StanChart hosts 2022 Fintech Festival to power Africa’s digital economy, explore opportunities for co-creation

The second edition of the Digital Banking, Innovation and Fintech Festival by Standard Chartered Bank PLC has been successfully concluded today, October 27.

The much-anticipated festival kicked off on Wednesday, October 26, bringing together industry players, seasoned experts, and practical Fintech innovators from Africa, Singapore, and other parts of Asia.

The two-day event is a platform to showcase, engage, strategize, and discuss best approaches and policies as the continent moves towards a future-proof and dynamic digitized financial ecosystem.

In his keynote address at the opening session, H.E. Dr. Mahamadu Bawumia, Vice President of the Republic of Ghana, noted that “to position Africa as a fintech innovation hub requires collaboration from all ecosystem players – banks, fintechs, telecom companies, governments, regulators and consumers.”

He also commended ecosystem players for their support and collaborative efforts toward Ghana’s digitalization drive.

“The world is noticing Africa’s efforts, and we will keep going. Our progress is determined by our vision, by our resolve to build a stronger, resilient, and a capable economy, by our readiness to learn and to make corrections,” H.E. Dr. Mahamadu Bawumia added.

On his part, Bill Winters, Group Chief Executive, Standard Chartered PLC, emphasized that the Bank is “directing investment to new platforms, partnerships and ventures that will shape the future of the business, a pivot that is already demonstrating clear evidence of success, the strong tech foundations we are building in CCIB, and CPBB business and investments in new platforms and ventures.”

Highlighting the increasingly complex nature of technology requiring innovative approaches to solving problems, Mansa Nettey, Chief Executive of Standard Chartered Ghana PLC, said that “the world over, digitalisation is not only re-defining how we do business, but keeps evolving at supersonic speed. It’s important that we do not only keep up with the changing dynamic of client needs and innovation but build new business models underpinned by a structure that supports this digital era.”

On the first day of the Fintech Festival, in a panel session on the topic, “Powering Africa’s Digital Economy: Platforms | Players | Policy” – which was also the main theme of this year’s Fintech Festival – panelists noted that digital technology has changed the way Africa’s financial service industry offers products and services to consumers.

Panelists on the session included Serigne Dioum, Chief Digital and Fintech Officer, MTN Group Ltd; Kwadwo Ntim, General Manager, Technology & Operations GhIPSS; Aparna J, Director of Partnerships, Proxtera, Singapore; Serigne Dioum, John Bosco Sebabi, Deputy CEO, Pan-African Payment, and Settlement System; and Jiten Arora, Member SC Ventures & Global Head, Solv.

Among many things, the Fintech Festival for the two days highlighted opportunities available to Africa in the fintech space and how financial business models are enabling inclusive access to financial services across diverse product types for consumers.

The event brought together stakeholders in the fintech community to connect, collaborate and engage on issues relating to digitization, policy, innovation, and technology within the financial sector, is organized in collaboration with SC Ventures (Innovation and Fintech Investment Unit of Standard Chartered).