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Ghana and Singapore's Groundbreaking Finternet Initiative

In a pioneering step toward financial innovation, Ghana's District Assemblies Common Fund (DACF) has joined forces with Singapore's Embed Financial Group Holdings (EFGH) to launch Africa's first Finternet initiative. This groundbreaking venture aims to revolutionize how digital financial infrastructure operates across Africa, establishing a connection between governments, community organizations, and businesses in a previously unseen format.

What is the Finternet?

The proposed Finternet is aimed at creating a digital financial ecosystem that mirrors the internet's ability to share information. By uniting various financial services such as payments, credit, and insurance, the Finternet is expected to empower local districts in Ghana to manage their resources more effectively, ultimately leading to increased economic growth and new revenue avenues for national development.

Key Features of the Initiative

This transformative project comprises several key features:

• - Digital Finance Rails: The initiative will streamline government-to-citizen as well as business transactions, ensuring seamless and efficient operations.
• - Embedded Micro-Insurance: The integration of micro-insurance will provide essential coverage for local contractors and small and medium-sized enterprises (SMEs), mitigating risks associated with their operations.
• - Sustainable Energy Utilization: By establishing green data centers powered by hydro and solar energy, the initiative aims to promote environmentally friendly practices while ensuring reliable digital infrastructure.
• - Financial Literacy Programs: The inclusion of educational schemes will significantly boost digital inclusion, equipping more citizens to engage within the financial framework.

Commitment to Local Development

Under this collaboration, both the DACF and EFGH commit to co-investing in projects designed to generate income for public initiatives and bolster support for local SMEs. Each project will be structured as a public-private partnership to ensure equitable revenue sharing and job creation, with funds reinvested into Ghana's development priorities. The DACF will oversee all initiatives under the partnership, ensuring they align with national goals and maintain accountability to the Government of Ghana.

Statements from Leaders

Harry Yamsom, the Administrator of DACF, expressed excitement about the partnership, stating, "Our collaboration with EFGH will expand Ghana's capacity for fund mobilization to support the nation's decentralization agenda. We are eager to roll out solutions that deliver substantial benefits to both consumers and B2B partners throughout the country."

Meanwhile, Dennis Ng, Executive Chairman of EFGH, highlighted the significance of this venture, noting, "This partnership marks a pivotal moment for both Ghana and Singapore. It illustrates how innovation and trust can create shared prosperity. By leveraging Singapore's experience in digital finance, we are proud to support Ghana's inclusive growth vision."

A New Model for South-South Cooperation

This initiative equally embodies the essence of South-South cooperation, a framework where nations in the developing world share knowledge and innovations to drive mutual growth. Recognized by the UN Office for South-South Cooperation, Singapore will leverage its experience to aid Ghana in navigating the complex landscape of digital governance.

The DACF–EFGH partnership serves as an inspiring example of how emerging economies can collaborate, harness resources, and innovate to foster inclusive and sustainable progress.

About the Partners

District Assemblies Common Fund (DACF)

The DACF is an essential institution in Ghana, allocated national resources to 261 districts dedicated to improving education, healthcare, infrastructure, and overall community development.

Embed Financial Group Holdings (EFGH)

Based in Singapore, EFGH specializes in constructing digital financial infrastructure, aimed at elevating protection, credit, and payment systems across both Asia and Africa. Their collaborations with governments, banks, insurers, and telecommunications operators focus on expanding financial access for underserved populations.

This initiative not only promises to reshape Ghana's digital landscape but also sets a pivotal benchmark for future collaborations within the Global South.