Until recently, the financial industry has been regarded as being the industry slowest to grasp innovation. But the wheels are turning. The wheels are turning real fast, and the East Africa Fintech Summit will show you cutting edge ways that you can harness the intricacies of technology, to ensure growth towards previously untouched paradigms.
Fintech is not news. The digital revolution and the way it is changing the financial world as we know it is what is why Fintech has unsurprisingly become one of the most important characteristics of today’s economy and finance.
“AI and RPA were big things for Fintech in 2019-2020. Now, the Fintech world has grown from a statistics perspectives and is containing to grow.” Said Laura Chite, the CEO of CIO East Africa
At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones. Fintech, the word, is a combination of “financial technology”.
Fintech can be used anywhere, by anyone. Meaning it becomes accessible to people who may never have taken advantage of financial services before. Continents like Africa are particularly benefiting from fintech, as providers like M-Pesa and Tala revolutionise how people manage their money. Through access to basic financial services such as mobile money and e-wallets, fintech companies are helping lift people out of poverty and create a more financially inclusive world. M-Pesa has already helped lift an impressive 194,000 households, or 2% of Kenyan households out of poverty.
“As per with any technology, evolution is guaranteed. Africa is leapfrogging the world through Fintech, and not drop the ball going forward. The world has become a global village.” Laura made it clear that, now because of the pandemic, financial inclusion is not just some fancy buzzwords. It is here now, and it is a fact. Fintech plus the pandemic equals financial inclusion, this is the golden equation.
With Fintech gearing up to continue its journey towards totality, Laura brought up insights that shed light on what is in store for Fintech with regards to cloud, and security, and even Regtech.