The District Assemblies Common Fund (DACF) in Ghana and Singapore's Embed Financial Group Holdings (EFGH) are collaborating to develop Africa’s first finternet, a digital financial infrastructure linking governments, communities, and businesses through transparent, self-sustaining technology.
The innovation will create a system similar to the internet, seamlessly connecting payments, credit, and insurance.
It intends to enable all districts in the West African country to manage funds and services with efficiency, while also generating new and sustainable revenue streams that can be used for national development projects, said the organisations.
The project embodies South–South collaboration, a framework where countries of the Global South share knowledge and innovation to advance mutual growth, with DACF retaining oversight of all projects, ensuring alignment with national priorities and full accountability to the government of Ghana.
Under the joint venture, DACF and EFGH will co-invest in projects that generate income for public initiatives and support local SMEs. Each initiative will operate as a public–private partnership, ensuring that revenues are shared, local jobs are created, and funds flow back into Ghana’s development priorities.
Furthermore, the partnership also supports the African nation's decentralisation policy, equipping local assemblies with digital tools to mobilise revenue, improve transparency, and expand financial access at the community level.
Harry Yamsom, administrator of the DACF, commented: "Our collaboration with EFGH will expand Ghana's capacity for fund mobilisation in support of the nation's decentralisation agenda. We are excited about what lies ahead, especially the opportunity to broaden financial inclusion for citizens and small businesses across rural Ghana.”
"This partnership represents a defining moment for both Ghana and Singapore. It's proof that innovation and trust can come together to create shared prosperity,” added Dennis Ng, executive chairman of EFGH.
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