The event is the first for West Africa as the African fintech landscape continues to accelerate at an unprecedented speed.

The Mastercard Fintech Day event sets the stage for ongoing collaboration and partnerships that would further advance financial inclusion and unlock new opportunities for innova­tion in Ghana.

“We are excited to host the first-ever MastercardFintech Day in Ghana. This event rep­resents a significant milestone in our journey towards empower­ing communities, promoting fi­nancial inclusion, and fostering innovation. By working together with the fintech community, we can unlock new opportunities, drive economic growth, and transform the way financial services are accessed and deliv­ered,” Bossman Kwapong, the Country Director for Mastercard, Ghana, said in a statement issued in Accra yesterday.

Currently, fintechs cater for the needs of the underbanked, unbanked, and affluent pop­ulation, filling the gap left by traditional banks in Ghana. McK­insey’s analysis shows that fintech players are delivering significant value to their customers.

Their transactional solutions can be up to 80 per cent cheap­er and interest on savings up to three times higher than those provided by traditional players.

Through the Fintech Day event, Mastercard demonstrat­ed its extensive capabilities and unwavering commitment to supporting the fintech ecosystem in Ghana, establishing a closer relationship and opportunities for collaboration with the Ghanaian fintech community.

Mastercard is helping to fuel this acceleration by co-creating solutions and offering access to their partners, expertise, technol­ogies, markets, and customers, enabling fintechs to build, launch, and grow.

From their best-in-class APIs and data assets to their trusted ecosystem of partners, Master­card provides the services and tools fintech innovators need at each stage of their journey to transform bold ideas and achieve scale at pace, bringing more peo­ple into the digital economy.

The event provided an in­sightful platform for attendees to understand how the Mastercard digital ecosystem empowered fintech companies to innovate and deliver cutting-edge products and services.

With over 50 fintechs and 70 individuals in attendance, the day provided a platform for dialogue and idea sharing.

This engagement was partic­ularly crucial in addressing the unique financial needs of various segments of the population.

As part of the event, at­tendees explored the future of adopting contactless payment technology, including QR Pay-by-link and Tap on Phone, ensuring a seamless payment experience.

They also gained insights into the wide array of innovative fintech products and solutions available in the market, thus en­suring better and more accessible financial experiences for all.

“I am truly excited about the MastercardFintech Day in Accra. This event marks a significant step in our journey towards a dig­itally inclusive financial landscape right here in Ghana. Fintech is not just about innovation; it’s about inclusion,” Martin Kwame Awagah, President, Ghana Fintech and Payment As­sociation, said.

“Together with Mastercard, we are forging partnerships, bridging gaps, and creating opportunities that will drive fi­nancial inclusion and transform lives. We believe that by working collaboratively, we can shape a brighter future for all Ghana­ians,” he said.