FINTECH IN AFRICA ROUNDTABLE SEPTEMBER 25, 2019

FINTECH IS ONE OF THE MOST INNOVATIVE AND IMPACTFUL FACETS OF AFRICA’S GROWTH STORY. By driving financial inclusion and leapfrogging legacy infrastructure challenges, it holds the potential to transform lives and economies. But to realize this potential, there is a need for greater communication between diverse stakeholders, regulators and practitioners, and different African countries.

The purpose of this roundtable is to bring together public- and private-sector fintech leaders to open channels of communication that will inform fintech policy across the continent. Our hope is that today’s exchange will help drive regulatory harmonization, start the process for a pan-African regulatory sandbox, and spark partnerships that will drive innovation Africa-wide.

On behalf of the Africa Fintech Summit and Orrick, welcome. As co-organizers of this roundtable, we will judge our performance in terms of actionable outcomes, so our success is now in your hands. Please ask questions, exchange ideas, and forge partnerships.

WELCOME

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TOPICS

POLICIES IN PRACTICE

Policy approaches vary widely country-to-country. What can be learned from some of the country-specific experiences represented at the table?

• Payment Service Banks (PSB) guidelines in Nigeria• Leveraging technology clusters in Rwanda (including KIG) • The Cameroonian fintech landscape• Draft fintech and e-commerce legislation in Ethiopia • The payment and e-commerce experience in LATAM

PAN-AFRICAN INTEGRATION

Several of the participants are scaling pan-African fintechs, which requires tremendous resources to understand and comply with divergent regulatory frameworks.

• How can governments support and facilitate cross-border growth of fintech?• Opportunities to harmonizing regulatory frameworks• Fintech & AfCFTA: the role of technology in regional economic integration

INTEROPERABILITY

Eleven years after its first mobile money transaction, Africa is now home to half of the world’s mobile money services. To continue this meteoric growth, frictions between payment and e-money operators must now be reduced.

• Interoperability projects at the country and regional level• Innovations in both policy and technology that are boosting interoperability

COLLABORATE TO INNOVATE

Collaboration is both the engine and the result of a vibrant digital ecosystem. This is particularly important for fintech, where banks and tech startups must either conspire or compete while governments must simultaneously manage risk and set the stage for growth.

• Collaborative models between banks and fintechs• Public and private sector partnerships in fintech• Multi-country initiatives

PLAYING IN THE SANDBOX

If this group were to create a regulatory sandbox for pan-African fintech, what would it look like?

JIM OVIA Founder & Chairman, Zenith Bank Jim Ovia founded and built Zenith Bank Plc into one of Africa’s largest financial institutions with over $16 billion in assets with listings on the London and Nigeria Stock Exchanges. He is a member of the World Economic Forum Community of Chairmen; Co-chair of the World Economic Forum’s Africa Regional Business Council; and a founding director of the Private Sector Health Alliance of Nigeria (PHN). The Jim Ovia Foundation is a major supporter of education on the continent. His latest book is “Africa Rise and Shine”.

HON. PAULA INGABIRE Minister of ICT & Innovation, Rwanda Paula Ingabire is a technology enthusiast and politician who has served on the Cabinet of Rwanda since October 2018. Previously, she was Head of the Kigali Innovation City initiative and Head of ICT at the Rwanda Development Board.

TAYO OVIOSU Founder and CEO, Paga Tayo Oviosu founded Paga, Nigeria’s leading mobile payment service, in 2009. Prior to founding Paga he was Vice President at Travant Capital Partners; Manager of Corporate Development at Cisco in California; and Senior Consultant at Deloitte. CNBC selected Tayo as West African Entrepreneur of the Year in 2014. In his free time, Tayo works with entrepreneurs to develop their ideas as an angel investor and adviser.

OLANREWAJU OSIBONA Senior Special Advisor to the President of Nigeria on ICT ‘Lanre is a business professional with experience spanning 20 years in the technology industry. Prior to joining the All Progressive Congress (APC) political campaign in 2014, he consulted for AXA, Deutsche Bank, Vodafone, Ericsson, T–Mobile, Camelot UK in the UK, and for Stanbic Bank in Nigeria. On returning to Nigeria in 2010, he founded InnovaTechNG Limited.

