The RegTech Africa Conference 2024 was a milestone event held in Lagos, Nigeria, on May 24th and 25th.
It showcased an impressive roster of speakers, case studies, panel discussions, engaging conversations, and unique presentations. The conference aimed to shape the future of regulatory technology (RegTech) in Africa.
The theme emphasised the significance of collaboration in utilising data for economic growth while prioritising data protection and public trust.
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Highlights from the RegTech Africa Conference 2024
The agenda included ten tracks covering consumer protection, AI regulation, anti-money laundering (AML), financial crimes, KYC compliance, and digital identity verification. The tracks offered detailed analysis and discussions on the current challenges and opportunities in the regulatory landscape. More than 50 distinguished speakers, including key regulators and industry leaders, shared valuable insights. One of the sessions that stood out was a panel discussion on “Innovative Approaches to AML in Africa.” The panel focused on using new technologies to combat financial crimes effectively.
The opening keynote at the RegTech Africa Conference 2024 highlighted the importance of data governance in promoting economic growth and encouraging innovation. The conference started by emphasising the importance of robust regulatory frameworks to keep up with technological progress. The discussion also covered AI and emerging technologies and how African nations can use these technologies to strengthen their economies while ensuring strict regulatory oversight.
The event’s format allowed for broad participation, with over 1,000 attendees joining in person and online to network and collaborate. The networking sessions were highly beneficial, allowing participants to connect with peers, share experiences, and explore potential collaborations.
A presentation showcased a new AI-powered tool for real-time AML monitoring, which garnered considerable interest from financial institutions.
The RegTech4Good Challenge and Rockstar Awards honoured exceptional contributions to the field, as winners presented innovative solutions that tackle crucial regulatory issues in Africa.
Key Highlights from the RegTech Africa Conference 2024
The Impact of Data Governance on economic growth was discussed, focusing on balancing protecting data and promoting economic growth. Successful examples of harmonised data governance frameworks from various African countries were highlighted, showcasing the positive impact of effective regulation on fostering trust and driving prosperity.
AI’s impact on regulatory practices was a recurring theme. Speakers emphasised the need for AI regulations that balance ethical use and economic benefits. Various sessions provided practical examples of how AI can be applied in regulatory compliance, including fraud detection and customer verification.
Understanding the connection between financial inclusion and anti-money laundering (AML)
The RegTech Africa Conference 2024 focused on using new technologies to promote financial inclusion and enhance AML efforts. During the conference, case studies demonstrated the scaling of digital identity solutions to enhance KYC compliance and expand access to the formal financial system.
During the session, Michael Kithos, the sales director for Africa at LexisNexis risk solutions, moderated while Mary Ibinabo, the Head of the Special Control Unit on Money Laundering at the EFCC, discussed essential ways to improve AML efforts through better cooperation and technology.
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The conference ended with a session discussing the future of RegTech in Africa. During the discussion, speakers emphasised the importance of ongoing innovation and collaboration between regulators and the tech industry to address upcoming trends and challenges.
The closing remarks emphasised the importance of collaboration among all stakeholders to establish a regulatory framework that promotes technological progress and economic development.
The RegTech Africa Conference 2024 was a great success, offering a valuable opportunity for knowledge sharing, networking, and innovation display. The conference laid a solid groundwork for the future of regulatory technology in Africa by establishing strong partnerships to bridge the data trust gap. Attendees departed with valuable insights, new connections, and a shared dedication to advancing RegTech solutions that promote prosperity across the continent.
