The Ghana Fintech and Payments Association, organized a six-day ecosystem tour in Ghana for eight (8) member delegations of Chief Executives from the Association Professionnelle Des Institutions De Microfinance (APIMF).
The ecosystem tour was part of the Madagascar Financial Inclusion Project, and the World Bank’s program for financial inclusion in Madagascar, to promote the financial inclusion of Micro, Small, and Medium-sized Enterprises (MSMEs) and Individuals which was initiated in 2018.
The Head of the Ministry of Finance Center for Financial Inclusion, Nivoarizay Razafinorakoto, and the Secrétaire-Général for Madagascan, Fanjaharivola Rakotomaharo led the team to understudy Ghana’s microfinance and financial technologies (fintech) industry.
According to the recent State of Inclusive Instant Payment in Africa Report put together by AfricaNenda, and launched at the Mobile World Congress Africa 2022 in Kigali, Rwanda, Ghana has been recognized as the only country in Africa to achieve 100% access to financial inclusion on the continent.
The delegation visited some selected Financial Technology (FinTechs) companies, Microfinance Institutions and Financial Regulatory Bodies to get a better understanding of how the nation was able to achieve its global recognition in terms of financial Inclusion.
The President of the Fintech, Payments Association and Team in Ghana, Martin Kwame Awagah, led the delegation to Fintech and Microfinance Institutions that utilizes technology in achieving financial inclusion for the Ghanaian populace through the provision of customer-centric products and services.
“It is clear that a lot of these successes chalked by Ghana were greatly influenced by policies such as the Ghana Cash-lite Roadmap, National Financial Inclusion and Development Strategy (NFIDS), and Digital Financial Services (DFS) Policy that were put in place by the Government, as well as our globally touted financially stable economy”.
Martin Kwame Awagah
Ghana Congratulated For Its Advancement In Financial Inclusion
The delegation’s visit to Bank of Ghana, Ministry of Finance, Ghana Microfinance Institutions Network (GHAMFIN), Digital Credit Management Limited, Pan-African Savings and Loans, Letshego Ghana, Sinapi Aba Savings and Loans, Logiciel Limited, Fido, Advans Ghana Savings and Loans, and the other vital institutions gave them a first-hand practical information through the understudy of Ghana’s digital financial service transformation.
“Ghana has garnered enough expertise through the use and exploitation of technological systems in the financial space and I am honored to lead the delegation to learn more from the companies on their journeys so far in achieving inclusivity in delivering financial products. Appreciation I must say goes out to the Finance Ministry of Ghana, Bank of Ghana and other key stakeholders in the digital drive to go cashless.”
Fanjaharivola Rakotomaharo, Secrétaire-Général for Madagascan
“We also want to use this opportunity to plead that you extend the needed support and knowledge-sharing environment to Madagascar anytime we call on you to enable us to better implement what we learned on our journey here.” Miss Rakotomaharo said,
In conclusion, Miss Nivoarizay Razafinorakoto extended her appreciation to the team from the Ghana Fintech and Payments Association, for organizing the exchange visit in Ghana.
“We learnt a lot from the experiences of Ghana in terms of advancing financial inclusion through digitalisation. We also appreciate the efforts of all institutions we visited for firsthand knowledge and impression. We hope to leverage on what we have witnessed and experienced while here in Ghana to advance digital finance in Madagascar.”
Miss Nivoarizay Razafinorakoto
