News & Analysis: FinTech
Dr. Patrick Njoroge, Governor of the Central Bank of Kenya, speaks to COVID-19 Africa Watch about Kenya’s economic journey since the onset of the pandemic, the role government has played in mitigating the worst impacts on households and businesses, and the reasons for optimism when it comes to the path ahead.
“We can count how many amazing things COVID-19 took away from us, and we can also choose to see what COVID-19 has done for us.”
“The COVID-19 pandemic has upended the African continent, and at the same time accelerated major innovative breakthroughs, including in talent marketplace businesses, pay-as-you-go platforms, and decentralized finance.”
“We find that effective programs have three critical structural features of financial infrastructure: digital payment channels, the presence of a basic digital identification system with broad population coverage, and simple data on individuals and businesses that are tethered to the ID.”
“Africa’s Internet economy is transforming development on the continent by fostering economic opportunities, creating jobs, and providing innovative solutions to complex challenges, like access to healthcare, education, and finance.”
COVID-19 Africa Watch talks to Tunde Fafunwa, Lead Advisor for the UNECA Digital Centre for Excellence, about the importance of digital identity for economic recovery.
“COVID-19 has accelerated the move towards full-spectrum digitisation of banking services. While the process has been at an advanced stage in countries like Kenya, other African nations, such as Nigeria, are adapting rapidly.”
“Over the past five years, Lagos has become Africa’s fintech centre and the continent’s most vibrant tech hub, attracting large investment in financial networks across Africa.”
“COVID-19 has forced many regulators to reconsider the foundational building blocks of their digital infrastructure.”
“The pandemic gave remittance companies an advantage over their main competition in Africa: the sprawling informal networks of traders, bus drivers and travellers used by many migrants to send money home.”
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