Ghana’s District Assemblies Common Fund (DACF) and Singapore’s Embed Financial Group Holdings (EFGH) have announced a joint venture to build Africa’s first Finternet — a digital financial infrastructure designed to connect governments, communities, and businesses through transparent, self-sustaining technology.
Why it matters
The Finternet aims to do for financial services what the Internet did for information — linking payments, credit, and insurance across Ghana’s districts to boost efficiency, transparency, and local development.
Driving the news:
- The DACF and EFGH will co-invest in income-generating projects that support Ghana’s decentralisation policy and local SMEs.
- Each project will function as a public–private partnership, ensuring that profits are shared, local jobs are created, and funds are reinvested into national priorities.
- The DACF will maintain oversight and accountability, ensuring alignment with government development goals.
Key features:
- Digital finance rails for government-to-citizen and business transactions.
- Embedded micro-insurance for SMEs and contractors.
- Green data centres powered by hydro and solar energy.
- Financial-literacy programs to promote digital inclusion.
What they’re saying:
“Our collaboration with EFGH will expand Ghana’s capacity for fund mobilisation in support of decentralisation,” said Harry Yamsom, Administrator of DACF. “We’re especially excited to broaden financial inclusion for citizens and small businesses across rural Ghana.”
Dennis Ng, Executive Chairman of EFGH, called the partnership “a defining moment for both Ghana and Singapore,” adding that it “shows how innovation and trust can create shared prosperity.”
Between the lines
The DACF–EFGH partnership reflects a modern South–South alliance — collaboration between countries of the Global South to drive shared innovation and growth.
Singapore’s role as a “Southern knowledge partner” under its Singapore Cooperation Programme adds a layer of technical expertise and governance know-how to Ghana’s development ambitions.
Zoom out
If successful, Ghana’s Finternet could serve as a template for other African nations, proving that local governments can harness digital infrastructure not just for efficiency but also for inclusive economic growth.
