Mastercard, a global leader in digital payments, achieved a significant milestone by hosting its inaugural Mastercard Fintech Day in Accra, Ghana. This historic event brought together influential stakeholders and visionaries in the fintech arena, marking a pivotal moment in Africa’s rapid fintech growth.
With the fintech landscape in Africa evolving at an unprecedented pace, digital financial technology presents a unique opportunity to incorporate underserved populations into the digital economy. In order to advance financial inclusion and open up fresh opportunities for innovation in Ghana, ongoing collaboration and partnerships have been fostered as a result of the Mastercard Fintech Day event.
Presently, fintech companies in Ghana are addressing the financial needs of the underbanked, unbanked, and affluent segments, bridging gaps left by traditional banking institutions. McKinsey’s analysis reveals that fintech players are delivering substantial value to their customers, offering transactional solutions up to 80% cheaper and interest rates on savings up to three times higher than traditional providers.
During Fintech Day, Mastercard showcased its extensive capabilities and unwavering commitment to supporting Ghana’s fintech ecosystem. This event created a valuable platform for establishing closer ties and opportunities for collaboration with the local fintech community.
Bossman Kwapong, Country Director for Ghana at Mastercard, expressed enthusiasm for this groundbreaking event, stating, “We are excited to host the first-ever Mastercard Fintech Day in Ghana. This event marks a significant milestone in our journey towards empowering communities, promoting financial inclusion, and fostering innovation. By collaborating with the fintech community, we can unlock new opportunities, drive economic growth, and transform the way financial services are accessed and delivered.”
Mastercard plays a pivotal role in fueling the acceleration of fintech in Ghana by co-creating solutions and offering access to its partners, expertise, technologies, markets, and customers. From their best-in-class APIs and data assets to their trusted ecosystem of partners, Mastercard equips fintech innovators with the necessary services and tools at each stage of their journey to bring more individuals into the digital economy.
The event provided a platform for attendees to gain insights into how the Mastercard digital ecosystem empowers fintech companies to innovate and provide cutting-edge products and services. With over 50 fintechs and 70 participants in attendance, the day fostered dialogue and idea sharing, addressing the unique financial needs of diverse segments of the population. Attendees also explored the future of adopting contactless payment technology, ensuring a seamless payment experience through QR Pay-by-Link and Tap on Phone solutions.
Notably, participants had the opportunity to explore a wide array of innovative fintech products and solutions available in the market, contributing to enhanced and more accessible financial experiences for all.
Martin Kwame Awagah, President of the Ghana Fintech and Payment Association, expressed his excitement, saying, “I am truly excited about the Mastercard Fintech Day in Accra. This event marks a significant step in our journey towards a digitally inclusive financial landscape right here in Ghana. Together with Mastercard, we are forging partnerships, bridging gaps, and creating opportunities that will drive financial inclusion and transform lives.
The event also acknowledged the Electronic Money Institutions operated by Telcos as industry innovators, inviting their insights on fostering financial inclusion in Ghana. Key stakeholders in attendance greatly benefited from the Mastercard Fintech Day, which explored ways to leverage Mastercard’s global expertise and commitment to enhance the growth and development of the fintech community in Ghana. Importantly, the event underscored Mastercard’s commitment to its ESG goal of connecting 1 billion people to the digital economy by 2025.