TechPression

Tag: Cenfri

  • Mastercard, CENFRI, ATRN to boost Ghana’s tourism via tech

    Mastercard, CENFRI, ATRN to boost Ghana’s tourism via tech

    In a concerted effort to propel Ghana’s tourism sector to new heights, the Mastercard Foundation, in collaboration with CENFRI and the African Tourism Research Network (ATRN), has embarked on a mission that marries data and digitalization with the country’s rich tourist offerings.

    The drive for this project is to augment the tourism sector in Ghana, and it’s set to convene in-depth workshops and training sessions, aiming to equip industry players with the skills and knowledge necessary to tackle the unique challenges facing the Ghanaian tourism sector.

    Read also: ADC, DFC to establish $300m Data Hub in Accra, Ghana

    CENFRI Dives into Ghana’s Tourism Sector

    Following a One Day Stakeholders’ in Tourism and Hospitality Data and Digitalization Economy workshop held on August 11, 2023, a follow-up workshop is scheduled to take place. The event, led by CENFRI and CDC Consult, will focus on two crucial areas. The first area will offer insights into the state of the Ghanaian tourism sector, shedding light on the critical obstacles preventing its growth and the vast opportunities waiting to be harnessed.

    One of the central discussions will revolve around the current use of data and digital technology within the sector, exploring the obstacles that hinder greater adoption of these technologies. Simultaneously, this segment will highlight the numerous advantages that can be unlocked by enhanced data and digital technology utilisation. This includes increased revenue generation, cost-saving in operations, refined customer segmentation and analysis, and overall enhancements in tourism services and products.

    Recommendations for Sector Advancement

    The second area will delve into actionable recommendations for both public and private stakeholders in the tourism sector, charting a path towards expanding the market. These recommendations will be concrete and contextually grounded, accompanied by practical examples of their implications, their relevance, and the methods for their effective implementation.

    The initiative unfolds in two distinct phases. The first phase, scheduled for October 20, 2023, will be an in-depth workshop held at the Fiesta Royale Hotel. This day-long event will gather 75 participants representing academia, private enterprises, and public institutions, providing a comprehensive forum for knowledge sharing.

    The second phase encompasses three days, from October 23 to 25, hosted at MEST in East Legon. This segment will concentrate on a hands-on training session led by CENFRI. The training will focus on essential principles of tourism marketing and harnessing data for informed decision-making.

    The objectives of this training session are twofold. Firstly, to equip key tourism sector stakeholders with the necessary tools to enhance their businesses and to empower them to share their newfound knowledge and experiences. Secondly, to provide practical guidance, templates, and key materials that can be adopted and tailored for local training sessions. These local training sessions will serve as a cascading mechanism to share the lessons and benefits from the main training event and foster industry-wide growth.

    Mastercard, CENFRI and ATN’s Drive Towards a Prosperous Tourism Sector

    In an era where data and digital technology are critical in shaping the future of industries, it is also revolutionising tourism in Africa, offering travellers more efficient and immersive experiences. Mobile apps, GPS, and virtual reality enable tourists to explore remote regions and access real-time information about attractions. Digital platforms facilitate bookings, providing economic opportunities for local businesses, while online reviews and social media empower visitors to share their journeys, enticing more people to discover Africa’s diverse landscapes, cultures, and wildlife.

    This joint initiative by the Mastercard Foundation, CENFRI, and ATRN is a significant step in advancing Ghana’s tourism sector. It not only enriches the industry by providing cutting-edge tools and solutions but also positions Ghana as a prominent destination, ready to provide a more fulfilling and tailored experience for tourists. This initiative represents a commitment to innovation, development, and the future prosperity of Ghana’s tourism sector.

  • AfDB signs $525,000 deal with Africa Fintech Network

    AfDB signs $525,000 deal with Africa Fintech Network

    The African Development Bank (AfDB) has signed a $525,000 deal to support Africa Fintech Network’s (AFN) digital hub concept.
    At the signing ceremony in Abuja, Lamin Barrow, Director-General of the AfDB’s Nigeria national section, stated that the project would improve fintech in Africa. He claims;

    Barrow went on to say that the $525,000 would “help in the operationalization of an online digital hub to act as a repository of knowledge for fintech firms across the continent and beyond.”

    Thanks to a strategic partnership between the Africa Fintech Network and Cenfri, the Digital Hub will help to strengthen Africa’s fintech ecosystem and boost the sector’s competitiveness.

    The funding is sponsored by the AfDB Group and the William and Melinda Gates Foundation through the ADFI.

    Luxembourg, France, and the Agence française de développement will join in 2019, 2020, and 2022.

    Read also: Nigeria, AfDB Announce $672 Million I-DICE Project For Young Tech Entrepreneurs

    Africa Fintech Network and AfDB’s donations

    Strategic cooperation between the Africa Fintech Network and Cenfri will deliver the Digital Hub.

    Cenfri and AFN’s African Fintech Radar initiative surveyed 100 fintechs in 17 African countries and found that African fintechs struggle with markets, funding, regulation, and product development for financially underserved market segments, undermining their contribution to a more inclusive digital finance ecosystem.

    Fintech growth is aided by several programmes. Investors still focus on fintech industries that already exist, and most venture capital investments in Africa are small and geared more towards seeding than growth. Fintechs aren’t used to changing policies that affect their jobs.

    AfDB’s support for financial inclusion and digital innovation in Africa changed after the occurrence. Barrow used the 2021 Global Findex Survey to show that 49% of Africans don’t have access to the formal economy and its benefits.

    Fintech’s powerful, easy-to-use, and successful digital financial solutions are crucial to bridging the continent’s financial gap. More fintech businesses are emerging as digital disruptions continue in finance.

    AfDB launches the African Pharmaceutical Technology Foundation

    Using Technology: AFN and AfDB

    These companies use technology to offer payment, lending, savings, financial literacy, and financial infrastructure services. He says that improves efficiency, service, and cost.

    Financial inclusion is crucial for economic stability and freedom, especially for marginalized groups. He believes it’s more crucial than ever to remove barriers and create digital banking options for everyone to boost Africa’s economy.

    Dr Akinwumi Adesina, President of the African Development Bank, says that investing in innovation and smart digital growth can overcome the barriers to financial inclusion and increase economic opportunity for all.

    The Hub will allow African fintech groups to share expertise, strengthen contacts, and showcase their ideas and impacts, particularly those of women-led fintech enterprises.

    The AFN Hub’s usefulness as a one-stop knowledge resource was driven by a thorough needs assessment. African fintech groups can cooperate and improve market access and investment prospects through effective lobbying with key public and commercial entities.

    AFN President Segun Aina thanked AfDB for its help and promised to complete the project.

    We’re glad AfDB is leading this unique effort. The AFN-AfDB partnership is equal. He says, “We look forward to building on this great collaboration because there is still a lot to do to bring the promise of digital inclusion to Africa and help it become the Africa we want.”