The Digital Transformation of Banking - Driving Constructive Economic Outcomes from the FinTech Ecosystem in Africa
Africa’s financial sector is on the verge of yet another expansive revolution. The rapid growth of FinTech on the continent is driving both the disruption and leapfrogging of legacy systems and is further accelerating the digital transformation of financial services across Africa. The major existing banks are rapidly ramping-up their own innovative approaches to meet the financial needs of under-served markets across the continent.
FinTech players are increasingly becoming an important part of the fabric of Africa’s financial services industry. In addition, the leading banks on the continent are now harnessing innovative technology and are also collaborating with FinTech start-ups & innovators to better connect with under-served consumers, improve financial inclusion and provide a platform to scale much faster.
Finnovation Africa: Kenya 2018 is a very different kind of event, a complete reboot, for a very different kind of industry. Deconstructed and shorn of all the usual, tired formats of the traditional convention and built from the ground up as a genuinely new event that is a ground-breaking in its focus as it is in its format and aspiring to be as innovative and transformative as the dynamic FinTech market it serves.
Combining a highly innovative and interactive event format with world-class speakers and more than 300 carefully selected participants, Finnovation Africa: Kenya 2018, to be held at the Radisson Blu Nairobi on the 31st of May 2018, will tackle the most pressing questions for the progress of FinTech and the positive transformation of banking in Africa, providing a platform for all stakeholders to engage in creating the future of financial services on the continent – from established banking powerhouses to FinTech start-ups.
Chris PrincipeCEO Chain2Trade, Inc. Publisher FinFuture & Financial IT
A very positive story, if one that is not yet well understood, is unfolding in Africa. New technology, new ideas and new business models are producing new opportunities. The distinctions between telecom services providers, payments services providers and financial institutions are breaking down. In virtually all African countries, there are sufficient numbers of mobile phones ‐ which are not necessarily smartphones ‐ for previously unbanked people to have access to high quality financial services at low cost. Innovative companies are using Blockchain technology and crypto‐currencies to resolve fundamental problems such as lack of access to electricity and lack of access to global financial markets. Finnovation Africa highlights how FinTech is transforming Africa for the better, facilitating payments, boosting financial inclusion and developing new enterprises. However, the conference does much more than that, as it engages key stakeholders to reveal how the entire world is changing. In many ways, Africa is a FinTech leader, rather than a follower.
Paul MuthauraCEO Capital Markets Authority Kenya
Kenya has rapidly become an internationally recognised pace-setter for FinTech innovation as global players increasingly look to learn lessons especially in areas where the country has built world-class capabilities such as in mobile money. We have built a supporting infrastructure and are strengthening our regulatory framework to foster FinTech innovation and drive capital market activity to the next level. The Authority is at an advanced stage of implementing a Regulatory Sandbox to provide a safe space for innovative ideas to transition into the regulated environment. Across emerging markets, and particularly in Africa where there is an absence of the legacy infrastructure found in most developed economies, Fintech presents a transformational opportunity to leapfrog traditional costs and time delays in rolling out world class financial services infrastructure, products, services and distributions channels. The pioneers and experts gathering at Finnovation Kenya 2018 will provide critical insights on this exciting journey.”
Dave van NiekerkChief Executive Officer MyBucks
The global microfinance, retail banking and credit landscape has long required a revolution and this rapid and dramatic change, with financial inclusion at its heart, is already well underway. FinTech innovations are enabling the distribution of financial products at competitive pricing, providing the basis to rapidly scale-up as well as effectively manage credit risk. Incumbent financial institutions will eventually be forced to embrace this technology to acquire clients, determine risk and retain clients, effectively closing the divide between FinTech and traditional finance organizations. The Finnovation Kenya 2018 event will create a powerful platform for start-ups and trail-blazers, to understand the broader ecosystem as well as for incumbent Financial powerhouses from across Africa to engage and learn from each other.”
Sunny WaliaGeneral Manager Visa East Africa
With just 17% of people in Africa having access to formal financial services, almost a third of funding raised by African startups in 2017 was in the Fintech sector. Venture funding for African startups jumped by 51% to $195 million in 2017.
And so, with over a hundred million dollars invested over the past ten years alone , the region’s Fintech industry is on the brink of a transformative breakthrough. At Visa, we believe the time is ripe to bring together its brightest minds and work on the next big idea in payments technology. With a clear goal of enabling cashless economies and financial inclusion, Visa is committed to fostering an entrepreneurial spirit and driving innovation in its payments landscape.
To this end, we at Visa announced that its Visa’s Everywhere Initiative, a global innovation program that tasks start-ups to solve commerce challenges of tomorrow and further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners, will expand into the Sub Sahara Africa (SSA) region. Entrants in the first-ever Sub-Sahara Visa’s Everywhere Initiative (VEI)will have the opportunity to compete for a chance to win up to US$50,000, access to Visa’s products and services, expert mentorship and support from Visa and exposure to key Visa partners and clients.
To date, the program has had nearly 2,100 participating startups across North America, Latin America, Europe, Asia Pacific, Africa and the Middle East. Today, I am keen to participate in Finnovation Kenya 2018 to help shape the dialogue around the next steps on how banks and fintechs can collaborate with Visa to transform economies across the continent ”
Jeremy AworiManaging Director Barclays Bank of Kenya Ltd
The rapid growth of FinTech on the continent is driving both the disruption and leapfrogging of legacy systems and is further accelerating the digital transformation of financial services across Africa. As a bank, our innovation and digitization agenda is in top gear and is aimed at moving the bulk of transactions to channels such as mobile banking, Internet banking and agency banking in order to increase customer convenience. We have recently launched our pioneer virtual banking proposition, Timiza, which offers our customers a platform to conduct their financial transactions ranging from borrowing, saving, bill payments and funds transfer etc from the comfort of their mobile phones. I look forward to participating in Finnovation Kenya 2018 and engaging with FinTech pioneers from across the continent to address how FinTech is contributing to the positive transformation of financial services in Africa.”
Konstantin PericDeputy Director Financial Services for the Poor Bill & Melinda Gates Foundation
Speaking at the Finnovation Africa Series: Konstantin Peric, Deputy Director, Financial Services for the Poor at the Bill & Melinda Gates Foundation, said that: “Industry leaders from across the African and global FinTech industry gathered at Finnovation Africa to harness the growing momentum around digital financial services into more inclusive and productive economies across Sub-Saharan Africa.”
Munir DuriCEO Kifiya
Munir Duri, Cheif Executive officer, Kifiya, speaking ahead of his participation in the event, said that: “The FinTech sector is driving disruptive innovation and transforming the financial services landscape across the continent. We look forward to sharing our perspectives on how the rapid growth in the application of financial technology is providing a platform to enable payments and increase access, helping the drive to digital financial services.”
Finnovation Africa: Kenya 2018 will gather all stakeholders and inﬂuencers in the African FinTech value chain from the key markets across Africa and internationally and will seek to better align FinTech directions and initiatives in Africa with the strategic economic priorities and requirements of key countries – and provide a roadmap of how the banking and ﬁnancial services industry across the continent can make even greater strides towards a positively transformed future.
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