Following the success of Fintech programmes in Uganda, Kenya hosted the Finnovation Live event held on 31st May 2018. The aim of the event was to discuss how to transform financial services in Africa with key topics such as Payment Innovation, Digital Transformation of banking, Financial inclusion and Blockchain.
During the event, Jeremy Awori, Barclays Kenya CEO, who was a guest speaker established that cash payments will soon become a thing of the past and that cash might also become expensive. He noted this by saying that we might see a tariff charged on cash transactions. He also confirmed this by revealing that the government is encouraging fewer cheque transactions by limiting the amount to be transacted and encouraging more digital and direct transfers like RTGS and M-Pesa transactions.
The entire globe is moving towards a completely cashless society and with disruptive technologies and innovations, Africa is quickly adapting to this shift. M-Pesa and crypto payments are enabling this shift within Africa. Banks and other such established institutions will help in making this idea of a cashless society possible. The sooner they accept and adopt this change, the faster it will be to bring it to a realization.
The event had keynote speakers such as
- Paul Muthaura, CEO of Capital Markets Authority Kenya;
- Jeremy Awori, Managing Director of Barclays Bank Kenya Ltd;
- Dave Van Niekerk, Founder and Executive Chairman of MyBucks;
- Aaron Fu, Managing Partner, MEST; and
- Declan Magero, Founding Partner, Afrinet Capital.