I’ll establish a $50m fund to strengthen Fintech industry – Mahama

The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has pledged to establish a $50 million fund to strengthen Ghana’s rapidly growing financial technology (fintech) industry if he becomes president in 2025.

With over 70 fintech companies in the country, many of them being start-ups, Mr Mahama emphasised the importance of strategically positioning the fintech sector to drive economic growth.

During a dialogue with Ghana’s fintech community in Accra, Mr Mahama highlighted the need for a well-planned approach to bolster the industry’s growth.

As part of his vision for the sector, he also announced plans to establish a women’s bank to address existing gender disparities within the financial sector.

He indicated that the next NDC government aims to create a more inclusive financial environment by supporting and empowering women in the industry.

“The gender gap between females and males continues to widen notwithstanding Ghana’s level of financial inclusion. For example, according to the global fintech’s report in 2014, the financial inclusion gender gap was 3% male access than female.

“This inequality gap increased to 8% in 2017 and went up again to 11% in 2021. This trend is unacceptable and needs urgent attention if we are to put Ghana on the path of sustained and inclusive development. Considering that women form almost 51% of the population and own about 44% of micro small and medium enterprises constituting about 92% of businesses in Ghana, the exclusion from financial services could undermine our economic development efforts.

“We are also thinking to complement this to revive a women’s bank…A specialised bank that would assist this gender bank. 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.

“It takes more than micro loans to empower women-owned businesses and promote sustainable and inclusive growth,” he stated.

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