He said it was worrying that the gender gap between females and males continue to widen, notwith­standing Ghana’s level of financial inclusion.

“This trend is unacceptable and needs urgent attention if we are to put Ghana on the path of sustained and inclusive develop­ment.”

President Mahama was speaking in Accra on Friday at the Ghana Fintech Ecosystem Engagement to discuss measures and policies to unleash the potential of tech firms, especially financial technol­ogy firms.

He said women played significant role in the economic development of Ghana, therefore it was necessary to fashion ensure equity with their male counter­parts.

Considering that women form about 50.7% of the population and own about 44% of micro, small, and medium-sized enterprises (MSMEs), constituting about 92% of businesses in Ghana, President Mahama said their exclusion from financial services could undermine Ghana’s economic development efforts.

President Mahama also cited on the Global Findex Reports, in 2014, which said the financial inclusion gender gap was three per cent more male access than female, while the inequality gap increased to eight per cent in 2017 and 11 per cent in 2021.

The former President again said it takes more than micro loans to empower women-owned businesses and promote sustain­able, inclusive economic growth.

“Let me assure you, the next NDC government will promote women-owned financial institu­tions, focusing on women-owned businesses and promoting finan­cial inclusion among women.”

President Mahama said the next NDC government shall scale-up financial services for wom­en-owned businesses.

President Mahama further said the next NDC government shall set up a $50 million fintech Transformative Growth Fund to promote financial inclusion.

Moreover, he said the Fin­tech industry had demonstrated great potential and that evidence abounds that the sector continues to offer a diverse portfolio of digital products at competitive prices for the banked, unbanked, and underserved.

“We will work together with Fintechs and all stakeholders to meet the needs of Ghanaians. The Fifth Industrial Revolution pow­ered by 5G is here, and we must seize every opportunity to quicken the development of our country,” President Mahama added.

He again outlined that the Next NDC government would improve the regulatory and supervisory en­vironment in order to encourage active participation and healthy competition among diverse players within the fintech ecosystem.

Mr Martin Kwame Awagah, President of Ghana Fintech Association, thanked President Mahama for his pledge to set aside the $50 million fintech Transfor­mative Growth Fund.

He stated that the use of technology in the financial sector contributed immensely towards driving financial inclusion.