Fintech summit showcases potential of digital finance in Africa

Fintech leaders call for innovation at the Africa Fintech Summit 2023 in Lusaka. [iStock]

Fintech experts have urged for more innovation and collaboration in the sector to close the financial inclusion gap in Africa.

This was the main message of the Africa Fintech Summit 2023, which took place in Lusaka, Zambia, from November 16 to 17.

The summit brought together fintech leaders, policymakers, investors, and entrepreneurs to discuss the opportunities and challenges of fintech in Africa.

One of the speakers at the summit was Adetola Oloke, the Head of Sales and Partnerships for Kora, a pan-African payment infrastructure company that enables local and global businesses to accept pay-ins, make payouts, and get settled across popular payment channels throughout Africa.

Oloke shared his insights on the panel session titled "Fintech in Every Industry: Agriculture, Healthcare, Mining, and Utility."

He emphasized the crucial role of fintech in driving financial inclusion across Africa, where one-third of the population lacks adequate financial services.

"Fintech acts as a crucial bridge, enabling these individuals to participate in the formal economy, access needed finance and payment technology, and improve their overall quality of life," said Oloke.

He added that fintech has the potential to revolutionize the African landscape in the next decade, improving the quality of life and standard of living for Africans across the continent.

Oloke also spoke about Kora's mission and vision, which is to leverage technology and strategic partnerships to provide seamless and secure payment solutions for businesses and individuals.

"Kora is committed to creating lasting impact and empowering individuals by seamlessly connecting them to the digital financial ecosystem. As fintech continues its expansion across the world with a UK expansion last year and payment processing in Kenya and Ghana, Kora aims to play a fundamental role in enabling businesses to accept payment and in uplifting the lives of millions across Africa," he said.

The Africa Fintech Summit 2023 was organized by Dedalus Global, an investment and communications advisory focusing on emerging markets and emerging technologies, and Ibex Frontier, an investment consultancy and route-to-Ethiopian-market advisory.