Fintech experts, digital financial service providers and hardware vendors will in November, in Abuja brainstorm on the obstacles hampering financial inclusion in Africa and chart ways for improved financial infrastructure in the continent.
President of Foreign Investment Network (FIN) Dr. Alex Itkin in a statement on Wednesday said that the event which is the second edition of Africa Cashless Payment Systems Conference holding in Abuja Nigeria from Nov. 21 – 22 will be the largest gathering of Fintech experts.
According to Itkin, the event will “trigger the development and implementation of safe, reliable and efficient national payments systems and Financial Market Infrastructures (FMIs) in Africa which is very crucial in achieving a secured, affordable, accessible payment solutions as well as expand financial inclusion, foster development and support financial stability in Africa”.
He disclosed that Prof. Yemi Osinbajo is expected to declare the event open just as other expected dignitaries include: Prof. Ngozi Okonjo Iwealla, Director General, World Trade Organization (WTO); Zainab Shamsuna Ahmed Minister of Finance Nigeria; Dr. Ernest Addison, Governor Central Bank of Ghana; Godwin Emefiele CBN Governor while Dr. Fabio Scacciavillani, Executive Director Goldman Sachs, Zainab Shamsuna Ahmed, Minister of Finance (Nigeria); Dr. Isa Ali Ibrahim Pantami Minister of Communication and Digital Economy (Nigeria) among others will speak on topical issues affecting cashless transactions in Africa.
He regretted that even as Africa is the second largest banking market in the world in terms of growth and profitability, most customers are yet to enroll into tech-enabled banking solutions as such facilities are available in about 80% of African banks while the rest plan to roll them out in the nearest future.
According to him, the conference is “a one stop shop where financial institutions, investors and consumers can access the latest innovations that will underpin the next phase of financial innovation and transformation. It will provide the needed platform for Fintech companies and vendors of financial solutions to interface with consumers and policy makers so as to enhance seamless and secured digital financial transaction across the continent with minimal disruptions.
“The conference will bring together the brightest minds from across Africa to discuss Digital Financial Solutions, Cyber Security, e-Commerce, Digital Retail Banking, Payment Systems, failed transaction crises as well as tackle other challenges in the digital market. It will ignite new ideas and inspires the audience to think differently.
“The goal is to provide an venue for a productive dialogue among digital financial solutions stakeholders where digital product vendors, consumers, the academia, and regulators will brainstorm on mutual concerns and challenges to efficient product deliverables. It will seek to foster collaboration and debate on key Fintech topics including efficient and fair regulation and financial inclusion.
“At the end of the event, FIN is targeting about 20% increase in financial inclusion in rural communities in Africa as well as 10% reduction in cyber loses and incomplete transactions. It also wishes to secure Foreign Direct Investment (FDI) worth USD $1 in Mobile Money technology, hardware manufacturing and software development” he stated.
Some of the activities lined up for the event will include: 400 Fintech solutions exhibition, 10 presentations, 10 Expert Speakers, 6 group projects 4 Panel Discussions and culminate in a FIN Award where outstanding Digital friendly government, Fintech companies, Policy Makers, Corporate Organisations, Start-ups, Financial solution providers and Corporations with outstanding Corporate Social Responsibilities will be presented with a Certificate of Honour.
He went further to state that the maiden edition which held in Accra Ghana in 2021 was attended by government officials, policy makers, captains of industries, Fintech companies and start-ups.
“It was a market place for business exchange and policy decision on the opportunities and challenges of digital financial platforms in Africa and how it can enhance intra-continental trade within the context of the AfCFTA (Africa Continental Free Trade Area)” Itkin stated.
He said that for over 20 years, Foreign Investment Network (FIN) a United Kingdom-based company has been a key drive of Foreign Direct Investment (FDI) for Africa and other developing economies. He said that FIN is a consultant in Oil and Gas, Agriculture, telecommunications, Metallurgical & Engineering Industries, Infrastructure, Maritime for financing, project assessment, and Risk analysis.
