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The National Financial Inclusion and Development Strategy seeks to increase financial inclusion from 58% to 85% by 2023 to create economic opportunities and reduce poverty. Additionally, the Digital Financial Services Policy aims at building a resilient, inclusive and innovative digital ecosystem that contributes to social development, a robust economy and a thriving private sector.
Ghana has made time tested strides and achieved immense growth within the financial services sector, with the operations of financial technologies (fintech) industry into mainstream financial services delivery. This gives testament to the sound financial stability and secure environment achieved through the Government's digitisation agenda and the Bank of Ghana's regulatory framework, as spelt out in the Payment Systems and Services Act 2019.
Bloomberg reveals investments in African tech startups, especially as fintechs make up 60% of these companies, funding is expected to exceed US$5billion as recorded from last year. Various research findings have pointed to a continued rise in fintech investments in Africa despite the global economic downturn as it relates to the COVID-19 pandemic, the Russia-Ukraine war disrupting global supply chains.
While fintech in Africa is expected to grow at an annual rate of 10%, reaching about $230 billion in revenues by 2025, Ghana's fintech industry is expected to witness a 15% at a compound annual growth rate (CAGR) until 2025 as predicted by McKinsey and Company (August, 2022). This places Ghana's Fintech Ecosystem as the fastest growing industry in Africa.









