Explainer : BOG Clarifies Roles of FinTechs and MTOs in Remittances
Node Eight Consulting
An innovation company delivering consulting services, a venture philanthropy fund & a digital professionals community.
Digital Digest No. #1000011
Date: July 1 - June 7 2024
Dear Friends,
Happy new week!??
Here are the most important news, perspectives, analysis, and insights about the Ghanaian digital ecosystem from last week. ?
Digital governance ??
News updates
In response to discrepancies between the World Bank’s remittance tracking figures ($21.1 billion) and the Auditor General’s recorded amounts ($9.5 billion) and concerns from market observers suggested that FinTechs were responsible for holding onto foreign exchange abroad, the Bank of Ghana (BoG) via its official social media channels, has provided clarification on the roles of Financial Technology Companies (FinTechs) and Money Transfer Organizations (MTOs) in the remittance sector.
Digital infrastructure and platforms
News updates?
Network tower provider American Tower Corporation Ghana (ATC Ghana) sent out a press release announcing that they are suspending power supply to Telecel Ghana to power its network equipment due to Telecel’s failure in its payment obligations for power supply.
NCA took the issue on instructing ATC to reconnect all Telecel Ghana sites by mid-day on Saturday 6th July 2024 and retract its publication on Telecel Ghana in the media.
PAIX Data Centres, a leading pan-African developer and operator of data centres, today announced the expansion of its facility in Accra to 1.2 MW, in a critical boost to the digital economy that will support connectivity and economic growth.
The expanded PAIX data centre, now one of the largest in Ghana, will help internet service providers (ISPs), cloud providers, and enterprises fully take advantage of robust digital infrastructure and improved connectivity
Digital finance
News updates?
The Ministry of Finance Ghana held a Financial Inclusion Conference on the subject “FinTech, Digital Services and Mobile Money: Competition or Collaboration”. Speaking at the conference was the director of Telecel Cash and Digital Transformation, Philip Amoateng who said:
“Telcos are doing more for financial inclusion with about 19 million Ghanaians having mobile money wallets as compared to people with bank accounts which are significantly less. Imagine the impact if FinTech and banks joined forces to expand networks in rural areas. We could create a financial lifeline for millions of unbanked people who are not in the financial system,” Mr. Amoateng said. “Collaborative mechanisms are needed to help achieve this.”
Digital entrepreneurship ?
News updates?
In a significant move to propel Ghana's agricultural sector towards a more sustainable future, Fidelity Bank, Ghana's largest privately owned indigenous bank, has announced the GreenTech Innovation Challenge (GTIC) 2024. This initiative will award over GHS 1 million in grant funding to support innovative solutions addressing critical challenges within the country's agricultural value chain.
Applications for the GreenTech Innovation Challenge are now open and will be accepted until July 21, 2024.
Apply here : https://www.innohub.com.gh/programs/fidelity-gtic/
领英推荐
MTN Ghana has held its Business Executive Breakfast, themed “Bridging the Credit Risk Gap for SMEs in Ghana.” Where it advocated for strategic alliances with banks, microfinance institutions, and FinTech firms to facilitate SME access to funding, and outlined plans for digital solutions aimed at enhancing SME transactions including digital payment platforms, mobile banking services, and online credit assessment tools.
The?Building Bytes podcast ?,supported by?MEST Africa , has organized the inaugural Demo Fridays event which brought together startups, tech teams, early adopters, and tech professionals in a showcase of innovation. Demo Fridays aims to create a platform where founders, customers, professionals, enablers, regulators, and investors to converge, share insights, collaborate and showcase their innovations such as the ones featured in the debut meetup - USSDhub a drag-and-drop platform for building USSD apps, Uzuri Space a virtual reality startup helping artists showcase their work, Bare-connect an e-commerce builder for businesses and creators and Worklyn a software helping busy professionals get the best of their productive hours.
Digital talents
News updates?
Editor of the Accra Digital Digest Newsletter Is a Mandela Washington 2024 Fellow!
Editor and Co host of the Accra Digital Digest and Xspaces Brian Dzidefo Dzansi , makes it to YALI24! - The Mandela Washington Fellowship for young African leaders.
Brian is a Ghanaian tech entrepreneur, innovation management, and digital policy professional. He is the founder of Node Eight, an innovation hub in Ghana that is building a pipeline of ethical digital talents and early-stage start-ups.
Read more here – The US Embassy Ghana’s #YALI2024Fellow post on Brian!
KIC in partnership with Mastercard has commenced the 2024 AgriTech Challenge Classic program- a 7-month annual training program aimed at developing the interest and building the mindset of students and young graduates in Ghana’s agriculture sector, providing them with exposure to the agriculture value chain, and networking opportunity to build and grow innovative and viable solutions to Ghana’s key agricultural challenges. Across the country, more than 3200 young people are expected to participate in the competition.
GHANA TECH ECOSYSTEM SURVEY
Code and Cocktails Africa recently launched a survey to map out the Ghana Tech Ecosystem with a focus on tech professionals. The survey covers demographics, tools, working conditions, and remuneration.
The survey focuses on 3 areas;
1. Engineering
2. Product
3. Sales & Marketing
Kindly take some 5 minutes of your time to complete the survey if work in the 3 areas fore mentioned. Tap here . Thanks!
Thanks for reading this week’s edition of the Accra Digital Digest.
Please share us with your friends, co-workers, and tech enthusiasts in your network.
Send us an email at [email protected] if you have any news update, op-eds or events you would want us to feature.?
Cheers! ???