Financial expert, Bright Enabulele has urged African governments to adopt supportive policies rather than stifling the growth of tech startups. His call comes in the wake of recent regulatory crackdowns on fintech companies in Ghana, and Nigeria.
Citing the listing of Lemfi by the Bank of Ghana among illegal financial institutions, and the Nigeria Inter-Bank Settlement System’s (NIBSS) directive to banks, and other financial institutions to disconnect switches, payment solution service providers, and super agents from its Instant Payment Outwards System (fund transfer channels), Enabulele appealed to African governments to reevaluate their approaches, focusing on collaboration and nurturing innovation rather than stifling it.
Enabulele, the founding president of Oduwa Blockchain Solutions, emphasised the critical need for the African governments to encourage and foster the burgeoning tech industry, as he highlighted the adverse effects of shutting down these innovative ventures.
The renowned pan-Africanist, and a vocal advocate for innovation in the financial sector, stressed that tech startups play a crucial role in driving economic growth and enhancing financial inclusion across the continent.
“Tech startups are not just businesses, they’re the catalysts for Africa’s progress. Supporting these ventures is pivotal for job creation, economic development, and ensuring financial access for all,” Enabulele said, adding that “as a continent, we need to prioritise collaboration and support for tech startups.”
Enabulele maintained that support and collaborations can be leveraged to harness innovation for the betterment of Africa’s growing economy.