George Babafemi, Executive Director of eTranzact Ghana Limited, has urged start-ups, innovators, and fintech developers to ensure they have the necessary regulatory approvals for their solutions.

During the inaugural 3i Africa Summit in Accra, Babafemi, participating in a panel discussion on the topic 'Navigating Regulatory Hurdles: The Roadmap to Compliance,' emphasized the importance of adhering to regulatory requirements for solutions to gain acceptance.

He also called on investors to ensure that fintech developers and start-ups have completed due diligence with regulators before implementing their solutions.

Babafemi explained, "Your idea may seem appealing to investors who are eager to invest, assuming that you have a good understanding of the local market. It is crucial for investors to ensure that fintechs, start-ups, and developers have the required regulatory approvals from the Central Bank in particular."

The eTranzact Director shared an example where developers sought his help in meeting regulatory bodies for approval before rolling out their solutions.

He believes that this step is critical to ensure that solutions are properly scrutinized before the necessary approvals are obtained.

George Babafemi also discussed how fintech platforms can enhance financial inclusion efforts, particularly among underserved groups and communities.

The 3i Africa Summit aims to generate greater momentum and traction for Africa's digital finance agenda.

The three-day summit will facilitate important conversations and strategic alliances to support the growing African digital economy and fintech sector, while promoting innovative solutions.

It is being organized by the Bank of Ghana (BoG), Development Bank Ghana (DBG), and the Monetary Authority of Singapore (MAS) through its subsidiary, Elevandi.


MA/NOQ