Africa’s FinTech market is projected to grow thirteenfold to US$65 billion by 2030 and will have a projected compound annual growth rate (CAGR) of 32%.
This is according to a report titled Unlocked Potential Fintech In Africa, by professional services firm BDO, which notes that leading the charge in the FinTech revolution in Africa is ‘mobile money’, the continent’s ubiquitous solution for the unbanked, enabling seamless transfers and payments.
Alongside this powerhouse, lending platforms leverage alternative data to offer microloans and other financial products to previously underserved populations.
In line with this, the African Economic Research Consortium (AERC), in partnership with the Central Bank of Kenya (CBK), has announced that the 61st Biannual Plenary Session focusing on the FinTech Revolution in Africa is will be held on 1st December 2024, at Glee Hotel in Nairobi, Kenya.
This year’s theme, “The FinTech Revolution in Africa,” reflects the continent’s pivotal role in driving global financial innovation and highlights its potential for inclusive growth and economic transformation.
CBK Governor Dr. Kamau Thugge will officially open the event and make a presentation on the importance of central bank leadership in navigating Africa’s financial technology landscape.
AERC Executive Director Prof. Victor Murinde says one of the key highlights of the 61st Biannual Plenary Session will be the high-level Practitioners Round Table hosted in partnership with the Kenya Bankers Association (KBA). This forum will bring together frontrunners in FinTech development across East Africa to discuss the banking sector’s strategic embrace of FinTech as a neo-investment line.
Prof. Murinde said: “This session will provide an invaluable platform for commercial banking leaders to share their successes and lessons learned in navigating structural challenges and seizing untapped opportunities. Through their insights, we can explore how digital transformation, strategic partnerships, and an enabling regulatory environment continue to deepen financial inclusion and add value to economies across the region.”
Another notable feature is the Central Bank Governors Forum on the theme “Central Bank Digital Currencies: Where Are We?” This session will engage central bank governors from across Africa in exploring the evolution and adoption of central bank digital currencies (CBDCs).
Discussions will cover how CBDCs can address pressing economic challenges, enhance financial inclusion, improve local and cross-border payments, and ensure monetary sovereignty amidst the rise of cryptocurrencies.