BoG champions global fintech collaboration at DC Fintech Week 2024

The Bank of Ghana took a significant step in expanding global fintech collaboration by co-hosting a high-level networking event with the organizers of DC Fintech Week 2024 on October 24, 2024, at the Hay-Adams in Washington, DC.

This strategic meeting, coinciding with the IMF and World Bank Annual Meetings, sought to underscore the critical role of international partnerships in

Read full articleharnessing Africa’s fintech potential, with a specific focus on Ghana’s growing fintech ecosystem.

Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, led the discussions alongside key dignitaries such as Ghana’s Ambassador to the United States, Her Excellency Hajia Alima Mahama, who served as Guest of Honour.

Senior policymakers, regulators, and fintech leaders from both Ghana and the United States participated, including prominent figures such as Mr. Romeo Bugyei, Chairman of the Ghana Technology Chamber, and Dr. Henry Benyah, Chairman of FastPace Transfer Limited. Their attendance underscored Ghana's commitment to fostering an inclusive and robust digital economy.

Guided by Prof. Chris Brummer, founder of DC FinTech Week, discussions tackled vital areas of mutual interest such as fintech regulation, cross-border digital transactions, and innovation-friendly policies.

Charla Ouertatani, Director of the House Financial Services Committee, Kwame A. Oppong, Director of FinTech and Innovation at the Bank of Ghana, and Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, joined as key speakers, contributing insights from the US fintech and policy-making landscape.

Dr. Opoku-Afari emphasized Ghana’s strides in building a regulated, innovation-led financial technology sector, citing recent initiatives that include digital payment systems, a national ID-integrated mobile money system, and enhanced cybersecurity protocols.

He highlighted that partnerships with global financial entities and tech firms are vital to advancing financial inclusion, promoting regulatory standards, and attracting investment. By focusing on interoperability and sustainable regulatory frameworks, Ghana aims to position itself as a hub for fintech innovation in West Africa.

With surging demand for mobile money and digital financial services in Africa, the event encouraged US investors and fintech policymakers to consider Ghana as a strategic partner and gateway to the African market.

Discussions also explored Ghana's role in advancing the broader African fintech ecosystem, aligning with the African Continental Free Trade Area (AfCFTA) objectives to integrate African economies digitally and financially.

In closing, Dr. Opoku-Afari noted that such partnerships will not only bolster Ghana’s financial technology sector but also empower the nation’s economy at large.

Ambassador Mahama echoed these sentiments, inviting the US fintech community to actively engage with Ghana’s evolving fintech landscape, stressing that collaborative efforts can drive inclusive growth, bridge financial access gaps, and support shared economic prosperity between Ghana and the global community.