Nairobi, Kenya, is set to become the epicenter of Africa’s fintech revolution as it hosts the 12th edition of the Africa Fintech Summit (AFTS) from September 4-6, 2024. This highly anticipated event, held at the J.W. Marriott, will bring together over 1,200 stakeholders from across the continent and the globe to engage in growth-enabling conversations, explore cutting-edge innovations, and form strategic partnerships that will shape the future of fintech in Africa.

AFTS: A Catalyst for Africa’s Fintech Ecosystem

Since its inception in 2018, the Africa Fintech Summit has established itself as the premier global initiative dedicated to Africa’s fintech ecosystem. The summit is held biannually, alternating between Washington, D.C., and an African city, with previous editions hosted in major cities such as Lagos, Addis Ababa, Cairo, Cape Town, and Lusaka. Over the years, AFTS has welcomed more than 9,000 in-person and virtual delegates, facilitated over 150 panel sessions and workshops, and hosted some of the most influential voices in the fintech industry.

The summit’s impact extends beyond just discussions; it has been a platform for mobilizing investments, launching products, and forming partnerships. Notably, the Prosper Africa Tech for Trade Alliance was launched at a previous summit, and startups have successfully raised over $150 million through connections made at AFTS. The Nairobi edition promises to build on this legacy, with a rich program that includes keynotes, panel sessions, workshops, and networking opportunities.

Nairobi: A Strategic Choice for AFTS 2024

Nairobi’s selection as the host city for the 12th edition of AFTS is a strategic choice that highlights Kenya’s role as a fintech powerhouse in Africa. Often referred to as the “Silicon Savannah,” Nairobi has earned a reputation as a hub for innovation, particularly in the areas of mobile money and digital payments. M-PESA, the pioneering mobile money service that revolutionized financial inclusion in Africa, was born in Kenya and continues to be a global benchmark for mobile financial services.

Kenya’s fintech landscape has evolved significantly since the launch of M-PESA, with a burgeoning ecosystem of startups, tech hubs, and innovation centers. The country’s supportive regulatory environment, coupled with a young, tech-savvy population, has created fertile ground for fintech innovation. Hosting AFTS in Nairobi not only acknowledges Kenya’s achievements but also positions the city as a critical player in shaping the future of fintech on the continent.

The Summit Agenda: A Deep Dive into Fintech’s Role Across Industries

Guided by the theme “Fintech in Every Industry,” the 12th edition of AFTS will delve into the transformative impact of fintech across various sectors. The agenda is packed with insightful sessions that explore the intersection of fintech and industries such as banking, healthcare, agriculture, and climate solutions. Key topics include open banking, Kenya’s tech ecosystem, mobile money, the Africa Continental Free Trade Area (AfCFTA), blockchain technology, cross-border money transfer and remittances, and fintech’s role in addressing Africa’s climate challenges.

One of the highlights of the summit will be a fireside chat with Shola Akinlade, Co-founder of Paystack, a Nigerian fintech company that has become a symbol of African entrepreneurial success. Paystack, which was acquired by Stripe in 2020 for over $200 million, has played a pivotal role in enabling digital payments across Africa, and Akinlade’s insights will be invaluable for attendees looking to navigate the complexities of the fintech landscape.

The summit will also feature workshops, startup exhibitions, and the Excellence in Fintech Award ceremony, where trailblazers in the industry will be recognized for their contributions. The proceedings on September 5 will conclude with a Visa-sponsored happy hour, providing attendees with a relaxed setting to network and forge new connections.

Spotlight on Key Players and Strategic Partnerships

The Africa Fintech Summit is renowned for attracting the best and brightest in the industry, and the Nairobi edition is no exception. Confirmed organizations that will be represented at the event include industry giants such as M-PESA, Interswitch, Flutterwave, Paystack, Visa, Mastercard, Google, Microsoft, and 500 Global. These companies have been at the forefront of driving fintech innovation in Africa and beyond, and their participation underscores the significance of the summit.

