Mastercard hosts first-ever fintech day in Ghana to drive financial inclusion
31-08-2023 13:30:35 | by: Bob Koigi | hits: 2730 | Tags:

In a first for West Africa, Mastercard hosted its inaugural Mastercard Fintech Day in Accra, Ghana. Bringing together some of the continent’s key stakeholders and thought leaders in the fintech space, the event was a resounding success.

As the African fintech landscape continues to accelerate at an unprecedented speed, financial technology offers an opportunity to bring underserved populations into the digital economy. The Mastercard Fintech Day event set the stage for ongoing collaboration and partnerships that would further advance financial inclusion and unlock new opportunities for innovation in Ghana.

Currently, fintechs cater to the needs of the underbanked, unbanked, and affluent population, filling the gap left by traditional banks in Ghana. McKinsey’s analysis shows that fintech players are delivering significant value to their customers. Their transactional solutions can be up to 80 percent cheaper and interest on savings up to three times higher than those provided by traditional players.

Through the Fintech Day event, Mastercard demonstrated its extensive capabilities and unwavering commitment to supporting the fintech ecosystem in Ghana, establishing a closer relationship and opportunities for collaboration with the Ghanaian fintech community.

"We are excited to host the first-ever Mastercard Fintech Day in Ghana”, said Bossman Kwapong, The Country Director for Ghana at Mastercard. "This event represents a significant milestone in our journey towards empowering communities, promoting financial inclusion, and fostering innovation. By working together with the fintech community, we can unlock new opportunities, drive economic growth, and transform the way financial services are accessed and delivered.”

Mastercard is helping to fuel this acceleration by co-creating solutions and offering access to their partners, expertise, technologies, markets, and customers, enabling fintechs to build, launch, and grow. From their best-in-class APIs and data assets to their trusted ecosystem of partners, Mastercard provides the services and tools fintech innovators need at each stage of their journey to transform bold ideas and achieve scale at pace, bringing more people into the digital economy.

The event provided an insightful platform for attendees to understand how the Mastercard digital ecosystem empowered fintech companies to innovate and deliver cutting-edge products and services. With over 50 fintechs and 70 individuals in attendance, the day provided a platform for dialogue and idea sharing. This engagement was particularly crucial in addressing the unique financial needs of various segments of the population. As part of the event, attendees explored the future of adopting contactless payment technology, including QR Pay-by-link and Tap on Phone, ensuring a seamless payment experience.

Guests in attendance also gained insights into the wide array of innovative fintech products and solutions available in the market, thus ensuring better and more accessible financial experiences for all.

“I am truly excited about the Mastercard Fintech Day in Accra”, said Martin Kwame Awagah, President of The Ghana Fintech and Payment Association. “This event marks a significant step in our journey towards a digitally inclusive financial landscape right here in Ghana. Fintech is not just about innovation; it’s about inclusion. Together with Mastercard, we are forging partnerships, bridging gaps, and creating opportunities that will drive financial inclusion and transform lives. We believe that by working collaboratively, we can shape a brighter future for all Ghanaians”, Awagah concluded.

The Telcos operating Electronic Money Institutions, who were all present, were acknowledged as industry innovators and were invited to contribute their unique perspectives on fostering financial inclusion in Ghana. Key stakeholders in attendance benefitted immensely from the Mastercard Fintech Day.

The Ghana Fintech and Payment Association examined ways to leverage Mastercard’s global expertise and commitment to enhance the growth and development of the Fintech community in Ghana; with the event reiterating Mastercard's commitment to its ESG goal of connecting 1 billion people to the digital economy by 2025.