Fintech companies urged to help in digital economy agenda

Ghana is expected to raise $ 1billion from the Eurobond

Ghana is expected to raise $ 1billion from the Eurobond

Fintech companies must play critical roles in the government’s digital economy agenda and efforts to improve  financial inclusion through innovative products, Director of Financial Sector Division of the Ministry of Finance, Sampson Akligo.

He said the government was putting structures in place to promote a digital economy and promote financial inclusion among individuals who did not have access to financial services.

Mr Akligoh disclosed this in Accra when the Ministry of Finance and the Switzerland government presented the cash prize to the Fintech companies that won the Remittance Grant Facility (RGF) Project challenge programme.

The companies which won under the first phase of the RGF are ZeePay Ghana Limited-$125,000, Paylnc Ghana Limited-$225,000, DreamOval-$200,000, and expressPay Ghana Limited-$200,000.

The RGF is a $2.6 million project being financed by the Switzerland Ghana through the State Secretariat for Economic Affairs (SECO) and managed by KPMG International Development Advisory Services.

Under the project, the beneficiary companies, among others, were to develop innovative remittance-backed financial products and services to make it cheap and easy to transfer remittance into the country.

Mr Akligo in his address said the government was committed to developing the Fintech Industry and hinted that the Payment System Bill to regulate the industry had been completed was currently before Cabinet.

He urged  Fintech companies to avail themselves to the opportunities being created by the State and partner government to promote the digitisation of the economy.

Mr Akligo said the RGF Challenge would help to unearth Fintech companies which could help support to address the huge remittance fees the citizens pay when they received money from abroad.

He lauded the Swiss government for its continuous support to the country and for financing the RGF Project.

The Deputy Head of Cooperation at the Embassy of Switzerland in Ghana, Daniel Lauchenauer in is address said remittance played key role to the development of the country.

He said remittance remained a key source of income for some of the citizens and was mostly used on recurrent expenditure such as health, education, food instead of investment.

Mr Lauchenauer said remittance could help accelerate the development of the country if the cost of remittance was reduced and the funds well utilized by the recipients.

It was in the light of this that, the Deputy Head of Cooperation said the Swiss government supported the RGF to help Fintech companies to develop innovative channels to help rural dwellers receive remittance from their families abroad.

Mr Lauchenauer said the grantees were supposed to provide a matching fund of the grant they had been given.

Some of the beneficiary companies who spoke to the GT Business expressed gratitude to the Swiss government for the support and said the funds would help them to develop solutions which would help people to receive remittance via mobile money.






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