ABOUT THE SUMMIT

Financial Technologies (FinTech) has been around virtually as long as the financial services industry itself. But since the economic meltdown of 2008, a new breed of disruptors has displaced traditional economic providers with more efficient services.

Digital Currency emerge from FinTech and is a money balance recorded electronically on a store value card or other devices. The innovative technology is inclusive of software, platform, mobile technology, internet, etc. and is design to deliver financial services and products to customers. Therefore, these digital tools often disrupt established business models by creating new and efficient means of providing services. The application of FinTech cut across multiple business segment, including lending, advise, investment management and payment etc.

In these contexts FinTech holds boundless potentials. As new tools and technologies are challenged, financial services can be provided with greater speed, accountability, and efficiency. Access to financial products and services is becoming more attainable the ever, especially for consumers that live in rural locations or regions without the structures of a modern economy.

Not only can FinTech make these products and services more assessable by lowering the cost of doing business for the financial institutions, a saving which can be passed on to the consumers. Couples this with the never ubiquitous availability of affordable mobile phones, cellular networks and internet, and a world where no one is excluded from the financial system may not be that for out of reach.

It is believed that FinTech advancement are virtual to achieving full business and financial inclusion. By supporting FinTech advancement in Africa, the positive impact will be shown in areas like microfinance, money transfers (remittances), credit history, cashless payments, investment and financial management plans, deferred payments plans etc.

The benefits of FinTech to doing of business in Africa considering the digital information edge and the emergency of 5G network cannot be overemphasized as both startups and traditional finance companies are active for the innovative technology. By leveraging financial technology, business entities and organization will make financial system more efficient. The trend will also be directed toward mobile/internet banking, increased information, data and more accurate analytics and decentralization of access that will provide or create opportunities for all users to interact in heretofore unprecedented ways. Therefore, those who will take the advantage of the technology initiative will not only succeed with astute investors but will also continue to evolve and grow with enhanced productivity, confidence and transparency.

The AGFAS 2020 is the First Edition and was design to provide discussion on:

1. Tailored financial technology which could be design for the African business environment as most of the digital tools are adopted from develop economy and there features are not fully utilized with heavy cost implication,
2. New technologies in FinTech,
3. Real time risk decision making,
4. Provide avenue for design thinking by practitioners and professionals to improve financial technologies,
5. Above all, converge practitioners and professionals to discuss on regulatory technology (RegTech), one of the area in FinTech that has gain more debts ever in the history of the new innovation.

Goals and Objectives

A well-diversified and competitive financial system is vital for a long-term economic growth and development to ensure that risks in the economy are well distributed among the various subsectors. In the new millennium, the future of the financial system lies on ability to create a dynamic set of financial players which are able to provide the supports to the domestic economy, and more importantly, they are increasingly more efficient, competitive, sound and stable that would facilitates the economic transformation in Africa.

The main objective of the conference is therefore:

To “converge or gather practitioners, professionals, financial and economic experts to a round table for a design thinking and discussion toward improving and developing a more resilient, competitive and dynamic financial system with best practices, that supports and contributes positively to the growth and development of African economy through the economic cycle, and has a core or strong and forward looking domestic financial institution that is more technology driven and ready to face the challenges of liberalization and globalization”.

Others are:

1. Educate consumers to make smarter investment and financial decision,
2. Create employment, networking and collaboration between African companies and providers of financial technologies,
3. A wakeup call for those still using traditional methods of providing financial services to make a decision,
4. Educate small and medium enterprises (SMEs) on available options and the importance of adopting financial technologies,
5. Educate financial institutions, especially banks, investment companies and insurance companies on how to harmonize all the available options provide by financial technologies to provide effective and efficient services.

While opportunities have emerged in this new environment, threats of the global players and advancements are having an unprecedented impact on the approach of banking and financial businesses. Against this background, it is vital for the financial system, particularly domestic financial institutions to be resilient and efficient if the continent (Africa) is to ensure that its financial sector remains effective and responsive in the face of a more globalized, liberalized and a more complex domestic economy.

In the new environment, the ability of the financial institutions to deliver products and services in the most efficient and effective manner will be the key to determining performance and relevance. The soundness of individual institutions will be a key factor in order to maintain the stability of the overall financial system.

In the banking sector, despite the achievements of the domestic banking system that has been secured thus far, the continent’s banking institution need to strive to enhance their capacity and capability so that they will be at par with global players in terms of efficiency, effectiveness and financial soundness.

Against the backdrop of socioeconomic objectives of the continent, the Summit discuss possible ways for the development of a well-diversified financial sector that will be defined based on five main characteristic which are:

1. Efficiency.
2. Effectiveness.
3. Stability.
4. Prudential regulation.
5. Infrastructures.

The AGFAS 2020 was organized with funding raised by registration and publication fees and with support from World Academy of Informatics and Management Sciences (WAIMS), India and Council for Sustainable Development of Asia Africa Development Council.