Mr Darryl Abraham Mawutor, the Growth Director in charge of Africa at ‘Taptap Send’, a remittance company, has urged Ghana to adopt measures to tap into the potential of the financial technology (FinTech) sector for sustainable economic development.
According to the director in charge of Africa, if the country takes advantage of the FinTech market, the sector could drive foreign capital into the country to support economic recovery and transformation, making it resilient for long-term inclusive development.
Mr Mawutor explained that the FinTech industry has the potential to bring in about $10 billion by 2025 and serve as a major catalyst for economic recovery and long-term national development for the country. He thus called on the government to create an enabling environment to make the FinTech sector thrive in Ghana.
“FinTech has helped Ghana a lot and has the potential to help us get out of the immediate economic situation we find ourselves in as a country and build a long-term, sustainable economy that we want for our children and the generation to come.
“There’s a limit to commodities like Gold, Diamond, Manganese, and Gold, which we’ve relied on for a long time, but new ideas and products and services in the FinTech space are limitless. So, let’s capitalize on such opportunities. Let’s embrace change to help us move the country forward by moving more capital and foreign exchange into the country. Embrace change so, we can change the country from an import-driven economy to an export-driven economy.”
Mr Darryl Abraham Mawutor
‘Taptap Send’ Helping Move Capital to Ghana
Mr. Mawutor averred that their FinTech-oriented company is helping move capital into Ghana through remittances, which could grow to about $5bn this year. He, moreover, called on the Government and regulatory authorities to drive diaspora investment into FinTech. “Everybody must embrace change and support the FinTech sector to increase diaspora contribution to capital investment through remittances to help move Ghana and Africa from where it is now to the place, we’ll want it to be”.
Mr. Mawutor noted that Tatptap Send is supporting the training of young people across the country through programs such as the Child-in-tech conference to create access and pump in capital into Ghana.
Mr. Darryl Mawutor Abraham made this known at the TEDx Accra conference, organized to empower Ghanaians as agents of change.
Mr. Terry Kojo Oppong, the Organizer for TEDx Accra, noted that the conference is to empower the youth to champion Ghana and Africa’s development, building on an earlier conference, which was used as a force to unite for change. “Each one of us is an agent of change, and we’re here together to galvanize, build networks, and champion ideas because everything starts as an idea and developed into products and services to solve societal problems.”
Miss Akosua Oppong-Mensah, a FinTech consultant, on her part, noted that there is a need for the government to create policies that would allow start-ups to grow and work collaboratively with financial and educational institutions
“FinTech plays a critical role in today’s economic development and creating generational wealth. We must, therefore, capitalize on the opportunities to create generational wealth and move from hand-to-mouth to a stable and sustainable economy.”
Miss Abena Nyamesem, the Head of Sustainability and Partnerships at the Ghana Investment Fund for Electronic Communications (GIFEC), also underscored the relevance of FinTech in economic development. She noted that GIFEC has been supporting individuals and communities with digital skills to ensure that artisans, market women, and the youth, are all not left behind in the digital transformation agenda.
The Head of Sustainability and Partnerships at GIFEC indicated that GIFEC has also helped small and Medium-sized Enterprises (SMEs) in rural Ghana by promoting FinTech and helping telecommunication companies to extend their services in those areas to engender economic transformation.
Ms. Nyamesem, however, called on stakeholders to support the government, noting that “The Government cannot do it alone; we need added support from individuals and the corporate world to make these skills more practical and expand the talent of our school children in FinTech.”
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