Monday, April 01, 2019 09.00AM / Fintech Nigeria Press Release
The Fintech Association of Nigeria,
FintechNGR having successfully established a model for
the establishment of national fintech associations in Africa leads the charge
in the formation of Africa Fintech Network that was formally launched at the 52nd Session
of United Nation Economic Commission for Africa Conference of African Ministers
of Finance, Planning and Economic Development held from 20th to
26th March 2019 at Palmarie Hotel, Marrakech, Morocco.
The launch of the Network that was one of
the most prominent and well-attended side events at the Conference was
co-hosted by Dr Segun Aina, President, FintechNGR and had in attendance
the Executive Secretary of ECA, Dr Vera Songwe, Ugandan Minister of Finance,
Planning & Economic Development, Twamuhabwa Wilson, Former Nigerian
Minister for Communications Technology, Dr. Omobola Johnson, representatives of
the Africa Development Bank, Dr Uche Olowu, President and Mr Seye Awojobi, the
Registrar of Chartered Institutes of Bankers of Nigeria, representatives of
Africa Fiintech Network member countries and other notable individuals from
across the continent
Dr Vera Songwe while launching the Network
alluded to the fact that the objectives of the Network are critical to building
the Africa we want and aligns with the Commission’s digitalized Africa goals,
as such, she welcome partnership with the Network towards accelerating
digitization of the continent. According to her “Africa Fintech Network holds the
key to the digitalized Africa as all nations in the continent must join the
Fintech in Africa agenda”.
Dr Segun Aina, President, Africa Fintech
Network, during his remarks said that the network was created to unify fintech
regulation across the continent, foster collaboration and shared development at
the national levels, support the attainment of continent goals such as Agenda
2063 and African Continental Free Trade Area of AU, Sustainable
Development Goal as well as promote indigenous solutions for the peculiar
Africa challenges.
According to him “African governments and
development partners are formulating strategies and policies to create an
inclusive financial sector but every country should have its own Fintech
Association to coordinate and accelerate the Fintech growth as a strategic
driver of government initiatives”.
According to Dr Omobola Johnson in her
remarks, "The biggest challenge for fintech companies today is regulation
and policy, and the fact that many central banks do not innovate and do not
understand what it takes to scale and build a technology company”
The digital ID for financial inclusion and
the launch of Africa Fintech Network sessions at the conference also featured
speakers such as Esaie Diei, CEO, EFInA, Oluwaseun Adesanya, Group Head,
Innovation and Strategy, Systemspecs, Ese Phillip, Product Manager, Smile ID,
SeunFolorunso, Admin Secretary, FintechNGR, Anna Ekelodu, Executive Directors,
Afrilabs, ZianahMuddu, General Secretary, Africa Fintech Network, Charlen Chen,
Co-founder, Bitpesa, and Hohete Arefeaine, President, Ethiopia Fintech
Association.
You would recall that the establishment of
the Africa Fintech Network was formalized and earlier launched on 4th December
2018 at the maiden edition of the Africa Fintech Festival organized by the
FintechNGR and other partners during the opening session of the Festival in
Lagos-Nigeria in the presence of delegates from ten African countries and
representatives of IMF, UNECA, AFDB, Ecobank Group, Office of the Vice
President of Federal Republic of Nigeria and other leading continental and
global institutions.
The side event ended with the announcement
of Uganda as the host of 2019 Africa Fintech Festival in Kampala from 5th to
6th November as the Nigeria Fintech Week would hold a week
before the Festival in Lagos from 27th October to 1st November
2019.
In the same vein, DrAina, during a keynote
interview on “Why Fintechs are Scary “ at the 2019 Africa Pay ID & Expo
held in Marrakech Morocco from 29th to 30th March
indicated that the advent of mobile technology, internet facility and the
youthful population of the African continent are great buffers for digitalizing
the continent. He equally reiterated the significant roles of Fintechs in the
digitalization agenda as he said fintechs are innovative and nimble and provide
more suitable services to consumers with attributes such as value-driven,
service quality, efficiency, low pricing, convenience and security.
He concluded by proffering solutions for
bridging the gap between the fintechs, incumbents, regulators and other
interested stakeholders as partnership, adequate provision of digital
infrastructure, closing the gender gap, education, reskilling and up-skilling,
removal of legal and border policy barriers (African-wide regulation), mapping
and integrated national digital transformation roadmap amongst others.
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