Africa Fintech Network Initiative Appoints Interim Council to Drive Ecosystem

Tuesday, December 04, 2018 7.00AM / Ottoabasi Abasiekong, Proshare WebTV

The Africa Fintech Network yesterday at it meeting in Lagos, approved the inauguration of an interim council, to drive the Fintech Ecosystem in the continent. 

This was in line with the need to fast-track the development and strategic coordination of Fintech innovations in Africa.

The committee will have members from 6 African countries namely;

• Nigeria
  
• Ethiopia
  
• Egypt
  
• South Africa
  
• Uganda
  
• Cotedvoire
  

It will be saddled with the responsibility of advancing the cause of Fintech and its development in Africa, alongside the following key objectives;

• Unify and channel African Fintech Initiatives towards producing solutions to drive indigenous creativity and innovation
  
• Provide wider market access across Africa in a seamless manner for fintechs and tech-enabled innovative products.
  
• Explore innovative technology transfer and export beyond 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 Africa Union.
  

The convener of the Africa Fintech Network and President of the Fintech Association of Nigeria, Dr Segun Aina said the Network will contribute to making Africa a leading global innovation hub. 

From the Roundtable discussions, stakeholders agreed that there was need for a robust structure and an open system for Fintech to thrive in Africa. 

It was also noted that the Network should create the enabler for African Fintechs to scale across the region, to other parts of the globe. 

The Africa Fintech network also discussed the issues round regulatory sandboxes, the need for products , infrastructure and the need for talents and skill-sets in the industry. 

Africa Fintech Network has the endorsement of the IMF, UK-DFID, UNECA, Africa Development Bank, Afrexim Bank , Qatar Development Bank and  Ecobank Group

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