SPEAKERS

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SPEAKERS

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VIOLA LLEWELLYN President, Ovamba Viola Llewellyn is co-founder of Ovamba, which creates culturally attuned technologies to serve formal and informal African SMEs in the trade & commodities sectors. In June of 2018, Ovamba was selected by the World Economic Forum as a Global Technology Pioneer. Prior to Ovamba, she built a $50M life insurance investment fund as well as held positions at Unisys Corporation, IBM, KPMG Consulting, BearingPoint, and Rothschild’s. She is listed on Innovate Finance’s 2016 & 2017 “Women in FinTech Power List” and on “The Innov8tiv’s Top 50 Visionary Women in Tech to Watch in 2017” list.

OLUGBENGA AGBOOLA Co-Founder & CEO, Flutterwave Olugbenga Agboola heads Flutterwave, a post-Series A payments technology company headquartered in San Francisco with operations and offices across Africa and Europe. Flutterwave’s goals are to build and digital payments infrastructure for Africa and enable businesses to receive or make any payments across Africa and globally. Since its inception, Flutterwave has processed over $2.6B and has been the recipient of several global awards including the “Best Technology Platform” by The Asian Banker and “Top 100 Fintech Firms”, among others.

ADESOLA YOMI-AJAYI Country CEO for the US, United Bank for Africa Sola is a highly experienced banker with over 22 years of banking experience cutting across business development, structured lending, transaction banking, commercial banking, correspondent banking, and banking operations. Prior to becoming CEO for the US market, she was Group Head, Global Financial Institutions where she managed UBA’s strategic global alliance and originated foreign currency debt funding for the Group.

BARBARA IYAYI Managing Director for Africa, Element Inc Barbara is leading the growth of Element, an AI-powered digital identity software company driving financial inclusion and digital platforms. She was on the founding team of Atlas Mara, where she developed the banking platform’s entry into 7 countries in Africa and led the company’s fintech and digital banking strategy. Prior to that, she was Vice President at JPMorgan and held senior

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roles in Centerboard Group and UBS. She is also a Venture Partner at Lateral Capital, an early-stage VC fund focused on tech in Africa.

ENRIQUE OSTALÉ Executive Vice President and Regional CEO In addition to serving as Walmart’s EVP and regional head for the U.K., Latin America, and Africa, Enrique Ostalé is chairman of the board of directors of Walmart Mexico and Central America and Walmart Chile and as a member of the board for Massmart. He was previously CEO of Walmart Latin America, India and Africa, CEO of Walmart Mexico, Central America and Latin America, and president and CEO of Walmart Chile.

FITSUM AREGA Ethiopian Ambassador to the US Amb. Arega is the current Ethiopian Ambassador to the United States. Prior to this appointment he was the Director General of the Ethiopian Investment Commission and the Chief of Staff of the Prime Minister of Ethiopia.

HAM SERUNJOGI CEO, Chipper Cash In 2018, Ham founded Chipper Cash, a venture-capital-backed fintech that builds software to enable free and instant cross border peer-to-peer money transfers as well as solutions for businesses and merchants to process online and in-store payments. Prior to Chipper, Ham led Facebook’s FMCG and Publishing Client Verticals in the UK market.

THOMAS LARYEA Of Counsel, Orrick, Ltd Thomas Laryea is a recognized international law and policy expert in sovereign debt restructuring and Africa-related finance and investment. Thomas formerly served as Assistant General Counsel at the International Monetary Fund, where he was responsible for the IMF’s legal regulations in finance and economic surveillance with each of its member countries.

SPEAKERS

MODERATOR:

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SUPPORTING PARTNERS

AN EVENT WITH

The Africa Fintech Summit (AFTS) is the premiere global initiative dedicated to fintech in Africa.

Dedalus is an investment, communications, and strategy advisory focusing on emerging

markets and emerging technologies.

A global law firm focused on serving the technology

& innovation, energy & infrastructure and finance

sectors, Orrick is at the forefront of growth in Africa.

Ibex Frontier is an investment consultancy & route-to- Ethiopian-

market advisory company, providing unparalleled market

intelligence.

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NOTES

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