Fintech in Africa: The End of the Beginning

According to the World Bank “Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, delivered in a responsible and sustainable way”. Current estimates show about ~55% of Africa’s population is unbanked and ~40% are living in poverty. Fortunately, novel financial technologies and innovative banking systems have begun to revolutionize this dynamic in recent times. This panel will explore three main themes: 1) What does financial inclusion mean in Africa, who exactly has been excluded historically and why is it important to bring them in? 2) What is the responsibility of industry participants to drive financial inclusion and help lift the continent out of poverty? 3) What does the future of Financial Inclusion in Africa look like?

In this session, we will hear from experts across sectors to posit how we can take an interdisciplinary approach to accelerating Africa’s development in the next decade and beyond. Grounded in an understanding of the largest opportunity gaps, this session will focus on innovative solutions for inclusive growth. In addition to looking at on-the-ground enablers, such as technology, education, and public-private partnerships, we will focus on how the diaspora can support Africa’s growth journey.

The conversation on intra-Africa trade has been dominated by the recently implemented game-changing African Continental Free Trade Agreement (AfCFTA) and its potential to position the region as the fastest growing in the world. This discussion will broaden the conversation and unpack the AfCFTA for what it is – a legal instrument to enhance intra-Africa trade – and what we can realistically expect from the agreement, in the context of existing regional economic networks and other trade instruments already in effect. The discussion will seek to address questions such as how Africa can unlock potential by building more viable regional value chains, how countries can overcome infrastructural differences impeding trade, and how payment innovation must align to facilitate cross-border exchange. Underpinning these reforms is the critical role of financing to not only bridge the infrastructure and investment gaps, but also offset the revenues generated by existing trade barriers. Lastly, the role of the private sector cannot be understated. The discussion will highlight the dual role the private sector has to play, both as traders and agents of innovation.