Africa Cashless Conference To Attract $1bn FDI – FIN President - INDEPENDENT
AUGUST 05, 2022
ABUJA – The Africa Cashless Payment Systems Conference (ACPSC) which will hold in Abuja is expected to attract Foreign Direct Investment (FDI) worth $1 billion into Africa, in digital financial hardware and cashless solutions.
Disclosing this in a statement, Dr. Alex Itkin, who is the President of Foreign Investment Network (FIN), said that the investment will have a trickledown effect on the economies of Africa, create over 10 million job, increase financial inclusion, reduce digital financial loses and make financial services available to consumers in the rural areas.
According to Itkin: “FIN is targeting about 20% increase in financial inclusion in rural communities in Africa as well as 10% reduction in cyber loses and incomplete transactions. It also wishes to secure Foreign Direct Investment (FDI) worth USD $1billion in Mobile Money technology, hardware manufacturing and software development.
“The post-conference investment fortune will create about 10 million jobs in the continent and bring financial services closer to the rural communities.”
Throwing more light on the conference which will hold at Transcorp Hiton Abuja from November 21, Itkin said, “it will be a one stop shop where financial institutions, investors and consumers can access the latest innovations that will underpin the next phase of financial innovation and transformation.
“It will provide the needed platform for Fintech companies and vendors of financial solutions to interface with consumers and policy makers so as to enhance seamless and secured digital financial transaction across the continent with minimal disruptions.
“The conference will bring together the brightest minds from across Africa to discuss Digital Financial Solutions, Cyber Security, e-Commerce, Digital Retail Banking, Payment Systems, failed transaction crises as well as tackle other challenges in the digital market. It will ignite new ideas and inspires the audience to think differently.
“The goal is to provide avenue for a productive dialogue among digital financial solutions stakeholders where digital product vendors, consumers, the academia, and regulators will brainstorm on mutual concerns and challenges to efficient product deliverables. It will seek to foster collaboration and debate on key Fintech topics including efficient and fair regulation and financial inclusion.”
He lamented that even as Africa is the second largest banking market in the world in terms of growth and profitability, “most customers are yet to enroll into tech-enabled banking solutions, such facilities are available in about 80% of African banks while the rest plan to roll them out in the nearest future.
“Only 12% of African banks can be regarded ‘digital-first banks’ because of the level of cashless transactions it can support while another 48% are transitioning towards becoming ‘digital-first banks’. Hence, the landscape for digital and cashless banking in Africa will become a battle ground for international investors and digital solution vendors in the nearest future.”
Itkin was optimistic that the second edition of Africa Cashless Payment Systems Conference will trigger the development and implementation of safe, reliable and efficient national payments systems and Financial Market Infrastructures (FMIs) in Africa, which is very crucial in achieving a secured, affordable, accessible payment solutions as well as expand financial inclusion, foster development and support financial stability in the continent.