Academic City champions financial innovation, inclusion

In a bid to enhance financial inclusion, Academic City University College, in partnership with Letshego and Multimedia Group, hosted a two-day "Fintech for Inclusion Summit" to address emerging challenges and opportunities in the fintech and digital economy sectors.

The summit, on the theme: "Fintech fusion: Bridging borders, empowering inclusion", provided a platform for a diverse range of stakeholders, including industry professionals, regulators, academics and students to discuss and explore innovative solutions that promote economic empowerment, social mobility and sustainable growth within the FinTech sector.

Additionally, the conference highlighted the transformative role of financial technology in expanding access to financial services and reshaping economies across Africa.

Vast opportunities

Welcoming the participants, the President of Academic City, Professor Fred McBagonluri, emphasised the vast opportunities fintech presents for economies, noting that the fintech space was a unique convergence point where innovation met finance.

The participants

"As we gather here today, we stand at the frontier of a financial revolution driven by technology, one that is reshaping how businesses, individuals, and economies interact with money," he said.

He further explained that fintech, powered by technologies such as blockchain and AI-driven tools, had the potential to make financial services more intelligent, accessible and inclusive.

Regulatory efforts

In a remark, a representative of the Bank of Ghana, Daniel Agyei Nyarko, underscored the central bank’s regulatory efforts, including the 2019 Payment Systems and Services Act and the establishment of a dedicated fintech office in 2020, which had collectively enabled the growth of Ghana's thriving fintech ecosystem.

"Ghana’s fintech sector is a remarkable example of how innovation can drive financial inclusion and economic growth.

“With 22.8 million active mobile money users and a steady 12 per cent annual growth, the digital financial landscape is rapidly transforming lives across the nation," Mr Nyarko said.