Foreign Investment Network (FIN) is targeting the creation of 10 million jobs across Africa through its annual Africa Cashless Payment Systems Conference (ACPSC) slated to hold November in Abuja – Nigeria.
Fin President, Dr. Alex Itkin, in a statement revealed that the Second Edition of the conference is expected to attract Foreign Direct Investment (FDI) worth $1 billion into Africa, in digital financial hardware and cashless solutions, FIN, the organizers of the conference in a statement on Wednesday signed by its President said that the investment will have a trickledown effect on the economies of Africa, create over 10 million job, increase financial inclusion, reduce digital financial loses and make financial services available to consumers in the rural areas.
“FIN is targeting about 20% increase in financial inclusion in rural communities in Africa as well as 10% reduction in cyber loses and incomplete transactions. It also wishes to secure Foreign Direct Investment (FDI) worth USD $1billion in Mobile Money technology, hardware manufacturing and software development.
“The post-conference investment fortune will create about 10 million jobs in the continent and bring financial services closer to the rural communities” Itkin stated.
He went further to state that the conference which will hold at Transcorp Hiton Abuja from November 21, “will be a one stop shop where financial institutions, investors and consumers can access the latest innovations that will underpin the next phase of financial innovation and transformation. It will provide the needed platform for Fintech companies and vendors of financial solutions to interface with consumers and policy makers so as to enhance seamless and secured digital financial transaction across the continent with minimal disruptions.
“The conference will bring together the brightest minds from across Africa to discuss Digital Financial Solutions, Cyber Security, e-Commerce, Digital Retail Banking, Payment Systems, failed transaction crises as well as tackle other challenges in the digital market. It will ignite new ideas and inspires the audience to think differently.
“The goal is to provide an venue for a productive dialogue among digital financial solutions stakeholders where digital product vendors, consumers, the academia, and regulators will brainstorm on mutual concerns and challenges to efficient product deliverables. It will seek to foster collaboration and debate on key Fintech topics including efficient and fair regulation and financial inclusion”.
He lamented that even as Africa is the second largest banking market in the world in terms of growth and profitability “most customers are yet to enroll into tech-enabled banking solutions, such facilities are available in about 80% of African banks while the rest plan to roll them out in the nearest future.
“Only 12% of African banks can be regarded ‘digital-first banks’ because of the level of cashless transactions is can support while another 48% are transitioning towards becoming ‘digital-first banks’. Hence, the landscape for digital and cashless banking in Africa will become a battle ground for international investors and digital solution vendors in the nearest future”.
Itkin was optimistic that the second edition of Africa Cashless Payment Systems Conference will trigger the development and implementation of safe, reliable and efficient national payments systems and Financial Market Infrastructures (FMIs) in Africa which is very crucial in achieving a secured, affordable, accessible payment solutions as well as expand financial inclusion, foster development and support financial stability in the continent.
According to the statement, about 500 participants from 50 countries are expected to participate in this event. He added that there will be 100 Fintech solutions exhibition, 10 presentations, 10 Expert Speakers, 6 group projects and 4 Panel Discussions.
He said that the event will come to a close with a FIN Cashless Award Dinner where outstanding Digital friendly government, Fintech companies, Policy Makers, Corporate Organisations, Start-ups, Financial solution providers and Corporations with outstanding Corporate Social Responsibilities will be presented with a Certificate of Honour.
He recalled that the maiden edition of the conference which took place at Movempic Hotel, Accra Ghana in 2021 was attended by government officials, policy makers, captains of industries, Fintech companies and start-ups. He said that it was a market place for business exchange and policy decision on the opportunities and challenges of digital financial platforms in Africa and how it can enhance intra-continental trade within the context of the AfCFTA (Africa Continental Free Trade Area).
For over 20 years, Foreign Investment Network (FIN) a United Kingdom-based company has been a key drive of Foreign Direct Investment (FDI) for Africa and other developing economies. FIN is a consultant in Oil and Gas, Agriculture, telecommunications, Metallurgical & Engineering Industries, Infrastructure, Maritime for financing, project assessment, and Risk analysis.