Many of these organizations also double as sponsors, demonstrating their commitment to fostering the growth of Africa’s fintech ecosystem. For instance, Visa’s sponsorship of the happy hour event is part of its broader strategy to deepen its engagement with African fintechs, having launched several initiatives aimed at accelerating digital payments and financial inclusion across the continent.

In addition to the corporate heavyweights, the summit will also see participation from key stakeholders across different sectors, including government representatives, regulators, investors, and development finance institutions. The presence of such a diverse group of participants is crucial for addressing the multifaceted challenges and opportunities in the fintech space, from regulatory frameworks to funding mechanisms.

Kenya’s Fintech Ecosystem: A Model for Africa

Kenya’s fintech ecosystem serves as a model for other African countries looking to harness the power of digital finance. The country’s success with mobile money has laid the groundwork for a thriving fintech sector that now includes everything from digital lending platforms to blockchain-based solutions. The Central Bank of Kenya (CBK) has played a proactive role in creating a regulatory environment that encourages innovation while ensuring consumer protection.

The introduction of the CBK’s Regulatory Sandbox in 2019, for example, has allowed fintech companies to test new products and services in a controlled environment before rolling them out to the broader market. This initiative has been instrumental in fostering innovation while mitigating risks, and it is one of the reasons why Kenya continues to attract fintech startups and investors.

Moreover, Kenya’s fintech ecosystem is increasingly attracting international attention. In recent years, global venture capital firms have poured significant investments into Kenyan startups, recognizing the country’s potential as a launching pad for scaling fintech solutions across Africa. The upcoming AFTS in Nairobi is expected to further bolster this trend by showcasing the opportunities available in Kenya and the broader East African region.

Day 3: A Focus on Kenya’s Tech Landscape and Future Opportunities

The final day of the summit, September 6, will be dedicated to exploring Kenya’s tech landscape and the opportunities for investing and expanding into the country. Attendees can look forward to a Sunrise Networking Safari, an innovative approach to networking that combines Kenya’s renowned wildlife with business discussions in a relaxed setting.

Following the safari, there will be two comprehensive tours of the Kenyan tech ecosystem, providing attendees with first-hand insights into the country’s innovation hubs, tech startups, and investment opportunities. These tours are designed to give participants a deeper understanding of the local market dynamics and the potential for scaling their businesses in Kenya.

The day will also feature expert-led masterclasses on topics such as scaling fintech solutions, navigating regulatory challenges, and leveraging emerging technologies like artificial intelligence and blockchain. These sessions are aimed at equipping participants with the practical knowledge and skills they need to succeed in the fast-evolving fintech landscape.

The summit will culminate in the AlphaExpo Micro Accelerator and Pitch Competition, where selected startups will have the opportunity to pitch their ideas to a panel of investors and industry experts. This competition has become a staple of AFTS, offering startups a platform to showcase their innovations and secure funding to take their businesses to the next level.

Conclusion: AFTS Nairobi 2024 – Shaping the Future of Fintech in Africa

As the 12th edition of the Africa Fintech Summit approaches, there is a palpable sense of excitement among the participants and the broader fintech community. The summit represents a unique opportunity to shape the future of fintech in Africa by fostering collaboration, innovation, and investment across the continent.

With Nairobi as the host city, AFTS Nairobi 2024 is set to be a landmark event that will not only highlight Kenya’s fintech achievements but also set the stage for the next wave of digital finance innovation in Africa. As stakeholders from around the world converge in Nairobi, the discussions, partnerships, and initiatives that emerge from the summit will have a lasting impact on the continent’s fintech landscape.

In a continent where financial inclusion remains a critical challenge, fintech offers a pathway to bring millions of unbanked and underbanked individuals into the formal financial system. The Africa Fintech Summit is playing a pivotal role in making this vision a reality, and the Nairobi edition promises to be a significant milestone in this ongoing journey. As the summit draws to a close, the connections made, the ideas shared, and the investments mobilized will continue to resonate, driving growth and innovation in Africa’s fintech sector for years to come.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

6th September, 2024