Stephen Blewett, Chief Executive Officer of MTN Ghana, emphasized that despite significant advancements in digital technology across Africa, the continent still lags behind global standards in mobile adoption and innovation. He addressed key challenges such as inadequate infrastructure, high costs of data and smartphones, and insufficient digital skills training, which continue to limit Internet access for vulnerable populations, particularly women.
Mr. Blewett made these remarks during the opening of the 3i Africa Summit at the Accra International Conference Center. The summit, themed “Unleashing Africa’s FinTech and Digital Economic Potential,” aims to promote collaboration among various stakeholders to drive innovation across Africa.
The 3i Africa Summit is a collaborative effort by the Bank of Ghana, Development Bank of Ghana, and the Monetary Authority of Singapore. It seeks to showcase and stimulate Africa’s FinTech and digital potential, focusing on transforming the continent’s economic landscape through sustainable, long-term capital allocation.
In his speech, Mr. Blewett underscored the significance of the African FinTech ecosystem as a catalyst for a digital revolution. He stated, “Africa’s fintech ecosystem is the engine that will drive its digital revolution and economic development in the coming years. Fintech can stimulate local economies and drive progress across the continent in several ways – 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.”
Mr. Blewett cited the success of services like MTN’s Mobile Money and Vodafone and Safaricom’s M-Pesa as evidence of FinTech’s transformative potential. However, he noted that Africa still trails behind in mobile adoption and innovation due to persistent constraints. “We must make every effort to remove these bottlenecks and close the usage gap by improving data coverage and lowering the cost of data and data-enabled devices, especially in rural and low-income areas, and enhancing digital literacy,” he said.
Additionally, Mr. Blewett addressed the importance of sustainability, urging business leaders and policymakers to adopt robust Environmental, Social, and Governance (ESG) practices. “We must not lose sight of the impact that our actions have on our environment and society. We must progressively reduce our carbon footprints by investing in renewable energy and other energy-efficient tools and technologies that lead to efficiency. We must place ESG at the heart of our commercial activities and support the achievement of the UN’s Sustainable Development Goals.”
Other notable speakers from MTN included Shaibu Haruna, CEO of Mobile Money Limited Ghana, Eli Hini, CEO of MoMo PSB Nigeria, Cedric Nguessan from MTN Group Finco Payments and E-Commerce, Angela Mensah-Poku, Chief Enterprise Business Officer MTN Ghana, and Dario Bianchi, Chief Digital Officer MTN Ghana.
