Bawumia promises to establish Fintech Fund with seed capital of $100m

Dr. Mahamudu Bawumia, the New Patriotic Party's (NPP) presidential candidate, has pledged to establish a Fintech Fund with a $100 million seed capital if elected in December.

During the launch of the  NPP's manifesto on August 18, 2024, Dr Bawumia explained that the program would seek extra private sector funding to assist Ghanaian start-ups building payment and financial services solutions.

According to him, this will define Ghana as a leading Multi-Regulatory/Multijurisdictional Sandbox for banking and payment interoperability.

“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.

“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.”

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

“Continue leading in the African Union policy campaign to achieve cross-border mobile money interoperability to enhance significantly 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, he stated.

Source : Lead News Online