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Announcing The Inauguration Of The African Fintech Network

Fintech	2882 VIEWS
Fintech
2882 VIEWS

Wednesday, January 09, 2019 06.05AM / By Fintech

It is remarkable to note that the Africa Fintech Network was formally inaugurated on Tuesday 4th December 2018 during the opening session of the maiden week long Africa Fintech Festival hosted in Lagos – Nigeria.

The inauguration was conducted and witnessed by distinguished personalities including the Vice President of Nigeria Prof Yemi Osinbajo SAN GCON (represented by Special Adviser to President/Vice President on ICT), President of African Development Bank Dr. Akinwumi Adesina (represented by Senior Country Director for ADB in Nigeria), Dr Ebrima Faal; Minister for Business Development Ghana Dr. Ibrahim Awal; IMF Country Representative for Nigeria Dr. Amine Mati; Chief of Technology and Innovation, United Nations Economic Commission for Africa Dr. Kasirim Nwuke and others.

There were delegates from ten African countries making the founding membership of the Network. The journey began 24th January 2018 where the idea of an Africa Fintech Network was canvassed at the African Fintech Enablers Roundtable held in Lagos with delegates from seven Africa countries, guests from other countries outside of Africa and financial services regulators. A second Africa Fintech Roundtable was held on 3rd December 2018 culminating into the formal inauguration the following day.

The Network will comprise of National Fintech Associations in the various African countries.

The key objectives of the Network include:

Unify and channel African Fintech initiatives toward producing solutions to drive indigenous creativity and innovation aimed at proffering timely, tested, affordable and indigenous answers to Africa's peculiar real-world challenges in particular financial inclusion.

Provide wider market access across Africa in a seamless manner for fintechs and tech-enabled innovative products.

Explore innovative technology transfer and export beyond Africa to the developed world and other emerging markets.

Foster multi-national/cross-border fintech policy and regulatory frameworks.

Engender a coordinated collaboration with the rest of the world.

Support the achievements of the African Continental Free Trade initiative and Agenda 2063 of the AU.

It is expected that the Network will contribute to making Africa a leading global Innovation Hub. The Network will also promote Africa as a preferred investment destination thereby creating employment opportunities; contribute to fast-tracking access to basic financial services for all, and generating wealth among others.

Following the inauguration, a Council made up of representatives from seven countries was established to drive the activities of the Network.

The Council which is made up of the following had its inaugural meeting on Wednesday 5th December 2018:

1. Nigeria – Segun Aina (President)

2. Uganda – Zianah Muddi (Secretary)

3. Egypt – Noha Shaker

4. Ethiopia – Hohete Arefaine

5. South Africa –Andrew de Kock

6. Cote D’Ivoire – TBA

7. Senegal - TBA.