The Digital Transformation of Banking - Driving Constructive Economic Outcomes from the FinTech Ecosystem in Africa
South Africa’s FinTech adoption rate is expected to experience a major leap over the next few years. EY’s annual FinTech Adoption Index Report 2017 forecasted 71% growth, with the country ranking third in future growth behind only China and India. There is a greater number of technology hubs in South Africa than any other country on the continent with a larger amount of national and international investment in the sector. South Africa’s Reserve Bank has created a team which is dedicated to monitor the latest FinTech developments on payments, lending, deposit taking, investments and insurance, which will report directly to the Deputy Governor Francoise Groepe. South Africa is clearly in the midst of one of the most exciting phases of innovation and disruption in the financial sector.
Finnovation Africa: South Africa 2018 is a very different kind of event, a complete reboot, for a very different kind of industry. Deconstructed and shorn of all the usual, tired formats of the traditional convention and built from the ground up as a genuinely new event that is a ground-breaking in its focus as it is in its format and aspiring to be as innovative and transformative as the dynamic FinTech market it serves.
Combining a highly innovative and interactive event format with world-class speakers and more than 300 carefully selected participants, Finnovation Africa: South Africa 2018, to be held at the Radisson Blu Gautrain Johannesburg on the 6th of June 2018, will tackle the most pressing questions for the progress of FinTech and the positive transformation of banking in Africa, providing a platform for all stakeholders to engage in creating the future of financial services on the continent – from established banking powerhouses to FinTech start-ups.
Chris PrincipeCEO Chain2Trade, Inc. Publisher FinFuture & Financial IT
A very positive story, if one that is not yet well understood, is unfolding in Africa. New technology, new ideas and new business models are producing new opportunities. The distinctions between telecom services providers, payments services providers and financial institutions are breaking down. In virtually all African countries, there are sufficient numbers of mobile phones ‐ which are not necessarily smartphones ‐ for previously unbanked people to have access to high quality financial services at low cost. Innovative companies are using Blockchain technology and crypto‐currencies to resolve fundamental problems such as lack of access to electricity and lack of access to global financial markets. Finnovation Africa highlights how FinTech is transforming Africa for the better, facilitating payments, boosting financial inclusion and developing new enterprises. However, the conference does much more than that, as it engages key stakeholders to reveal how the entire world is changing. In many ways, Africa is a FinTech leader, rather than a follower.
Paul MitchellFintech and Blockchain Lead PwC South Africa
South African financial services players, old and new, are uniquely positioned on a high growth continent to seize the opportunities to create innovative solutions and harness the impact of FinTech in Africa, which could well make a more significant contribution and impact than what we are currently seeing in the US and Europe. Customers' behaviour, and their expectations around how financial services companies traditionally interact with them, is changing rapidly. FinTech is accelerating these changes and the established players who recognise this are having to learn fast. This is leading to a reassessment of many elements of the customer experience and engagement process that will play out over the next few years. I look forward to participating in Finnovation South Africa 2018 and engaging with Fintech pioneers and thought leaders to address the most pressing questions for the digital transformation of financial services in South Africa.
Juan EngelbrechtCEO Mobu
Throughout history, there have always been revolutionary ideas but those who lack the vision to embrace the future invariably get left behind. As the cryptocurrency market evolves, the global adoption of ICO fundraising structures has led to an explosion of new capital formation that has outpaced both the seed and venture capital investment markets. The 86 ICOs that were launched during the first term of 2018 were able to raise a mammoth amount of US $3,4 billion in total. The total costs of launching successful ICOs are a lot more cost effective in raising funds than IPOs. However, approximately 98% of these ICOs launched utility tokens. The securities market is a multi-trillion-dollar arena which remains virtually untouched in the blockchain space. We know that a security token start-up can be a legal, technical and regulatory nightmare. MOBU is a decentralised organised all-in-one platform that facilitates the release of validated security tokens. By partnering with MOBU, cryptocurrency developers will be able to navigate the process with ease. Imagine unlocking that vast potential through a consolidated, enabling and self-regulating platform? MOBU offers a complete blockchain solution, by bypassing barriers and introducing a simple marketplace for security issuances and secondary trading. MOBU offers KYC, AML and SEC approval, escrow (safe-keeping proceeds of ICO funds), bank support to investors when fiat is converted to crypto and smart contract development, and facilitates all other processes needed to raise funds. MOBU’s user-friendly platform offers non-tech companies the opportunity to expand their horizons to launch security tokens with negligible fees, instant settlement times and round-the-clock trading. MOBU creates a network of confidence and trust that will boost economic and operational efficiency. MOBU recognises the invaluable contributions of FinTech in accelerating these changing customers’ behaviour and expectations. MOBU also looks forward participating in Finnovation South Africa 2018 by engaging with Fintech pioneers and leaders to address the most pressing questions for the digital transformation of financial services in the world and in South Africa. And this is only the start of this revolutionary epoch. Let MOBU take you there!
Murad QubbajAssociate Director, Business Channels Development Pio-Tech
Murad Qubbaj, Associate Director Business & channels Development of Pio-Tech, speaking ahead of his parcipation in the event, said that: “A combination of limited access to financial services, high mobile penetration and strong entrepreneurial spirit are some of the key reason behind the acceleration of financial services innovation in Africa with some of the most innovative FinTech and banking solution being developed in and for the region. Recent research has revealed that almost a third of the money invested in African start-ups was consumed by new FinTech firms and the Finnovation FinTech Africa Series: has created a unique platform for these start-ups and trail-blazers, the broader FinTech ecosystem, as well as the incumbent banking powerhouses across Africa to engage and learn from each other.”
Mountaga DiopFounder & CEO BelCash
Speaking ahead of his particiation in Finnovation Africa Series, Mountaga Diop, Founders & CEO, Belcash said that: “Industry leaders from across the African and global FinTech industry will gather momentum around digital financial services into more inclusive and productive economies across Sub-Saharan Africa”
Mr. Diop continued by saying “As the formal economy grows we see individuals, communities and nations prosper and make progress on strategic growth and development priorities. When unbanked and underbanked communities have access to digital financial services, everyone benefits and FinTech can play vital role in driving financial inclusion imperative across the continent. there is an opportunity to change people’s lives while building scalable, profitable companies that consumers need and want.”
Finnovation Africa: South Africa 2018 will gather all stakeholders and inﬂuencers in the African FinTech value chain from the key markets across Africa and internationally and will seek to better align FinTech directions and initiatives in Africa with the strategic economic priorities and requirements of key countries – and provide a roadmap of how the banking and ﬁnancial services industry across the continent can make even greater strides towards a positively transformed future.
But don’t just take our word for it! Hear directly from our clients on how our events have created value for our partners, speakers, delegates, sponsors, exhibitors and media participants:
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