Financial technology (fintech) companies from Kenya and other African countries will gather in Naivasha to talk about tech, innovation, and partnerships.
In a joint effort between the Association of Fintechs in Kenya (AFIK) and the Africa FinTech Network, the 12th–15th of June will marked out for the Africa Fintech Festival (AFF).
Green finance, policy and regulation, capacity development for regulators in fintech, and agri-tech are some of the important theme areas that AFF will bring together to connect businesses, explore, and share insights. Tech enthusiasts, leaders from the banking sector, financial technology solution builders, CEOs, and founders will also be in attendance.
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Contents of the discussion
There was a lot of talk about how fintechs should branch out from digital payments to other industries, such as agriculture, healthcare, and education, because there’s a lot of unrealised potential for growth and profit in these areas. Highlighting the continent’s fast fintech development and its predicted market value of $65 billion by 2030, the event also announced the upcoming Africa Fintech Festival in Naivasha, Kenya.
The Africa Fintech Festival is more than just a gathering; it serves as evidence of the energy and promise that is present in Africa’s FinTech ecosystem, according to Ali Hussein Kassim, AFN VP-EA and AFIK board chairman, who made the statement during the media launch event. It’s a testament to the incredible capacity for innovation, perseverance, and technology to revolutionise society and the economy.
Kassim emphasised the necessity of expanding beyond the digital payments niche—which processes only around 20% of all payments. He urged financial technology companies to enter the underserved but ripe fields of healthcare, education, and agriculture. To improve customer happiness and retention, Kamal Budhabhatti, CEO of Little and Group CEO of Craft Silicon, agreed and pushed for a more unified strategy that merges service experiences with payment platforms.
Challenges and Solutions
The forum also highlighted the challenges that fintechs encounter, such as the difficulty in collaborating with industry heavyweights like Visa and Mastercard and the lengthy regulatory procedures that hinder their ability to enter new markets. The importance of fintechs being nimble and creative in order to overcome challenges and grab opportunities in a cutthroat industry was emphasised throughout these discussions.
With the announcement of this event, the fintech community on the continent has reached a major milestone. Experts from across Africa will share insights on green finance, policy and regulation, and agri-tech at this event. With financial technology (fintech) revenue in Africa increasing at a CAGR of 32%, the festival is set to be a lively meeting place for people interested in discussing, collaborating, and learning more about the tech advancements that are propelling Africa’s economic growth.
The insights from the Nairobi forum and the anticipation surrounding the Africa Fintech Festival showcase the dynamic potential of the fintech sector, which is becoming increasingly important in Africa’s ever-changing fintech landscape. The diversification trend, together with the potential obstacles and breakthroughs, provides a fascinating glimpse into the impact of fintech on the economic trajectory of Africa.
Revenue from financial technology is expanding at a rate of 32% per year, making Africa the fastest-growing continent in the world. Boston Consulting Group (BCG) and QED Investors predict that by 2030, the African fintech market will be valued at $65 billion.
