MEFMI Conducts Training on Fintech

Technology is rapidly transforming financial systems around the world, creating new opportunities and risks for the financial sector. Advancements in technology have paved the way for the development of financial technology (Fintech) companies which are at the forefront of applying ICT innovations such as blockchain technology, artificial intelligence, and application programming interfaces in the financial services value chain thereby challenging traditional ways of providing financial services. New decentralised approaches and products such as open banking, cryptocurrencies, stablecoins and non-fungible tokens have developed. Although the Fintech space is still evolving, there is a need for economic agents in the MEFMI region to improve their understanding of the role and impact of the developments in this space.

Against this background, MEFMI’s Business Development Unit conducted a workshop on the Role and Impact of Fintech from 20 to 24 June 2022. The workshop introduced participants to the main elements of Fintech and its impact on the financial services sector. Officiating at the Official Opening of the workshop, the MEFMI Executive Director, Dr Louis Kasekende highlighted that Fintech presents numerous opportunities for businesses and consumers in the region by offering cost-effective and efficient ways of doing business. He urged the delegates to embrace technology and promote innovation in their respective roles. In addition, he reiterated MEFMI’s commitment to supporting its clients in dealing with issues emerging from Fintech developments such as cyber security and other risks.

A total of 74 officials from nine MEFMI member countries, namely Angola, Botswana, Eswatini, Lesotho, Malawi, Namibia, Uganda, Zambia and Zimbabwe participated in the workshop. The participants were drawn from central banks, government ministries and other public and private sector organisations. Of the total participants, 45 percent (or 33) were female while the rest were male.

The officials are expected to use the acquired knowledge to improve frameworks for embracing technology and promoting innovation in their respective organisations. In addition, participants from policy-making and regulatory authorities are expected to contribute to the formulation of frameworks for promoting and regulating Fintech more effectively.

The workshop was facilitated by a team of three (3) resource persons, namely Ms Vimbai Muchedzi (MEFMI Graduate Fellow, Reserve Bank of Zimbabwe), Mr Eugene Chaduka (Independent Consultant) and Mr Amon Chitsva (Independent Consultant).

By Noel Mahombera