NPP Manifesto: Dr. Bawumia commits $100 million to support Ghana's emerging Fintech sector

Flagbearer of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia has pledged to establish a Fintech Fund to boost innovation and support Ghanaian start-ups developing payment and financial services solutions.

According to him, the Fund will be supported with a seed capital of $100 million if elected as president in the upcoming polls.

Addressing a gathering of party faithful to launch the NPP’s manifesto on August 18, 2024, the vice president emphasized the importance of collaborating with the Bank of Ghana to enhance Fintech efforts.

“We will establish a Fintech Fund with a seed capital of US$100 million to attract additional private sector funding to support Ghanaian start-ups developing payments and financial services solutions, especially focused on region-wide, exportable solutions.

“We will work with the Bank of Ghana to significantly expand our Regulatory Sandbox to admit more Ghanaian as well as regional Fintechs. This will position Ghana as a Multi-Regulatory/Multi-Jurisdictional Sandbox for financial and payments interoperability,” he announced.

The NPP flagbearer added that Ghanaian tech startups will also benefit from a Matchmaking Programme that aims to connect them with mature and large tech firms on government tech projects.

“We will provide live lab opportunities to Ghanaian tech startups under a Matchmaking Programme, by purposely connecting them to matured/large tech firms working on government tech projects, to help startups test their ideas in real-world environments, and to accelerate their product development cycle.

“We will continue leading in the African Union policy campaign to achieve cross-border mobile money interoperability to significantly enhance the buying and selling of goods and services across Africa. This will instantly expose Ghanaian enterprises and young entrepreneurs to a market of 1.4 billion people,” Dr Bawumia explained.

MA