Mastercard held its first Mastercard Fintech Day in Accra, Ghana, marking a first for West Africa. The event, which brought together some of the continent’s most important players and thought leaders in the fintech industry, was a great success. Financial technology offers a chance to include underserved groups in the digital economy as the African fintech scene continues to grow at an unheard-of rate.
The Mastercard Fintech Day
The Mastercard Fintech Day event paved the way for ongoing partnerships and collaborations that will improve financial inclusion and open up new avenues for innovation in Ghana. Currently, fintechs fill the void created by conventional banks in Ghana by serving the requirements of the underbanked, unbanked, and wealthy populations.
According to McKinsey’s report, fintech companies are giving their clients a lot of value. Their transactional solutions can be up to 80% less expensive than those offered by traditional players, and their interest rates on savings can be up to three times greater. Mastercard established a stronger relationship and chances for collaboration with the Ghanaian fintech community through the Fintech Day event, showcasing its broad skills and steadfast dedication to assisting the fintech environment in Ghana.
Bossman Kwapong, the Country Director for Ghana at Mastercard, expressed his excitement about hosting the first-ever Mastercard Fintech Day in Ghana.
“This occasion marks a crucial turning point in our quest to empower communities, advance financial inclusion, and encourage innovation. We can create new opportunities, promote economic growth, and alter how financial services are obtained and provided by collaborating with the fintech sector.
By collaborating on solutions and providing access to their partners, knowledge, technologies, markets, and customers, Mastercard is assisting in accelerating this development and enabling fintechs to develop, launch, and expand. Mastercard offers the services and tools fintech innovators need at each stage of their journey to develop daring ideas and achieve scale at pace, bringing more people into the digital economy, through their best-in-class APIs and data assets as well as their trusted ecosystem of partners.
The occasion offered guests an enlightening setting to see how the Mastercard digital ecosystem enabled fintech businesses to innovate and deliver cutting-edge goods and services. The event gave attendees from over 70 people and 50 fintechs a forum for discussion and idea exchange.
This involvement was especially important in addressing the specific budgetary requirements of different population segments. Participants at the event discussed the adoption of contactless payment methods in the future, such as QR Pay-by-link and Tap on Phone, to provide a seamless payment experience. Attendees also learned more about the wide range of cutting-edge fintech products and solutions that are now on the market, enabling greater and easier access to financial experiences for everyone.
Martin Kwame Awagah, president of The Ghana Fintech and Payment Association, expressed his genuine excitement for the Mastercard Fintech Day in Accra. “Right here in Ghana, this event represents a critical step in our march towards a financially inclusive digital landscape. Innovation is only one aspect of fintech; inclusivity is another. We are forming alliances, bridging barriers, and opening doors with Mastercard that will promote financial inclusion and change people’s lives. We think that by working together, we can create a better future for all Ghanaians,” said Awagah.
The Telcos running Electronic Money Institutions, all of which were in attendance, were recognised as industry trailblazers and invited to share their special viewpoints on promoting financial inclusion in Ghana. The Mastercard Fintech Day was extremely beneficial for the important parties in attendance.
The event reaffirmed Mastercard’s commitment to its ESG goal of connecting 1 billion people to the digital economy by 2025. The Ghana Fintech and Payment Association looked at ways to leverage Mastercard’s global expertise and commitment to enhance the growth and development of the Fintech community in Ghana.