The Ghana Fintech and Payments Association hosted an eight (8) Member Delegation of Chief Executives from the Association Professionnelle Des Institutions De Microfinance (APIMF) of Madagascar on a 6-day working go to to Ghana.
The Team was led by their Secrétaire-Général, Fanjaharivola Rakotomaharo, and the Head of the Ministry of Finance’s Center for Financial Inclusion, Nivoarizay Razafinorakoto, to understudy Ghana’s microfinance and monetary applied sciences (fintech) trade.
According to the current State of Inclusive Instant Payment in Africa Report put collectively by AfricaNenda and launched at the Mobile World Congress Africa 2022 in Kigali, Rwanda, Ghana has been acknowledged as the one country in Africa to obtain 100% entry to monetary inclusion on the continent.
This ecosystem tour was half of the Madagascar Financial Inclusion Project and the World Bank’s program for monetary inclusion in Madagascar to promote the monetary inclusion of people, Micro, Small, and Medium-sized Enterprises (MSMEs) which was birthed in 2018.
During their go to, the delegation toured some selected Financial Technology corporations(FinTechs) and Microfinance Institutions in addition to Regulatory Bodies to get a greater understanding of how the nation has been in a position to obtain this globally acclaimed feat.
This go to to a big extent supplied the delegation with first-hand sensible information via the understudy of Ghana’s digital monetary services transformation and the processes the country has adopted as half of digitizing the microfinance trade. Thus, the tour seeks to allow them to perceive and apply best-use cases from the mature Ghanaian Digital Financial methods that may be applied in Madagascar according to the National Financial Inclusion Strategy of Madagascar (NFIS) and SADC Financial Inclusion Strategy that resulted in 2020 and 2021 respectively.
Martin Kwame Awagah, President of the Ghana Fintech and Payments Association and Team, led the delegation to fintechs and Microfinance Institutions that leveraged know-how to obtain monetary inclusion for the Ghanaian populace via the supply of customer-centric merchandise and services.
According to Mr. Awagah, “it is clear that a lot of these successes chalked by Ghana were greatly influenced by policies such as the Ghana Cash-lite Roadmap, National Financial Inclusion and Development Strategy (NFIDS), and Digital Financial Services (DFS) Policy that was put in place by the Government, as well as our globally touted financially stable economy”.
Miss Fanjaharivola Rakotomaharo additionally recommended Ghanaian stakeholders saying, “Ghana has garnered enough expertise through the use and exploitation of technological systems in the financial space and I am honored to lead the delegation to learn more from the companies on their journeys so far in achieving inclusivity in delivering financial products. Appreciation I must say goes out to the Finance Ministry of Ghana, Bank of Ghana and other key stakeholders in the digital drive to go cashless.”
The Bank of Ghana, Ministry of Finance, Ghana Microfinance Institutions Network (GHAMFIN), Digital Credit Management Limited, Pan-African Savings and Loans, Letshego Ghana, Sinapi Aba Savings and Loans, Logiciel Limited, Fido, Advans Ghana Savings and Loans and the other important establishments they visited, made in-depth sensible introductions of their entities to the delegation.
During the delegation’s go to to one of the businesses, Miss Rakotomaharo said, “We also want to use this opportunity to plead that you extend the needed support and knowledge-sharing environment to Madagascar anytime we call on you to enable us to better implement what we learned on our journey here.”
At the tip of the examine tour, Miss Nivoarizay Razafinorakoto has this to say; we wish to say a giant thanks to the Team from the Ghana Fintech and Payments Association, for organizing our change go to in Ghana. We learnt quite a bit from the experiences of Ghana in phrases of advancing monetary inclusion via digitalisation. We additionally admire the efforts of all establishments we visited for firsthand knowledge and impression. We hope to leverage on what now we have witnessed and experienced whereas right here in Ghana to advance digital finance in Madagascar”.