This archive report was first published on 16 July 2019.
The Afro-Asia Fintech Festival, a groundbreaking event, kicked off at the Kenya School of Monetary Studies, bringing together industry leaders, investors, policymakers, innovators, and academicians to explore ways to harness Financial Technology for societal improvement.
On July 16, 2019, Central Bank Governor Dr. Patrick Njoroge expressed his excitement about the inaugural festival, stating, "We have about 1,500 participants from about 45 countries representing all five continents. We have world-class speakers and people who are distinguished in the area of FinTech."
Kenya's Central Bank has partnered with the Central Bank of Singapore to organize the festival, leveraging Singapore's reputation as a leading nation in Fintech innovation. Kenya has made significant strides in Fintech over the past decade, resulting in a substantial increase in the percentage of Kenyan adults with access to formal financial services, from 27% in 2006 to 83% in 2019.
The festival has positively contributed to innovation in the financial industry by allowing Fintech companies to develop their products and services in Kenya. Mr. Jonathan Larsen, Chief Innovation Officer at Ping An Group, acknowledged Africa's advancement in Fintech, citing the high uptake of mobile money solutions, and emphasized the need for proper regulation, capital investments, talent development, and infrastructure growth to capture the impending Fintech opportunity.
The speakers at the event highlighted the power of Fintech to improve people's lives, and the Afro-Asia Fintech Festival is modeled after the annual Singapore Fintech Festival. It is expected to grow into a significant event, gathering innovators, researchers, and financial sector players from Africa and Asia.
