3i Africa summit: Participants pledge enhanced cross-border transactions

Dr Ernest Addison (2nd from left), Governor, Bank of Ghana, with Kwamena Duker (right), CEO, Development Bank, Ghana, and Ravi Menon (left), Singapore Ambassador for Climate Change Action and Senior Advisor, National Climate Change Secretariat, signalling close of the summit. Picture: SAMUEL TEI ADANO
Dr Ernest Addison (2nd from left), Governor, Bank of Ghana, with Kwamena Duker (right), CEO, Development Bank, Ghana, and Ravi Menon (left), Singapore Ambassador for Climate Change Action and Senior Advisor, National Climate Change Secretariat, signalling close of the summit. Picture: SAMUEL TEI ADANO
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3i Africa summit: Participants pledge enhanced cross-border transactions
Kester Aburam Korankye & Emmanuel Bruce
May – 17 – 2024 , 06:56
Partitipants in the 3i Africa summit in Accra have pledged to enhance cross-border transactions within the continent and also reduce reliance on support from the West.

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Most speakers across the 58 sessions at the summit emphasised the need to put in place a robust digital public infrastructure, streamline regulatory processes and promote digital connectivity.

The Head of Fintech and Innovation Department at the Bank of Ghana, Kwame Oppong, said at the close of the summit yesterday that the youthful population of Africa, the high mobile penetration and the consistent expansion of mobile network assets had provided fertile ground for acceleration of the digitisation agenda on the continent.

He said the BoG had been proactive by creating a regulatory framework that was conducive for technology innovation, exemplified by initiatives such as the Payment Systems and Services Act and the establishment of a Fintech and Innovation office.

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“Today we have the digital tools to advance Africa’s technological and digital economy to include millions of Africans who are at the cutting edge of digital technology,” Mr Oppong added.

Summit
The three-day summit was attended by three heads of state, 10 central bank governors within and outside Africa, over 150 Chief Executive Officers of Fintech and financial institutions, investors and heads of digital technology domains in Africa.

Some of the topics discussed centred around the role of technology in de-risking important sectors of Africa’s economy for growth, financing businesses and accelerating trade, universal trusted credentials (UTC), and fintech and the creative as an economy.

There were also workshops and master classes on global money movement, fintech for inclusion, women in tech, agriculture and fintech and smart SMEs and digital skills.