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The African Economic Research Consortium (AERC) kicked off its 61st Biannual Plenary Session today, December 1, 2024, in Nairobi, Kenya, under the compelling theme “The FinTech Revolution in Africa.” This pivotal event, held in partnership with the Central Bank of Kenya and the Kenya Bankers Association, gathered a diverse array of leading economists, policymakers, and industry practitioners, all focused on examining the transformative impact of financial technology on the continent’s economic landscape.

The opening session of the plenary was expertly chaired by Prof. Ernest Aryeetey, the Chair of the AERC Board of Directors and an Emeritus Professor of Development Economics at the Institute of Statistical, Social and Economic Research at the University of Ghana. In his welcoming remarks, Prof. Aryeetey emphasized the significance of the FinTech revolution in addressing pressing economic challenges faced by African nations.

In his compelling address, Dr. Kamau Thugge, CBS, Governor of the Central Bank of Kenya, emphasized the transformative power of FinTech in Africa and highlighted Kenya’s pivotal role in this evolution. He pointed to the country’s dynamic FinTech landscape, shaped significantly by forward-thinking regulations and groundbreaking innovations such as MPESA, which have dramatically improved access to financial services for millions of unbanked individuals.

Dr. Thugge forecasted that the African FinTech sector is poised for unprecedented growth, projecting it to expand thirteenfold to an impressive $65 billion by 2030.

Dr. Thugge’s speech highlighted the Central Bank of Kenya’s (CBK) unwavering commitment to fostering strategic partnerships with key institutions, particularly the African Economic Research Consortium (AERC), to ensure evidence-based policy formulation and implementation.

“The collaboration between the CBK and the AERC exemplifies how research-driven insights can directly inform and shape policies that promote financial inclusion, economic resilience, and innovation. We look forward to deepening this partnership to tackle emerging challenges and leverage the immense opportunities that FinTech offers,” he said.

In his address, Dr. Thugge also underscored the pressing challenges facing Africa’s FinTech ecosystem, including infrastructure constraints, regulatory complexities, and cybersecurity risks.

“Stakeholders should remain steadfast in addressing hurdles while capitalizing on the continent’s strengths, including a youthful, tech-savvy demographic and increasing mobile penetration. “

Prof. Victor Murinde, the Executive Director of AERC, introduced the organization’s Strategic Plan for 2025–2035, which aims to establish AERC as a center of research excellence. He highlighted that the plan prioritizes key themes such as renewal, inclusion, sustainability, and innovation.

“This strategy ensures AERC remains at the forefront of addressing Africa’s economic challenges through high-quality research and impactful policy engagement.” he noted.

Prof. Murinde underscored the organization’s ongoing mission to enhance local capacity for economic research and policy impact. He remarked that the 61st plenary occurs at a critical time, as Africa’s FinTech sector is catalyzing considerable social and economic transformation.

“Our work ensures that rigorous, policy-relevant research informs Africa’s development trajectory. Partnerships, like the one we share with the Central Bank of Kenya, are central to this mission,” Prof. Murinde added.

The opening of the plenary establishes an engaging atmosphere for a week filled with insightful discussions, research presentations, and roundtable sessions. Participants will explore the impact of FinTech on promoting financial inclusion, stimulating economic growth, and tackling issues like climate resilience and gaps in digital infrastructure.

Source: Switch Media News
By Eddah Waithaka