Chief Executive Officer of MTN Ghana, Mr. Stephen Blewett, stated that Fintech could stimulate local economies and drive progress across the continent in several ways.
This he said includes 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.
He said the success of services like MTN’s Mobile Money and Vodafone and Safaricom’s M-Pesa provided sufficient evidence of the ability of Fintech to revolutionize business on the continent and provide millions of people with access to essential financial services.
Mr. Blewett was speaking at the ongoing 3i Africa Summit on the theme “Unleashing Africa’s FinTech and Digital Economic Potential.”
The CEO noted that 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,” he added.
Mr. Blewett called on stakeholders to make every effort to remove these bottlenecks and close the usage gap by improving data coverage, lowering the cost of data and data-enabled devices, especially in rural and low-income areas, and enhancing digital literacy.
He emphasized that the African Fintech ecosystem is key in driving the digital revolution across the African continent.
“Africa’s Fintech ecosystem is the engine that will drive its digital revolution and economic development in the coming years,” he said.
Mr. Blewett urged business leaders and policymakers to contribute to ensuring that the right environmental, social, and governance (ESG) practices remain key in their commercial activities.
“We must not lose sight of the impact that our actions have on our environment and society and strive towards creating shared value in business outcomes.
“We must progressively reduce our carbon footprints by investing in renewable energy and other energy-efficient tools and technologies that lead to efficiency,” he said.
He asserted that the continent must take up the challenge of placing ESG at the heart of commercial activities and support the achievement of the UN’s Sustainable Development Goals.
The MTN CEO concluded that through collaboration, stakeholders can shape an Africa that not only thrives in the digital age but also serves as a shining example of inclusive and sustainable development.
