UNVEILING AFRICA’S FINTECH REVOLUTION AT AERC’S 61ST BIANNUAL PLENARY

On December 1, 2024, the African Economic Research Consortium (AERC) inaugurated its 61st Biannual Plenary Session in Nairobi, Kenya, under the theme ‘The FinTech Revolution in Africa.’ This significant event, hosted in collaboration with the Central Bank of Kenya (CBK), Kenya Bankers Association, and other key stakeholders, brought together leading economists, policymakers, and industry leaders to discuss the transformative role of financial technology in shaping Africa’s economic future.

In his keynote address, Dr. Kamau Thugge, CBS, Governor of the Central Bank of Kenya, highlighted Kenya’s pivotal role in advancing digital financial inclusion. Citing innovations such as M-PESA, Dr. Thugge noted how Kenya has not only embraced but also led the FinTech revolution on the continent.

“Africa is not just participating in the global FinTech revolution, it is leading it,” Dr. Thugge remarked, projecting the FinTech sector’s value to sore thirteen times to $65 billion by 2030. While celebrating these milestones, he acknowledged challenges such as infrastructure gaps, cyber security threats, and regulatory complexities. However, he emphasized the continent’s strengths, including a youthful, tech-savvy population and increasing mobile penetration.

Dr. Thugge also praised the partnership between the CBK and AERC, underscoring the importance of research-driven policies in fostering economic resilience, financial inclusion, and innovation.

Prof. Victor Murinde, Executive Director of AERC, unveiled the organization’s new Strategic Plan for 2025–2035, a forward-thinking blueprint aimed at promoting renewal, inclusion, sustainability, and innovation.

“This strategy ensures AERC remains at the forefront of addressing Africa’s economic challenges through high-quality research and impactful policy engagement,” Prof. Murinde stated. He praised the enduring collaboration between AERC and CBK, describing it as a model of leveraging research to influence policy for inclusive growth.

Prof. Murinde further emphasized the pivotal timing of the plenary, as Africa’s FinTech sector drives profound social and economic transformation. The discussions would delve into critical areas such as financial inclusion, economic growth, climate resilience, and bridging digital infrastructure gaps.

The plenary session set the stage for a week of rigorous debate, innovative research presentations, and collaborative roundtable discussions. Experts will explore FinTech’s potential to address pressing challenges, including climate resilience, financial accessibility, and fostering inclusive economic systems.

The 61st AERC Plenary Session underscores the transformative potential of FinTech in Africa. As stakeholders from various sectors collaborate, the outcomes of these discussions will inform policies that harness innovation to address challenges and unlock opportunities across the continent. From Kenya’s groundbreaking innovations to AERC’s commitment to research excellence, the session highlights a shared vision of a digitally inclusive and economically resilient Africa.