International

AFRICA CASHLESS PAYMENT SYSTEMS CONFAB SEEK TO ATTRACT $5B INVESTMENT

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All is set for 2020 edition of the famous African Cashless Payment Systems (ACPS) conference with the theme; Building a Cashless Africa. Slated to take place at Kempinski Hotel, Accra-Ghana which has tentatively been rescheduled to hold from May 31-June2, 2020.

Speaking at the press launch of the upcoming conference, the communication director of the foreign investment network and Africa Cashless System, Mr. Myke Uzendu, said the conference will be the largest fintech gathering in the region. This is because all eyes are on Africa now as she currently hosts some of the fastest growing economies in the world and the entire continent is set for huge economic transformation. According to report from Bloomberg the contribution of the financial-technology industry to sub-sahara Africa’s economic output will increase from $40 billion by 2022.

According to him, the event is to be declared open by H.E. Nana Akufo-Addo, President of Ghana, other expected dignitaries include: Dr. Akinwumi Adeshina, President Africa Development Bank, Pfrof. Ngozi Okonjo Iwealla, former Managing Director World Bank, Dr. Ernest Addison Governor Bank of Ghana, Dr. Fabio Scacciavillani chief economist oman investment fund muscat,Minister of finance (Nigeria) Zainab Shamsuma Ahmed, Minister of Communication and Digital Economy (Nigeria) Dr. Isa Ali Ibrahim Pantami among others will speak on topical issues affecting cashless transaction in Africa.

The conference will facilitate latest technology demonstrations, knowledge sharing high-level networking and most importantly, one on one business meetings between decision makers and top-tier solution providers transforming the digital future of the financial firmament in the region.

Meanwhile the board member of Foreign Investment Network (FIN), noted that the organizers of the event stressed that the conference will be a new drawn for Africa in the area of digital transaction and tracking illicit flight.

He mentioned that all over the world the use of paper money is becoming obsolete, it has a lot of risk and leave less trail and also very expensive to manage. This conference will provide the window for Africa to key into the future of financial transactions which is now cashless paperless and digital. Other nuances of the conference will be to interrogate other currency substitutes and technologies like block-chain and Crypto-currency Systems, Artificial Intelligence etc.

According to him, African Entrepreneurs must key into this conference to become competitive in a digital world.

In his remarks, the consultant to Africa Cashless System Conference, Dr. Alex Itkin added that some of the issues to be discussed at the meeting include: The Journey of Cashless Payment Systems in Africa and The Future of Cashless Economy in Africa.

This conference will attract over USD$ 5 Billion investment on digital financial infrastructure into Africa, it will interrogate some of the challenges militating against cashless transaction in Africa including cross border transactions, transaction security and technology deficit. It will raise transaction platform in  Africa from cash to cashless, seamless transactions across the continent especially now that Africa  is working towards the introduction of a common currency.

This conference has become more urgent taking into cognizance the fact that cashless economy has become the platform for global monetary transaction. It has successfully checked financial fraud, reduce risk and enhance cross-border transaction in developed economies but Africa is yet to harvest bountifully  from the inexhaustible opportunities provided by this technology’’ Itkin said.

Expected at the event are participants from diverse countries. There will be exhibition booths for Banking Solutions, presentations, Expert lectures, group projects and Panel Discussion.

The conference will among other things: Strengthen cashless financial system in Africa; Expand financial inclusion and infrastructure across Africa; Strengthen and support the capacities and development of the financial institutions in the continent; Introduce new technologies and strengthen financial  infrastructural  across Africa; Introduce new, faster and secured electronic payment systems; Tackle theft in the financial sector; Tackle digital financial insecurity and data protection; Chart ways for curbing illicit financial flow from Africa; Expose new marketing  and growth strategies for entrepreneurs in a digitized economy: Unveil risks and opportunities in a cashless financial infrastructure for Africa; Upgrade African financial payment system to global standard; Bring more investment to Africa and curb illicit cash flow from Africa.

The high point of the event is the Africa Cashless Award Dinner where deserving tech giants, policy makers, financial institutions and entrepreneurs including the President of Ghana will be decorated with various Awards and Certificate of Honour.  The Award is supported by Forbes Afrique and the Managing Director will be on hand to hand over the Award.

There will be an exhibition area where Banking solutions providers, software developers, banking infrastructure manufactures and fintech companies will demonstrate their innovations.

To ensure that the event is a huge success, we working to secure the collaboration of The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS). Ghana Investment Promotion Centre (GIPC), The West African Monetary Institute (WAMI/Institute). National Information Technology Agency (NITA) Ghana, Banks and private sector.

The conference is facilitated by Foreign Investment Network (FIN), a UK based global consulting and publishing firm established in 2001. The company was born out of the desire to meet the investment need of emerging economies in Africa.

 

 

STORY BY JOSEPH NANA YAW COBBINA


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