The recently concluded 3i Africa Summit in Accra, Ghana, held from May 13 to May 15, 2024, was a significant event focused on advancing Africa’s digital and financial technology sectors.
The summit, themed “Unleashing Africa’s FinTech and Digital Economic Potential,” was organized by the Bank of Ghana, Development Bank Ghana, and the Monetary Authority of Singapore through its subsidiary Elevandi
Some key highlights of the summit included a keynote address by Ghana President Akuffo Addo, who announced a $200 million facility to support SMEs, reflecting the government’s commitment to economic growth and entrepreneurship.
The Governor of the Bank of Ghana, Dr. Ernest Addison, opened the summit with remarks that set the stage for discussions on digital transformation, emphasizing the continent’s youthful population and the rise of homegrown fintech solutions.
The summit also featured insights from the AfCFTA Secretary-General, Mr. Wamkele Mene, who underscored the critical role of FinTechs in driving financial inclusion across Africa and the need for a digital trade protocol.
Here are our three main takeaways from the event:
Digital IDs and ID Harmonisation
The event featured conversations around the use of Digital IDs across the African region. There were discussions about the need and implementation of digital IDs. Panelists and speakers noted that they can serve as a gateway to inclusion, providing individuals with a verified digital presence that can be used to access government services, banking, and healthcare.
Speakers also noted that “ID Harmonization”, which refers to the process of creating interoperable ID systems that can work across different sectors and countries, is equally important.
Currently, cross-border movement and trade are often hampered by inefficient and incompatible identification systems.
Interoperability
At the event, there were panel discussions that revolved around the idea of Interoperability, the ability of different information technology systems and software applications to communicate, exchange data, and use the information
Some panelists and speakers remarked that interoperability would be essential for the African Continental Free Trade Area (AfCFTA), which aims to create a single market for goods and services.
There was a call for a solid regulatory framework in Africa supporting interoperability which could significantly increase the volume of cross-border trade, thereby enhancing economic integration
Harmonization of Tech Policies and Regulations
Lastly, there were discussions about the harmonization of tech policies and regulations across the African region.
A harmonized regulatory framework ensures that all African countries, regardless of their individual economic status, can participate in the digital economy.
Consistent policies across African borders can help with the ease of conducting business leading to an increase in intra-African trade. This is particularly important for the digital sector, where services and products often transcend physical borders.
Alignment of policies related to infrastructure development can help countries work together to improve connectivity, reduce costs, and extend access to underserved areas.
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