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African financial sector urged to embrace digitalization

Xinhua, May 18, 2017 Adjust font size:

Financial and technology experts on Thursday called on Africa's financial sector to fully embrace digital services in their operations.

Speaking on the second day of the Dot Finance Africa (DFA) in Rwanda's capital city Kigali, they emphasized the importance of embracing financial technology to accelerate financial inclusion.

Rwanda hosts the second edition of the DFA summit from May 17 to 18. It has brought together more than 500 financial industry leaders from across Africa and beyond.

"Applying technology solutions in the banking sector will bring financial services to Africa's unbanked and under-served faster than traditional methods. Digital finance helps to strengthen other factors that interact with technology, such as responsible regulation, skills and product development and accountable institutions," said Yves Eonnet, chief executive of TagPay, a mobile financial service platform.

He called on Africa financial institutions to introduce and facilitate digital payments and transactions in their local economies in order to drive financial inclusion.

Experts at the meeting argued that advances in digital financial services will promote inclusion and create new opportunities for Africans still lacking access to financial services.

According to David M. Brear, chief executive of 11:FS, a Britain-based financial technology consultancy, Africa's financial institutions especially banks will have to make the right moves especially embracing technology to ensure they survive the next wave of digital financial services that are fast growing across the globe.

"Technology has driven unprecedented change in the banking industry, with mobile and online changing the way people do business and perform transaction, Africa should embrace this change to drive inclusive economies across the continent," he said.

Diane Karusisi, chief executive officer of Bank of Kigali, said that Rwandan banks have embraced financial digital revolution thanks to the country's emphasis on cashless economy.

"Financial sector is among sectors set to be disrupted by digital innovations, worldwide and Africa especially is atop. Technology innovations are raising the competitive bar in the banking sector. It's a must we have to adopt these new digital financial services to develop our economies," she noted. Endit