- Africa lags behind the world in mobile adoption and innovation, despite progress.
- Fintech ecosystem is crucial for driving digital revolution and economic development.
- Constraints like low infrastructure coverage and affordability hinder internet access, especially for women.
The Chief Executive Officer of MTN Ghana, Stephen Blewett, has highlighted the significant progress made in Africa regarding digital technology, but emphasized that the continent still lags far behind the world in mobile adoption and innovation. He made this statement at the opening of the 3i Africa Summit, which is being held at the Accra International Conference Center.
The 3i Africa Summit is a collaborative initiative by the Bank of Ghana, Development Bank of Ghana, and the Monetary Authority of Singapore to showcase and stimulate Africa’s FinTech and digital potential. The summit provides an opportunity for diverse stakeholders to come together and drive innovation across Africa.
Stephen Blewett emphasized the importance of the African fintech ecosystem as a driving force towards a digital revolution. He noted that fintech can stimulate local economies and drive progress across the continent in several ways, including financial inclusion, innovation, and entrepreneurship, job creation, cross-border transactions and payments, digital identity and security, agriculture and rural development, government services, investment, and funding, as well as digital and financial literacy.
The success of services like MTN’s Mobile Money and Vodafone and Safaricom’s M-pesa provide evidence of the ability of fintech to revolutionize business on the continent and provide millions of people with access to essential financial services. However, despite these gains, Africa lags far behind the world in mobile adoption and innovation.
Constraints such as low infrastructure coverage, affordability of data and smartphones, and lack of digital skills training continue to inhibit access to the Internet among vulnerable groups, especially women. Stephen Blewett emphasized the need to remove these bottlenecks and close the usage gap by improving data coverage and lowering the cost of data and data-enabled devices, especially in rural and low-income areas, and enhancing digital literacy.
In addition to driving innovation, Stephen Blewett also spoke on the issue of sustainability and urged business leaders and policymakers to contribute to ensuring that the right ESG practices remain key in their commercial activities. He emphasized the need to reduce carbon footprints by investing in renewable energy and other energy-efficient tools and technologies that lead to efficiency.
Stephen Blewett encouraged stakeholders to strive towards creating shared value in business outcomes and support the achievement of the UN’s Sustainable Development Goals. He believes that together, we can shape an Africa that not only thrives in the digital age but also serves as a shining example of inclusive and sustainable development.
Other speakers from MTN include Shaibu Haruna, CEO of Mobile Money Limited Ghana, Eli Hini, CEO MoMo PSB, Nigeria, Cedric Nguessan, MTN Group Finco Payments and E-Commerce, Angela Mensah-Poku, Chief Enterprise Business Officer MTN Ghana, and Dario Bianchi, Chief Digital Officer, MTN Ghana.
The 3i Africa Summit is a groundbreaking global event focused on transforming Africa’s economic landscape through sustainable, long-term capital allocation. It provides a platform for stakeholders to come together and drive innovation and sustainable development across Africa.
Overall, the 3i Africa Summit is an important initiative that aims to drive innovation and sustainable development across Africa. With the support of stakeholders, including MTN Ghana, the summit is poised to make a significant impact on the continent’s digital landscape.
