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Introducing The Africa Fintech Network

Fintech	2106 VIEWS
Fintech
2106 VIEWS

Thursday, January 17, 2019 05:07 PM / by Fintech

Introduction

Stakeholders are in agreement that there is the urgent need to fast-track development and strategic coordination of fintech innovations in Africa and ensure African societies benefit maximally from its abundant resources.

A lot of exciting initiatives are currently ongoing in individual African countries but there appear to be no concerted efforts at a continental self-regulatory organisation that will provide coordination, foster best practices, ensure rapid development of Africa, enhance Africa wide and indeed global market access to support the actualization of the aims of the African Continental Free Trade Agreement and Agenda 2063 of the AU among many others.

Efforts Made So Far

To address this need, we initiated a discussion among innovators, technology hubs, financial institutions, regulators, startups, etc, at an event titled African Fintech Enablers roundtable where the idea of the African Fintech Network and Council was canvassed in Lagos, Nigeria on Monday, 24th January, 2018, one of the side events of the 2nd National Fintech Conference. Fintech leaders and regulators representing fintech communities from seven African countries namely Cameroun, Ethiopia, Ghana, Kenya, Nigeria, Togo, and South Africa held the inaugural meeting.

Membership

It was recognized that a necessary step to the formation of the Africa Fintech Network is the creation of self-regulating National Fintech Associations in each African country that can coordinate fintech activities through multispectral collaboration, engagements and partnerships among African Fintech hubs and National Fintech Associations. The National Fintech Associations will constitute the core membership of the Network. It was contemplated that a Council will be created to drive the activities of the Africa Fintech Network.

Key Objectives

1. Unify and channel Africa fintech initiatives toward producing solutions to drive indigenous creativity and innovation aimed at proffering timely, tested, affordable and indigenous solutions to Africa's peculiar real-world challenges.

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

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

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

5. Engender a coordinated collaboration with the rest of the world.

6. 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.

Formal Inauguration

The Africa Fintech Network was formally inaugurated in Lagos, Nigeria on Tuesday 4th December 2018 during the first Africa Fintech Festival which held from 3rd to 6th December 2018. The IMF, UK-DFID, UNECA, Qatar Development Bank, Africa Development Bank, AfreximBank, Ecobank Group and other local and global corporations participated at the Festival and showed great interest, support and endorsement for the African Fintech Network initiative. Representatives of ten African countries were part of the historic inauguration. Post inauguration, the Network will be actively promoted amongst other African countries and we expect most Africa countries fintech ecosystem will be part of the Network in due course.

In addition to the Africa Fintech Festival, some of the other major activities tied to the inauguration of the Africa Fintech Network include:

a. the UK-DFID organised the inaugural meeting of the UK-Africa Fintech Investment Group in Lagos, Nigeria on 3rd December 2018,

b. Africa Fintech Roundtable discussions and reception by representatives from nine African countries and observers from outside Africa held immediately after the UK-DFID event. This meeting gave birth to the formation of the Africa Fintech Network and establishment of the Council.

Governance- The Council

The interim Council made up of representatives of seven member countries of the Africa Fintech Network was constituted on 3rd December 2018 with membership as follows:

Nigeria – Segun Aina (President)

Uganda – Zianah Muddu (Secretary)

Egypt – Noha Shaker

Ethiopia – Hohete Arefeaine

South Africa –Andrew de Kock

Cote D’Ivoire – TBD

Senegal - TBD

It is noteworthy that the Network has created partnerships with several organizations including ASEAN Fintech Network, MENA Fintech Association, Fintech Circle etc.

We solicit your strong support, endorsements and partnership for both the Africa Fintech Network initiative and the series of cross-country Africa Fintech Festivals.

For more information or partnership enquiries, please contact any of the undersigned.

Dr. Segun Aina

*President, Africa Fintech Network

+234 802 778 4040

segunaina@fintechassociates.com

Ms Zianah Muddu

*Secretary, Africa Fintech Network

+256 758 333896

zianah.muddu@fitspa.ug

Download Here - Africa Fintech Network Concept Paper