GITAC Prez Champions Digital Finance as Catalyst for Africa’s Growth

President of the Ghana-India Trade Advisory Chamber (GITAC) and the Global Africa Trade Advisory Chamber (GATAC), Dr. Dominic Antwi says Africa’s financial future hinges on harnessing technology to foster inclusion, resilience, and sustainable growth.

Speaking at the 18th Connected Banking Summit – Innovation & Excellence Awards 2024, Antwi outlined a transformative vision for Africa’s finance ecosystem, one where digital innovation becomes the backbone of economic empowerment​

“Digital innovation isn’t just a trend—it’s the engine of Africa’s economic progress. The future of finance lies in our ability to harness technology to drive inclusion, resilience, and sustainable growth,” Dr. Antwi declared​

Dr. Antwi highlighted the pivotal role of small and medium-sized enterprises (SMEs), which account for over 80% of employment and nearly 50% of GDP in many African nations. Yet, these businesses face persistent barriers to financing.

“Access to capital remains the Achilles’ heel for African SMEs. Digital solutions like mobile banking, fintech lending platforms, and blockchain-based trade financing are breaking down these barriers,” he noted​.

By leveraging artificial intelligence (AI), big data, and alternative credit scoring models, digital finance is enabling faster, lower-cost access to capital especially for businesses that traditional banks often overlook.

Dr. Antwi also emphasized the transformative power of digital banking in driving financial inclusion. In Sub-Saharan Africa, mobile money accounts skyrocketed from 12% in 2011 to over 55% in 2022, thanks to platforms like M-Pesa (Kenya), Momo (Ghana), and EcoCash (Zimbabwe)​.

However, financial exclusion remains a challenge, with more than 350 million adults on the continent still unbanked. Antwi urged stakeholders to go beyond convenience and focus on making digital finance a tool for social equity.

“Financial inclusion is more than just access, it’s about empowerment. We must ensure that digital banking serves rural communities, women, and marginalized groups, providing them the tools to thrive,” Dr. Antwi stated​

Dr. Antwi stressed the need for robust policy frameworks and multi-stakeholder collaboration to accelerate digital finance adoption across Africa. He outlined three key areas for policy intervention:

Thus Regulatory Innovation, were government must create enabling regulatory environments that promote fintech innovation while safeguarding consumer protection and financial stability.

Public-Private Partnerships (PPPs)  with strategic alliances between governments and the private sector can expand digital payment infrastructure and enhance financial literacy.

Finally, Cross-Border Integration by harmonizing digital finance regulations across African nations will promote seamless transactions and support the African Continental Free Trade Area (AfCFTA) objectives.

As Africa embraces digital transformation, cybersecurity and data protection must be prioritized. Antwi warned that cyber threats, fraud, and data breaches could erode trust in digital finance, slowing adoption rates.

“We need to build digital financial systems that are not only accessible but also secure. Trust is the currency of digital finance,” he said​

His recommendations to strengthen resilience include investing in advanced cybersecurity infrastructure, strengthening data protection laws and anti-fraud measures, enhancing consumer trust through transparent practices and effective dispute resolution mechanisms.

Dr. Antwi championed the role of green finance and impact investing in promoting Africa’s sustainable development. He highlighted how fintech startups could be key players in developing homegrown solutions that address Africa’s unique socio-economic challenges.

“By investing in digital literacy, STEM education, and tech incubation hubs, we can nurture the next generation of African entrepreneurs who will drive our sustainable future,” he said​

Last Updated on May 11, 2025 by samboad