Kenyan Fintech innovators were part of the Fintech innovators from across the continent that took part at the first ever Africa Fintech Unconference 2017 held in Ghana.
The Fintech Innovators had a chance to learn from each other the two-day event brought together Fintech innovators, thought leaders, banks and other established financial players in the emerging Fintech sector. This was to enable Fintech companies in the region to engage in smarter pan-African partnerships in a fast-moving industry that is ripe for consolidation. The Unconference was organized by FIBR, an initiative of BFA and The MasterCard Foundation, and partners Nomanini and Catalyst Fund.
The Unconference was organized by FIBR, an initiative of BFA and The MasterCard Foundation, and partners Nomanini and Catalyst Fund.
Speaking during the conference Amolo Ng’weno, East Africa Regional Director at BFA said they were looking to the growing Fintech market in Ghana as a complement nd counterpart to the East Africa Fintech sector. This, he say will only be achieved by cultivating, comparing and connecting what is happening in the West and East regional markets.
”Fintech companies across the continent, including those based in Kenya, are also turning to Ghana as an attractive market to expand into, for which bringing the Unconference to Ghana, was compelling and exciting,” he added.
The attendees were tasked with driving the agenda and focus on the issues most important to them. Some of the key takeaways were:
- For Fintech actors working towards financial inclusion, customers need more than services or products — they need tools in which they can make money “work” in different ways for their needs and how they live.
- Best practices for Fintech companies seeking partnerships with established players means ensuring customer needs inform partnership, understanding and defining clear goals, fostering trust and transparency early on, as well as structuring fair upside for each partner.
- Best practices for Fintech companies seeking to gain trust with their customers need to take great care to be consistent and transparent, follow through with promises, leverage channels that are already trusted by customers and hire local people who have knowledge and networks in the target markets.
Attendees to the unconference also included: The MasterCard Foundation, Branch.co (who offer micro-financing and credit to emerging markets easily and fast without the barriers of traditional microfinance) and Ecobank among many others. Some of the other Kenyan firms present were Lendable, PayGo Energy, Umati Capital, Gtel, Interpay, Inukapap, Musoni, Sokowatch, Farmdrive and Rafode Ltd.