FITC Bridges knowledge Gap, Opens Africa’s FinTech Industry for Regulators-Operators Collaboration

As part of efforts to continuously equip the financial services and other sectors with the invaluable knowledge needed to navigate complex and dynamic regulatory supervision practices in the Fintech space, FITC, the world-class, innovation-led, and technology-driven knowledge institution is hosting its flagship Risk-Based Supervision (RBS) for Fintech programme in Kigali, Rwanda to enhance stability and stimulate growth in the financial sector,.

The programme which is one of FITC’s intervention in the growth and development of the Fintech sub sector through increased knowledge content that fosters industry and regulators understanding and collaboration needed to drive and stimulate the industry’s growth, is part of the recommendations from FITC’s last FinTech Conference, TechNovate 2021, which recommended deeper learning, engagement and collaboration that would help advance the industry.

The five-day event themed: ‘Risk Based Supervision (RBS) for FinTech’kicked off on Monday, February 21st, 2022, and will run till Friday, 25that the prestigious Marriot Hotel, Kigali, Rwanda.

The event, which is one in a series of several offshore programmes to be organized by FITC this year, attracted participants from across Sub-Sahara Africa, from the Fintech regulators, FinTech companies, enablers, funding partners, banks, telecom companies, government parastatals, as well as numerous other key stakeholders who are involved in monitoring operations and safeguarding their stakeholders’ interests.

In her welcome address, the MD/CEO, FITC, Chizor Malize, noted that globally, the competitive landscape of financial services is undergoing a paradigm shift. She noted that new entrants are constantly disrupting the space with innovative digital solutions giving rise to new offerings, increased client acquisition and rapid market penetration.

“Technology continues to change the face of the financial services industry. The advent of digital financial services has created faster, more efficient, and typically cheaper banking solution compared to traditional financial services. Many FinTechs have experienced a surge in demand as the customer banking habits changed in the COVID-19 era. Prior to the outbreak of the pandemic, it was clear that FinTech would play a pivotal role in financial services going forward. COVID-19 has undoubtedly accelerated that process” Malize stated.
Speaking further, Malize noted that the Risk-Based Supervision (RBS) for Fintech is the leading approach to regulatory supervision of FinTech’s globally.

“We currently have about five hundred and seventy-six (576) fintech companies, enablers, funding partners, as well as numerous key stakeholders such as banks, telcos, and even governments. Many of our local start-ups have gone on to receive various funding and support, and others have gone to become global players and even Unicorns. It istherefore important to up-skill and retool the skillsets of bank supervisors and other players in ensuring they are well equipped to adequately regulate and supervise the evolving Fintech firms in their countries. The programme presents a transparent and credible mechanism for Fintech regulators to provide all-inclusive, wide-ranging, and strategic approach to supervision of Fintech by approaching regulation from a structured system perspective that assesses risk exposures and gives priority to the resolution of risk,” she stated.