The EU Tech Chamber (EUTECH) Africa Alliance webinar on “The Role of Fintech in Supporting Startups in Africa” started off with a short overview of the organization and a formal introduction of the panelists by our moderator, Ms. Svetlana Nyameyo who is the coordinator of the Africa Alliance.
The four experienced panelists for today’s webinar were:
· Mr. Ikechukwu Okoli, Cofounder of Capsule Tech,
· Ms. Evalyn Gachoki, Legal Expert in FinTech,
· Mr. Derrick Gakuu, Chief of Product at Payless Africa and Innovation Lead at Farmerce,
· Agnes Aistleitner Kisuule, General Partner at First City Capital.
During the webinar, the speakers emphasized the significance of diversifying digital financial products and enterprises in Africa. They pointed out that despite the long-standing presence of conventional banking, microfinance, and development funds, there is still a shortfall of approximately $500 billion for SMEs in Africa.
The speakers also highlighted that while certain levels of capital and organization are necessary for businesses, 90% of the businesses in Africa do not meet these criteria. This suggests that there is still scope for creativity and unconventional approaches to finance and aid these SMEs.
Additionally, the speakers highlighted that despite the enormous potential of fintech in Africa, only 3% of the industry is currently being utilized, leaving 97% untapped, which presents a significant opportunity for stakeholders.
We want to thank our respectable speakers for their informed insights on this much-needed topic. Moreover, special thanks to Ms. Svetlana Nyameyo for moderating the webinar and distributing Tree-Certificates to the panelists.
Above all, sincere thanks to all our attendees – your comments, compliments, and questions. Stay tuned for our next Africa Alliance webinar on April 19, 2023, about “Accelerating E-Mobility Growth in Africa”.