The Deputy Chief Executive of Development Bank Ghana (DBG) has announced that the 3i Africa Summit, held at the Accra International Conference Centre, will serve as a catalyst to unleash a new generation of youth innovators across the continent.
In his opening remarks, the Deputy CEO of DBG, Michael Mensah-Baah, emphasized the pivotal role of youth in driving Africa’s future economic growth and innovation.
According to him, the potential of digital technology is to drive growth in the FinTech industry, enhance the digital financial sector and promote financial inclusion.
Delivering the welcome address on the final day of the Summit, the Deputy CEO said, “By nurturing a generation of youth innovators, entrepreneurs, and skilled professionals, we can unleash a wave of innovation and productivity that propels Africa towards sustainable development and prosperity. The 3i Africa Summit is an opportunity to harness the potential of Africa’s young population, encouraging them to embrace innovation and entrepreneurship”.
Mr. Mensah-Baah further stated that, “Innovation is the driving force behind economic transformation and by investing in our youth and fostering a culture of creativity and problem-solving, we can build a future that is both prosperous and sustainable.
The discussions will highlight the pivotal role of technology and innovation in driving inclusive economic growth across various sectors in Africa from empowering SMEs to transforming the creative arts economy”.
The 3i Africa Summit promoted crucial discussions and strategic partnerships to support the thriving fintech and digital economies in Africa. According to a BCG (Boston Consulting Group) report, Africa is likely to be the fastest growing FinTech market in the world between 2023 and 2030 and FinTech revenues are expected to rise by 13 times, compared to the global average of 6 times.
At the heart of DBG’s mission is a commitment to youth development and a focus on the ICT among its key sectors. So far, the Bank has initiated various programs and partnerships designed to support young entrepreneurs and innovators including a partnership with the Ghana Chamber of Youth Entrepreneurs to provide adequate skills training and funding support to 1,000 young entrepreneurs across all 16 regions of the country.
The collaboration seeks to promote the businesses of young Ghanaian entrepreneurs through training on financial literacy, digitisation and business management skills, with a 60 percent greater representation of women-led businesses.
Aside being a key initiator for the 3i Africa Summit, the Bank has also been championing the use of technology with the introduction of the Ghana Integrated Financial Ecosystem (GIFE) for SMEs as a key initiative.
Through the platform 4,634 MSMEs have been onboarded so far. This enables the onboarded local businesses to embark on a digital journey, offering them financial literacy, the creation of trusted credentials through the Universal Trusted Credentials framework, access to working capital, and opportunities for cross-border trade with businesses in Asia and the ASEAN region
Development Bank Ghana is a wholesale financial institution established by the Government of Ghana. DBG acts as a provider of long-term capital to the market with a mission to foster strong partnerships to finance economic growth, create jobs, and build capacity for SMEs.
The organisation is committed, aligned and strengthened to achieve the UN Sustainable Development Goals (SDGs) ambitions and targets while implementing environmental, social, and governance (ESG) strategy aimed at creating shared value and impact with purpose. The Bank has received funds from the World Bank, European Investment Bank, Kreditanstalt Für Wiederaufbau (KfW), and the African Development Bank.
