. "Let me assure you that the next NDC government will promote women-owned financial institutions focusing on women-owned businesses and promoting financial inclusion amongst them."