C-level executives, leading industry experts, policymakers and government officials converged at Huawei’s 2021 East Africa BFSI Summit to discuss the current challenges, business opportunities and identify solutions aimed at shaping the future of fintech.
The summit explored how financial institutions in different stages of digital transformation can move towards Intelligent Finance whilst presenting experiences across four dimensions including strategy, business, technology, and ecosystem.
“Kenya is very special in what it’s been able to achieve in digital transformation. Going forward, we want to keep that leadership position. Research has revealed that one in ten transactions in the world, on digital and particularly digital payments, is done by a Kenyan,” stated Sheila M’Mbijjewe in her remarks.
In today’s uncertain world, finance is slated to play a pivotal role in driving economic recovery. However, in order for this to happen, the Financial Services Industry (FSI) needs technological upgrades, and it needs them fast. Only then can it support other industries to recover, unleash new value, and transform.
“We can customize how we deliver financial services to [customers], but at the back end, there can be a big engine that protects the financial system and the individuals and customers within the financial system.”
The pandemic has significantly accelerated growth in the finance sector, with an increase in mobile money transfers, internet banking among other areas. It has continued to stretch our imaginations on what is possible when it comes to digital financial services.
“The pandemic has certainly changed the consumer and business behaviour in terms of consumption and subscription of banking and financial service solutions. Most of these changes have been occasioned by new technologies that have emerged and that are sure to be with us in the long term,” stated Mr. John Gachora during his speech.
In attendance were the Central Bank of Kenya (CBK) Deputy Governor, Sheila M’Mbijjewe; Chairman Kenya Bankers Association, Mr. John Gachora; CEO, I&M Bank, Mr. Kihara Maina; President of the Enterprise Business Group (EBG) Huawei, Jovan Liao, among other key guests and speakers.