Arndt Wierheim, the Country Director of the German Development Bank KfW, has praised the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), the organizers of the 3i Africa Summit, for putting a strong emphasis on financial technology (FinTech).
Mr Wierheim also praised the DBG, explicitly, for it’s support for FinTech organizations in Ghana, declaring it is in the correct heading.
Mr. Wierheim told the media about his impressions of the 3i Africa Summit, which he said was very well organized.
He thanked BoG, DBG, and Elevandi for a successful digital economy summit.
“Convening such a large number of very diverse participants – policy makers, investors, fintech companies, start-ups, academia – from so many different countries under one roof was a unique achievement.
“Personally, I felt that the atmosphere was very dynamic and conducive to brainstorm and learn about how to transform our economies in the digital era,” he noted.
“Participants, experienced and young entrepreneurs, were enthusiastic and eager to listen and network.
“I hope the Summit will be the start of a tradition. A recurring conference where people discuss and exchange views, offer solutions on the future of the continent, all by Africans and for Africans,” he added.
On the critical results of the 3i Africa Summit, Mr. Wierheim said, there was the requirement for coordinated efforts and partnerships. He said this lines up with Development Bank Ghana’s own cooperative culture and its remarkable position in the Ghanaian market.
He went on to say that DBG can become more than just a bank by helping the Ghanaian economy and the financial sector understand each other better.
He believes that DBG’s support for FinTechs is a crucial component in modernizing Ghana’s economy.
In addition, Mr. Wierheim stated that DBG ought to be a driving force in the modernization of Ghana’s financial sector by making it easier for market participants, particularly Small and Medium Enterprises (SMEs), to gain access to financing in a variety of ways and reducing the risks they face.
“Today’s world is a digital one and the influence of digitalization and FinTech on businesses, governments and consumers will continue to rise. DBG’s support to FinTech is in line with its focal area of ICT. Looking at the way FinTechs are growing and influencing change in Ghana, Africa and the world, supporting them is in the right direction,” he said.
“KfW as one of the world’s largest development bank is very keen on digitalization and innovation. That forms a key pillar of our own strategy, domestically and internationally. We have a whole innovation hub at our headquarters in Frankfurt, Germany to explore new technologies for our ultimate purpose which is transforming the economy and society in order to improve economic, environmental and social living conditions,” he added.
Through the 3i Africa Summit, DBG led transformative discussions on FinTechs, examined how market participants in the financial ecosystem should embrace digital transformation, and addressed crucial growth and investment opportunities for FinTechs.
One of Africa’s most promising and scalable fintech ecosystems has emerged in Ghana’s FinTech industry, which includes the insurance, telecommunications, banking, and non-banking financial services sectors.
The sector’s fast growth can be credited to the government’s Digital Agenda, which intends to promote a credit only, contactless digital economy and accomplish monetary incorporation and steadiness. This development has been especially obvious lately, with the business encountering a huge increase in investment, growth and reception.
The Ghanaian FinTech scene has been hailed as a center for growth, with a flourishing startup scene and a strong administrative climate. The country’s commitment to digital transformation and its strategic location in West Africa have positioned it as an attractive destination for fintech companies looking to expand their presence on the continent.
The 3i Africa Summit exceeded its pre-conference targets across board by recording 8,720 registrations, 7,500 attendees, 4,786 industry players, 1,724 policymakers, 1,230 researchers, 95 participating countries, 240 speakers, 58 sessions, 15 tracks, 9 stages and 10 innovator pitches, 2,896 app logins, 7 networking events and trended at #1 on X during and on days immediately after the Summit.
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