On April 10, Euromoney Conference and Central Bank of Kenya (CBK) co-hosted the second edition of the Euromoney East Africa Conference in Nairobi to explore the ideal strategies for fostering a thriving fintech ecosystem.
The conference saw high-level professionals from East Africa come together and further afield a strategic overview of how fintech and innovation are driving a fundamental reshaping of the financial services industry.
Featuring government officials, financiers, investors, tech start-ups, companies and mobile operators, the forum, through speeches, interviews, panel discussions, and focused sessions addressed issues touching the digital finance and business ecosystem in Kenya and other East African countries.
One of the issues tackled was consumer privacy in the banking sector. Speaking during the event, the CBK boss, Patrick Njoroge, said that its institution is open for innovation but issued a warning to firms against breaching the privacy of customers.
“Financial innovators have a mandate of ensuring that the availed information is only used according to the customer’s directive. The coming up of the financial technologies and its innovations must not exploit the customer’s privacy,” he added.
He further urged the entrepreneurs to embody and be fully aware of the regulations citing that the key element should always be putting the consumer first.
The forum’s focus on digital currencies and blockchain and how they apply in Africa also made the center talk.
According to CBK Deputy Governor, Sheila M’Mbijjewe, technologies like blockchain should be adopted with utmost caution. The focus should be on addressing potential pitfalls.
“There are no fears by the CBK or the banking sector regarding near technology. However, but we must address the risks. There should exist an equilibrium between regulating fintechs and cheering innovation. The growth the erosion of public confidence.” she said.
Euromoney Conference is the leading organizer of events for capital markets and investment professionals. With more than 5 decades of experience, it has connected companies and governments with the financial institutions that sustain their growth.