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Ghana and Singapore Collaborate on Finternet

In a landmark collaboration, Ghana's District Assemblies Common Fund (DACF) and Singapore's Embed Financial Group Holdings (EFGH) have announced their partnership to create the continent's first digital financial infrastructure, referred to as the 'Finternet'. This innovative initiative aims to interconnect governments, communities, and enterprises through a self-sufficient and transparent financial technology platform.

This strategic alliance is designed not only to streamline financial transactions but also to foster economic development across Ghana. Inspired by the conventional internet model, the Finternet will facilitate a seamless ecosystem that encompasses payments, credit, and insurance, enabling more effective management of resources at the district level while generating new revenue streams crucial for national development.

Public-Private Partnership for Social Impact

The DACF and EFGH will jointly invest in initiatives that have significant social and economic impacts, focusing on generating revenue for local communities while supporting Ghanaian SMEs. Each project will be anchored on a public-private partnership model, ensuring equitable revenue sharing, sustainable job creation, and reinvestment of profits into national development priorities.

To ensure compliance with public policies and strategic government objectives, the DACF will oversee the projects born from this collaboration. This partnership aligns with Ghana's ongoing decentralization policy, equipping local authorities with essential digital tools to enhance income mobilization, boost transparency, and widen access to financial services within communities.

Key Components of the Finternet Project

The project encompasses several critical components:

• - Digital Infrastructure: Implementation of digital frameworks to facilitate transactions among governments, citizens, and businesses.
• - Integrated Microinsurance: Offering microinsurance products to benefit entrepreneurs and local SMEs.
• - Green Data Centers: Establishment of eco-friendly data centers powered by hydropower and solar energy.
• - Financial Education Programs: Launching educational initiatives to strengthen digital financial inclusion.

Statements from Leadership

Harry Yamson, DACF Administrator, expressed his enthusiasm for this transformative project, stating, "Our collaboration with EFGH will enhance Ghana's ability to mobilize funding to support the national decentralization agenda. This alliance presents an opportunity to increase financial inclusion for citizens and small businesses, particularly in rural areas. Together, we will quickly roll out tangible solutions that benefit both consumers and B2B partners throughout the country."

On the other hand, Dennis Ng, Executive Chairman of EFGH, emphasized the historic nature of this cooperation, remarking, "This partnership marks a defining moment for both Ghana and Singapore. It showcases how innovation and trust can converge to create shared prosperity. EFGH is proud to contribute Singapore's expertise in digital finance to the Ghanaian vision of inclusive growth, building systems that generate sustainable value for the government, businesses, and every community we serve."

A Symbol of South-South Cooperation

This initiative exemplifies modern South-South cooperation, showcasing the capabilities of global southern nations to combine expertise, technology, and strategic vision for mutual growth. Singapore, recognized by the UN for its South-South cooperation efforts, has long shared its knowledge through the Singapore Cooperation Programme, training public leaders and disseminating best practices in digital governance. The DACF–EFGH partnership reflects this dynamic, underscoring how emerging economies can join resources and innovation to fuel inclusive and sustainable prosperity.

About the District Assemblies Common Fund (DACF)

Founded under the Ghanaian Constitution, the DACF allocates a portion of national resources to the 261 districts, funding projects in education, health, infrastructure, and community development to enhance the living standards of local populations.

About Embed Financial Group Holdings (EFGH)

Headquartered in Singapore, EFGH specializes in creating interconnected digital infrastructures that unify protection, credit, and payments across Asia and Africa. The company partners with governments, financial institutions, insurance companies, and telecom operators to bolster financial inclusion and stimulate the digital economy in emerging markets.