Introducing the African Fintech Network/ Council initiative and the Africa Fintech Festival Series

There is urgent need to fast-track development and strategic coordination of fintech innovations in Africa and ensure African societies benefit maximally from its potentials. A lot of exciting initiatives are currently ongoing in individual African countries but there are no concerted efforts at a continental self-regulatory coordination level that will foster best practices, ensure rapid development of Africa, enhance Africa wide and indeed global market access to support the actualization of the aims of the African Continental Free Trade Agreement and Agenda 2063. To address this need, we initiated a discussion among innovators, innovation hubs, financial institutions, regulators, startups, etc, at an event titled African Fintech Enablers roundtable where the idea of the African Fintech Network and Council was canvassed in Lagos, Nigeria on Monday, 24th January, 2018, one of the side events of the 2nd National Fintech Conference. Fintech leaders and regulators representing fintech communities from seven African countries namely Cameroun, Ethiopia, Ghana, Kenya, Nigeria, Togo, and South Africa held the inaugural meeting A necessary step to the formation of the African Fintech Network and the Council is the creation of self-regulating National Fintech Associations in each African country that can coordinate fintech activities through multispectral collaboration, engagements and partnerships among African Fintech hubs and National Fintech Associations.

Key Objectives of the Africa Fintech Network

  • Unify and channel African Fintech initiatives toward producing solutions to drive indigenous creativity and innovation aimed at proffering timely, tested, affordable and indigenous answers to Africa's peculiar real-world challenges in particular financial inclusion
  • Provide wider market access across Africa in a seamless manner for fintechs and tech-enabled innovative products.
  • Explore innovative technology transfer and export beyond Africa to the developed world and other emerging markets.
  • Foster multi-national/cross-border fintech policy and regulatory frameworks.
  • Engender a coordinated collaboration with the rest of the world.
  • Support the achievements of the African Continental Free Trade initiative and Agenda 2063 of the AU.

It is expected that the Network will contribute to making Africa a leading global Innovation Hub. The Network will also promote Africa as a preferred investment destination thereby creating employment opportunities, contribute to fast-tracking access to basic financial services for all, and generating wealth among others.

Next Steps

The African Fintech Network is planned to be formally inaugurated in Lagos, Nigeria on 4th December 2018 during the Africa Fintech Festival, holding 3rd to 7th December 2018. The IMF, UNECA, Qatar Fintech, Africa Board Fellowship, AfreximBank, Ecobank Group and other local and global corporates have shown significant interests for the Festival and the anticipated African Fintech Network inauguration. We need your strong support, endorsements and partnership for both the Africa Fintech Network initiative and the series of cross-country Africa Fintech Festivals, the first of which comes up in Lagos Nigeria from 3rd to 7th December 2018, featuring 2 day Main Conference on 4th and 5th December and 3 days of various related side events. In addition, we would like to have your views on this initiative, the areas of your support as well as information on countries that has existing National Fintech Associations with the name(s) and contact details. This is for the purpose of inviting them for admission into the network. We will also appreciate your referrals to other related institutions and individuals within and outside the African continent. With my best personal regards and thanks as I await your response.

Dr Segun Aina OFR.
Chairman, Fintech Associates Ltd.
President Fintech Association of Nigeria.
Convener, African Fintech Network and Council.
+234 802 778 4040
+1 416 844 6902