The FinTech Revolution in Africa: AERC’s 61st Biannual Plenary Session

Africa’s financial landscape is on the cusp of transformative growth, with its FinTech market projected to expand thirteen fold to US$65 billion by 2030, achieving an impressive compound annual growth rate (CAGR) of 32%. In light of this remarkable trajectory, the African Economic Research Consortium (AERC) is gearing up for its 61st Biannual Plenary Session on December 1st, 2024. Held at the Glee Hotel in Nairobi, Kenya, this event, themed “The FinTech Revolution in Africa,” will delve into the continent’s leadership in financial innovation and its potential to drive inclusive economic growth.

The AERC, renowned for its policy-oriented economic research, hosts biannual workshops that have grown into the largest gatherings of professional economists in sub-Saharan Africa. The plenary session will feature an impressive lineup of keynote addresses, research presentations, and panel discussions, positioning it as a pivotal forum for exploring FinTech’s role in shaping Africa’s economic future. Officially opening the event will be Central Bank of Kenya Governor, Dr. Kamau Thugge, whose presence underscores the critical role of central bank leadership in navigating the continent’s dynamic FinTech ecosystem.

A recent report by professional services firm BDO, titled Unlocked Potential: FinTech in Africa, highlighted the continent’s trailblazing innovations in financial technology. Countries like South Africa, Nigeria, Egypt, and Kenya lead this charge, driven by ‘mobile money,’ which provides unbanked populations with seamless payment and transfer solutions. Lending platforms also play a significant role, utilizing alternative data to extend microloans and other financial products to underserved communities.

Key Highlights of the Session

Exploring Banking’s Embrace of FinTech at the practitioner’s round table

A high-level Practitioners Round Table, hosted in collaboration with the Kenya Bankers Association (KBA), will be one of the event’s cornerstones. This forum will convene East Africa’s FinTech frontrunners to discuss how commercial banks are leveraging it as a strategic investment line.

AERC Executive Director, Prof. Victor Murinde, noted the importance of this dialogue, saying, “This session provides an invaluable platform for banking leaders to share successes and lessons learned while exploring how digital transformation, strategic partnerships, and enabling regulations deepen financial inclusion and enhance economic value across the region.”

Central Bank Governors Forum: The Evolution of CBDCs

Another significant feature is the Central Bank Governors Forum, themed “Central Bank Digital Currencies: Where Are We?” The forum will engage central bank leaders from across Africa in discussions on the adoption of central bank digital currencies (CBDCs). Topics will include how CBDCs can address economic challenges, enhance financial inclusion, improve payment systems, and secure monetary sovereignty amidst rising crypto currency adoption.

While nations like Nigeria, South Africa, and Ghana are spearheading CBDC initiatives, others, including Morocco, Egypt, and Kenya, are in exploratory phases. The forum will explore practical insights, challenges, and solutions such as regional CBDC collaborations and public-private partnerships.

Panel Discussions and Research Presentations

The plenary will also host interactive panels on sub-themes such as:

• Regulatory frameworks for FinTech innovation.
• The role of artificial intelligence in financial services.
• FinTech’s contribution to climate resilience and sustainable development.

These sessions will bring together policymakers, scholars, and practitioners to exchange ideas and craft actionable strategies for leveraging FinTech to foster economic stability and sustainable growth.

The 61st Biannual Plenary Session is more than a gathering of thought leaders; it’s a catalyst for innovation and progress in Africa’s financial sector. By addressing key topics such as digital transformation, inclusion, and regulatory evolution, this event seeks to solidify Africa’s position as a global FinTech leader while ensuring that technological advancements translate into tangible benefits for its people.

As the AERC continues to champion research and collaboration, the FinTech Revolution in Africa represents a step forward in achieving financial inclusion, economic transformation, and sustainable development for the continent. The insights shared during this session are poised to shape the next chapter in Africa’s financial narrative.