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The Adoption of FINTECH and Digital Financial Services Gathers Pace in the Region

  • October 9, 2022
  • Posted by: admin
  • Category: Financial Sector Management
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MEFMI conducted a virtual workshop on fintech Regulation from 7 to 10 March 2022. The workshop which was organised with the support of the World Bank and MFS Africa, was held on the back of accelerated adoption of fintech and Digital Financial Services (DFS) in the region, partly due to the COVID-19 pandemic. Speaking at the official opening, MEFMI Executive Director, Dr Louis Kasekende outlined the need for regulatory and supervisory authorities in the region to put in place measures that not only seek to promote the development of fintech and DFS, but also maintain financial stability and consumer protection.

The aim of the workshop was to introduce participants to the key policy and regulatory considerations in fintech regulation. A variety of topics were covered including an overview of fintech, digital assets, cyber risks and data privacy, Central Bank Digital Currencies (CBDC) and regulation of fintech products. MEFMI expects the trained officials to use the acquired knowledge to improve the regulatory and supervisory frameworks for fintech and DFS in their respective jurisdictions. Since most of the authorities represented at the workshop are formulating regulatory frameworks and experimenting with different approaches to regulating fintech and DFS, the trained officials are expected to contribute to these processes more effectively.

The workshop was attended by a total of 105 officials from central banks and other financial sector regulatory authorities from ten (10) MEFMI member countries (namely: Angola, Botswana, Eswatini, Kenya, Malawi, Mozambique, Namibia, Uganda, Zambia and Zimbabwe). Out of the 105 participants, 47 were female while 58 were male. The participants were guided by a team comprising Ms Vimbai Muchedzi (MEFMI Graduate Fellow, Zimbabwe) and Mr Eugene Chaduka (Independent Consultant). The two were supported by several gratis resource persons who included Mr Thomas T Thai (Independent Consultant), World Bank Team (comprising Messrs. Harish Natarajan, Holti Banka, Ahmed Faragallah, Raunak Mittal, Erik Feyen, Emmanuel Crown, Mateo Dohotaru and Mmes. Maria Teresa Chimianti, Ana Carvajal and Nilima Ramteke) and MFS Africa Team (comprising Ms. Annalisa Plachesi, Ms. Funmi Dele-Giwa and Mr Fulgence Stolk).

Prepared by Noel Mahombera