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Paul Muthaura, Capital Markets Authority Kenya

The FinTech space in Africa is witnessing rapid growth as innovative new financial services players disrupt the traditional modalities of banking across the continent.

Finnovation Africa: Kenya 2018 will gather international FinTech experts together with African pioneers, investors, government policymakers, entrepreneurs and leading bankers to harness the FinTech revolution to boost strategic economic priorities such as financial inclusion and how FinTech can make a positive and profitable difference in Africa.

“Kenya has rapidly become an internationally recognized pace-setter for FinTech innovation as global players increasingly look to learn lessons especially in areas where the country has built world-class capabilities such as in mobile money. We have built a supporting infrastructure and are strengthening our regulatory framework to foster FinTech innovation and drive capital market activity to the next level. The Authority is at an advanced stage of implementing a Regulatory Sandbox to provide a safe space for innovative ideas to transition into the regulated environment. Across emerging markets, and particularly in Africa where there is an absence of the legacy infrastructure found in most developed economies, Fintech presents a transformational opportunity to leapfrog traditional costs and time delays in rolling out world class financial services infrastructure, products, services and distributions channels. The pioneers and experts gathering at Finnovation Kenya 2018 will provide critical insights on this exciting journey,” says Paul Muthaura, Capital Markets Authority Kenya Chief Executive Officer speaking ahead of his participation in the event.

Finnovation Kenya 2018 will also provide a platform to connect innovative start-ups with global investors in the African FinTech space.

A panel representing savvy Investors, Venture Capitalists and African Fintech Pioneers will evaluate the business model of each chosen start‐up or trail‐blazer in a 10 minute elevator pitch.

“The global microfinance, retail banking and credit landscape has long required a revolution and this rapid and dramatic change, with financial inclusion at its heart, is already well underway. FinTech innovations are enabling,” says Dave Van Niekerk, MyBucks Chief Executive Officer. 

“With just 17% of people in Africa having access to formal financial services, almost a third of funding raised by African startups in 2017 was in the Fintech sector. Venture funding for African startups jumped by 51% to $195 million in 2017. And so, with over a hundred million dollars invested over the past ten years alone, the region’s Fintech industry is on the brink of a transformative breakthrough. At Visa, we believe the time is ripe to bring together its brightest minds and work on the next big idea in payments technology. With a clear goal of enabling cashless economies and financial inclusion, Visa is committed to fostering an entrepreneurial spirit and driving innovation in its payments landscape,” says Sunny Walia, Visa East Africa General Manager. 

Jeremy Awori, Barclays Bank of Kenya Managing Director reinforced that the rapid growth of FinTech on the continent is driving both the disruption and leapfrogging of legacy systems and is further accelerating the digital transformation of financial services across Africa.

Finnovation Africa: Kenya 2018 will take place at the Radisson Blu in Nairobi, Kenya on the 31 May 2018 and will gather all stakeholders and influencers in the African FinTech ecosystem. 

 

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