Faced with the growing demand for FinTech solutions in many African countries where access to finance hinders socio-economic development, what role can the rapidly expanding Lithuanian ICT sector play in assisting financial inclusion? The Africa FinTech international conference addresses the market’s needs and challenges in the context of international development agenda.

WHY FINTECH AFRICA?

With Lithuania declaring its ambition to become a FinTech leader in Central Europe, the country’s ICT sector and related infrastructure is developing rapidly and financial market participants are showing great potential in this field. Yet although Lithuania has sufficient pre-conditions for becoming a regional FinTech hub, the country’s consumer market is considerably small. This requires a better understanding of opportunities abroad, especially in the emerging markets.

The demand for FinTech solutions in the Global South, including many African countries, is growing for a number of reasons. Access to finance – or financial inclusion – is one of the top priorities on the international development agenda. This creates a supportive environment and provides potential funding opportunities from international development bodies. With recent advancements in technology and digitization of financial services, increasing financial inclusion seems ever more possible. Digital platforms offer the opportunity to reduce transaction costs and rapidly scale up access to financial services using mobile phones, retail points of sale, and other broadly available access points, when supported by an appropriate consumer protection framework.

TOPICS COVERED:

The impact of FinTech for financial inclusion in Africa: international development agenda and business opportunities for FinTech companies; the latest trends in FinTech innovation for lending and savings; financial inclusion acceleration; needs and challenges in the market; the importance of regulatory environment and financial education; the role of the private sector in  EU development policy.

The event is organised to coincide with the international Africa Day, also known as African Unity Day, celebrated every year on 25 May.

Detailed programme and the list of speakers can be found here.

ICT4D IN THE MEDIA

Alfa.lt online news portal (LT):

‘Lietuva neapsiribos Fintech lyderyste Rytų ir Vidurio Europoje – taikosi ir į Afriką’