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 CouncilThe 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
Ms Zianah Muddu
*Secretary, Africa Fintech Network
+256 758 333896
Download
Here - Africa Fintech Network
Concept Paper
Related News
1. Announcing The
Inauguration Of The African Fintech Network
2. Role of the
Capital Market In Developing Nigeria’s Fintech Ecosystem
3. How Technology
Can Transform Insurance in Nigeria
4. Deepening the
Financial Sector: Time for Growth
5. A Guide To The
Payments and Fintech Landscape in Nigeria
6. How SMEs
Approach Digitization
7. Regtech and
Suptech: The Regulators Roundtable
8. Global Fintech
Trends and Opportunities in Africa
9. 2018 Africa
Fintech Festival: Ecobank Nigeria CEO Speaks on Digitization and Africa
10. DIFC Attracts
World’s Top 200 FinTech CEOs And Innovators
Signup with Facebook
Signup with Twitter
