{"id":1729,"date":"2020-03-07T13:59:38","date_gmt":"2020-03-07T13:59:38","guid":{"rendered":"http:\/\/waims.co.in\/?p=1729"},"modified":"2020-03-07T13:59:39","modified_gmt":"2020-03-07T13:59:39","slug":"africa-global-account-and-finance-summit-2020","status":"publish","type":"post","link":"https:\/\/waims.co.in\/index.php\/2020\/03\/07\/africa-global-account-and-finance-summit-2020\/","title":{"rendered":"Africa Global Account and Finance Summit 2020"},"content":{"rendered":"\n

ABOUT THE SUMMIT<\/strong><\/p>\n\n\n\n

Financial Technologies\n(FinTech) has been around virtually as long as the financial services industry\nitself. But since the economic meltdown of 2008, a new breed of disruptors has\ndisplaced traditional economic providers with more efficient services.<\/p>\n\n\n\n

Digital Currency emerge\nfrom FinTech and is a money balance recorded electronically on a store value\ncard or other devices. The innovative technology is inclusive of software,\nplatform, mobile technology, internet, etc. and is design to deliver financial\nservices and products to customers. Therefore, these digital tools often\ndisrupt established business models by creating new and efficient means of\nproviding services. The application of FinTech cut across multiple business segment,\nincluding lending, advise, investment management and payment etc.<\/p>\n\n\n\n

In these contexts\nFinTech holds boundless potentials. As new tools and technologies are\nchallenged, financial services can be provided with greater speed,\naccountability, and efficiency. Access to financial products and services is\nbecoming more attainable the ever, especially for consumers that live in rural\nlocations or regions without the structures of a modern economy.<\/p>\n\n\n\n

Not only can FinTech\nmake these products and services more assessable by lowering the cost of doing\nbusiness for the financial institutions, a saving which can be passed on to the\nconsumers. Couples this with the never ubiquitous availability of affordable\nmobile phones, cellular networks and internet, and a world where no one is\nexcluded from the financial system may not be that for out of reach.<\/p>\n\n\n\n

It is believed that\nFinTech advancement are virtual to achieving full business and financial\ninclusion. By supporting FinTech advancement in Africa, the positive impact\nwill be shown in areas like microfinance, money transfers (remittances), credit\nhistory, cashless payments, investment and financial management plans, deferred\npayments plans etc.<\/p>\n\n\n\n

The benefits of FinTech\nto doing of business in Africa considering the digital information edge and the\nemergency of 5G network cannot be overemphasized as both startups and\ntraditional finance companies are active for the innovative technology. By\nleveraging financial technology, business entities and organization will make\nfinancial system more efficient. The trend will also be directed toward\nmobile\/internet banking, increased information, data and more accurate\nanalytics and decentralization of access that will provide or create\nopportunities for all users to interact in heretofore unprecedented ways.\nTherefore, those who will take the advantage of the technology initiative will\nnot only succeed with astute investors but will also continue to evolve and\ngrow with enhanced productivity, confidence and transparency.<\/p>\n\n\n\n

The AGFAS 2020 is the\nFirst Edition and was design to provide discussion on:<\/p>\n\n\n\n

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

    Goals\nand Objectives<\/strong><\/p>\n\n\n\n

    A well-diversified and\ncompetitive financial system is vital for a long-term economic growth and development\nto ensure that risks in the economy are well distributed among the various\nsubsectors. In the new millennium, the future of the financial system lies on\nability to create a dynamic set of financial players which are able to provide\nthe supports to the domestic economy, and more importantly, they are\nincreasingly more efficient, competitive, sound and stable that would\nfacilitates the economic transformation in Africa.<\/p>\n\n\n\n

    The\nmain objective of the conference is therefore:<\/strong><\/p>\n\n\n\n

    To \u201cconverge or gather\npractitioners, professionals, financial and economic experts to a round table\nfor a design thinking and discussion toward improving and developing a more\nresilient, competitive and dynamic financial system with best practices, that supports\nand contributes positively to the growth and development of African economy\nthrough the economic cycle, and has a core or strong and forward looking\ndomestic financial institution that is more technology driven and ready to face\nthe challenges of liberalization and globalization\u201d.<\/p>\n\n\n\n

    Others\nare:<\/strong><\/p>\n\n\n\n

    1. Educate consumers to make smarter\ninvestment and financial decision, <\/li>
    2. Create employment, networking and\ncollaboration between African companies and providers of financial\ntechnologies,<\/li>
    3. A wakeup call for those still using\ntraditional methods of providing financial services to make a decision,<\/li>
    4. Educate small and medium enterprises\n(SMEs) on available options and the importance of adopting financial\ntechnologies,<\/li>
    5. Educate financial institutions,\nespecially banks, investment companies and insurance companies on how to\nharmonize all the available options provide by financial technologies to\nprovide effective and efficient services.<\/li><\/ol>\n\n\n\n

      While opportunities\nhave emerged in this new environment, threats of the global players and\nadvancements are having an unprecedented impact on the approach of banking and\nfinancial businesses. Against this background, it is vital for the financial\nsystem, particularly domestic financial institutions to be resilient and\nefficient if the continent (Africa) is to ensure that its financial sector\nremains effective and responsive in the face of a more globalized, liberalized\nand a more complex domestic economy.<\/p>\n\n\n\n

      In the new environment,\nthe ability of the financial institutions to deliver products and services in\nthe most efficient and effective manner will be the key to determining\nperformance and relevance. The soundness of individual institutions will be a\nkey factor in order to maintain the stability of the overall financial system.<\/p>\n\n\n\n

      In the banking sector,\ndespite the achievements of the domestic banking system that has been secured\nthus far, the continent\u2019s banking institution need to strive to enhance their\ncapacity and capability so that they will be at par with global players in\nterms of efficiency, effectiveness and financial soundness.<\/p>\n\n\n\n

      Against the backdrop of\nsocioeconomic objectives of the continent, the Summit discuss possible ways for\nthe development of a well-diversified financial sector that will be defined\nbased on five main characteristic which are:<\/p>\n\n\n\n

      1. Efficiency.<\/li>
      2. Effectiveness.<\/li>
      3. Stability.<\/li>
      4. Prudential regulation.<\/li>
      5. Infrastructures.<\/li><\/ol>\n\n\n\n

        The AGFAS 2020 was\norganized with funding raised by registration and publication fees and with\nsupport from World Academy of Informatics and Management Sciences (WAIMS),\nIndia and Council for Sustainable Development of Asia Africa Development\nCouncil. <\/p>\n","protected":false},"excerpt":{"rendered":"

        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 […]<\/p>\n","protected":false},"author":1,"featured_media":1460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-story"],"_links":{"self":[{"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/posts\/1729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/comments?post=1729"}],"version-history":[{"count":1,"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/posts\/1729\/revisions"}],"predecessor-version":[{"id":1730,"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/posts\/1729\/revisions\/1730"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/media\/1460"}],"wp:attachment":[{"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/media?parent=1729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/categories?post=1729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/waims.co.in\/index.php\/wp-json\/wp\/v2\/tags?post=1729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}