The New Patriotic Party (NPP) flagbearer, Dr. Mahamudu Bawumia, has pledged to create a Fintech Fund with a $100 million seed capital should he be elected president in the December polls.
Dr. Bawumia clarified during the NPP manifesto launch that the project would draw in more money from the private sector to help Ghanaian startups that are creating payment and financial services solutions.
He promised to work with the Bank of Ghana to further increase the Regulatory Sandbox’s size and allow additional FinTechs from the region and Ghana.
He claims that by doing this, Ghana will be positioned as a pioneer in the field of financial and payment interoperability within a multi-jurisdictional sandbox.
“Establish a Fintech Fund with a seed capital of US$100 Million to attract additional private sector funding to support Ghanaian start-ups developing payments and financial services solutions, especially focused on Region-wide, exportable solutions.
“Work with the Bank of Ghana to significantly expand our Regulatory Sandbox to admit more Ghanaian as well as regional Fintechs. This will position Ghana as a Multi-Regulatory/Multi-Jurisdictional Sandbox for financial and payments interoperability.”
Furthermore, he guaranteed the benefits of a Matchmaking Program that will link Ghanaian tech start-ups with established, large tech companies for government IT projects.
“Provide“live lab” opportunities to Ghanaian tech start-ups under a Matchmaking Programme, by purposely connecting them to matured/large tech firms working on government tech projects,
to help start-ups test their ideas in real-world environments, and to accelerate their product development cycle.
“Continue leading in the African Union policy campaign to achieve cross-border mobile money interoperability to enhance significantly the buying and selling of goods and services across
Africa. This will instantly expose Ghanaian enterprises and young entrepreneurs to a market of 1.4 billion people.”