MTN Ghana’s CEO, Stephen Blewett, recently highlighted Ghana’s burgeoning role as a pivotal player in Africa’s fintech revolution. Speaking at the 2024 3i Africa Summit in Accra, Blewett emphasised the nation’s significant contributions to the continent’s digital economy, heralding a new era of technological and financial innovation.
“Our country is recognized for its innovation, resilience, and adaptability,” Blewett remarked, underscoring Ghana’s influence in driving financial inclusion and deepening the digital economy across Africa. His comments come at a time when the continent is witnessing unprecedented growth in digital and fintech sectors, positioning Africa on the brink of a transformative digital revolution.
In recent years, Africa’s digital landscape has expanded remarkably. The World Bank’s January 2024 Results Brief noted that 160 million Africans gained broadband internet access between 2019 and 2022. This surge includes a 115% rise in internet users in sub-Saharan Africa from 2016 to 2021, with 191 million more people revolutioniseigital payments between 2014 and 2021. Africa now leads globally in mobile banking, boasting over 760 million accounts that handle transactions exceeding $830 billion annually.
Blewett’s vision for Africa’s fintech future is one of broad economic uplift. “Fintech can stimulate local economies and drive progress across the continent in several ways, from financial inclusion and innovation to job creation and cross-border transactions,” he explained. He highlighted the potential for fintech to revolutionise sectors such as agriculture, rural development, government services, and digital literacy, thereby fostering a comprehensive digital ecosystem.
Despite these strides, Blewett acknowledged the continent’s challenges. “Africa still lags behind the world in mobile adoption and innovation due to low infrastructure coverage, data affordability issues, and a lack of digital skills training,” he noted. These obstacles disproportionately affect vulnerable groups, particularly women, and hinder widespread internet access.
To address these issues, Blewett called for concerted efforts from stakeholders to eliminate these barriers. He urged for improved data coverage, reduced costs for data and devices, and enhanced digital literacy programmes, especially in rural and low-income areas.
Furthermore, Blewett stressed the importance of integrating robust environmental, social, and governance (ESG) practices into business operations. “We must not lose sight of the impact our actions have on our environment and society. Investing in renewable energy and energy-efficient technologies is crucial for reducing our carbon footprints,” he said, advocating for sustainable business practices that generate shared value.
As Ghana continues to ascend as a key fintech hub, its journey exemplifies the transformative potential of digital innovation in fostering economic growth and inclusion across Africa. Blewett’s insights paint a hopeful picture of a digitally empowered continent, poised to leverage technology for widespread prosperity.