The FinTech Revolution in Africa; 61st AERC Biannual Plenary Session
The FinTech Revolution in Africa; 61st AERC Biannual Plenary Session
AERC is a leader in policy-oriented economic research on the continent, and its biannual research workshops have become the largest gatherings of professional economists in sub-Saharan Africa.
This year, (AERC) hosted its 61st Biannual Plenary Session in Nairobi, Kenya, under the theme “The FinTech Revolution in Africa.”
The FinTech Revolution in Africa; 61st AERC Biannual Plenary Session
Dr. Kamau Thugge, CBS, the Governor of the Central Bank of Kenya who graced the occasion, noted that Kenya’s vibrant FinTech ecosystem, bolstered by a supportive regulatory environment and innovations like MPESA, has revolutionized access to financial services, particularly for the unbanked population.
“With FinTech projected to grow thirteen fold to $65 billion by 2030, Africa is not just participating in the global FinTech revolution—it is leading it,” he remarked
Addressing the press, Prof. Victor Murinde, AERC Executive Director, unveiled the organization’s Strategic Plan for 2025–2035, designed to position AERC as a locus of research excellence.
He emphasized the plan’s focus on 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 that the 61st plenary comes at a pivotal moment when Africa’s FinTech sector is driving significant social and economic change.
“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,”
The event, held in partnership with the Central Bank of Kenya (CBK) and Kenya Bankers Association among others, brought together leading economists, policymakers, and practitioners to explore the evolving role of financial technology in shaping Africa’s economic future.
The FinTech Revolution in Africa; 61st AERC Biannual Plenary Session
“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,” stated. Dr. Thugge
Additionally, he highlighted the challenges facing Africa’s FinTech ecosystem, such as infrastructure constraints, regulatory complexities, and cybersecurity risks.
He urged stakeholders to remain steadfast in addressing these hurdles while capitalizing on the continent’s strengths, including a youthful, tech-savvy demographic and increasing mobile penetration.
The plenary opening sets the tone for a week of thought-provoking discussions, research presentations, and roundtables.
Delegates will delve into the role of FinTech in fostering financial inclusion, driving economic growth, and addressing challenges such as climate resilience and digital infrastructure gaps.
The FinTech Revolution in Africa; 61st AERC Biannual Plenary Session
Last June, professional services firm BDO, in a report titled Unlocked Potential Fintech In Africa, noted that Africa’s Fintech market – led by South Africa, Nigeria, Egypt, and Kenya – is projected to grow thirteenfold to US$65 billion by 2030 and will have a projected compound annual growth rate (CAGR) of 32%.
The report disclosed that leading the charge is ‘mobile money’, the continent’s ubiquitous solution for the unbanked, enabling seamless transfers and payments.
Alongside this powerhouse, lending platforms are leveraging alternative data to offer microloans and other financial products to previously underserved populations.
