African investors have convened in Ethiopia this week in a combined push to support financial tech development at a summit in Ethiopia.
The affair, dubbed ‘Finnovation Africa: Ethiopia 2017’, was launched on November 3rd in Ethiopia’s capital of Addis Ababa. The forum is aimed at tackling the most pressing concerns in regard to the progress of financial technology (FinTech) and the positive, proﬁtable transformation of banking in Africa.
The event’s organisers say Finnovation will provide 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.
“FinTech players are increasingly becoming an important part of the fabric of Africa’s financial services industry,” the organizers explained in a recent statement.
Leading banks across the continent made recent moves to capitalize on innovative technology to meet market needs as many partner with FinTech start-ups to better connect with under-served consumers.
The November event comes barely six months after Finnovation Uganda 2017, a similar forum that was held in the East African nation in April this year.
The convention comes at a time when the mobile money industry is thriving in Africa. The continent currently has the world’s highest levels of mobile money penetration.
A report from financial sector consultancy, Elixirr states that in 2015, the market generated $656 million in revenue.
“In the next four years this is expected to double to $1.3 billion. Most importantly, mobile payments in Africa have contributed significantly to increasing financial inclusion,” said Johannesburg-based Market Analyst, Kim Murray of Elixirr.
“At the end of 2016 there were 227 million registered accounts, more than their total number of bank accounts in the region,” Murray added.