Digital Impact Awards Africa, Digital and Financial Expo Back

Based on Digital Impact Awards Africa (DIAA) research covering the digitalization of Africa and Financial Inclusion during the last 4 years, we predict that by 2025, embracing Digital Financial Services will drive 90% business success in Africa.

Additionally, successful Sub-Saharan African companies will only be those with good web presence bundled with vibrant properties on social media platforms such as Facebook, Twitter, and YouTube.

In monetary terms, the mobile ecosystem is projected to contribute USD160 billion to the GDP of Sub-Saharan Africa by 2020 (GSMA 2015). McKinsey & Company report that the internet will contribute USD300 billion to Africa’s GDP by 2025.

Digital Financial Services will drive 90% Business Success in Africa

Countries including Kenya, Uganda, Rwanda, Nigeria, Ghana, Ivory Coast and South Africa are not only among the fast-growing economies on the continent.

But also the pillars of innovation and high-tech entrepreneurship leading the development of the digital economy in Africa.

The digital driven financial evolution has brought about different tools to improve financial inclusion and change business models and payment models for different industries.

While releasing the 4th Digital Impact Awards Africa nominees’ list, HiPipo CEO, Innocent Kawooya noted that “In order to maximize the digital dividend and minimize digitization risks, we recommend a bigger push for, regulatory adherence for SIM registration, Know Your Customer (KYC), Anti-Money Laundering, Credit Reference Bureaus among others”.

Adding that “We are at early stages of crossroads of Fintech, Regtech, and Financial Inclusion. We believe that the stakeholders have to embrace the opportunity and challenges presented by digital technology and regulations in order to effectively and collectively drive the financial inclusion agenda.

The Central Bank of Uganda (BoU) has shown the commitment of the government to prioritize the financial inclusion agenda.

For instance, implementation of the National Financial Inclusion Strategy seeks to address five major drivers of financial inclusion; accessibility of financial services, credit infrastructure, digitization of financial services, appropriate and innovative financial products and consumer financial protection.

Elsewhere, like in the United Kingdom, which would seemingly be a financially connected world, where people can send money to one another via smartphones. It’s pretty hard to believe that financial exclusion is still a reality there and has promoted the UK government to appoint the first Minister For Financial Inclusion.

While RegTech is thought of as a sub domain of FinTech, the much-publicised $5.2bn fine (later reduced) levied against MTN Nigeria by the Nigerian Communications Commission for flouting SIM card registration regulations reminded the continent that regulation technology is very vital and will continue to be a very important player of effective and sustainable digital and financial inclusion -  Kawooya

Started in 2013 by HiPipo and developed under the patronage of Hon. Karubanga David, the 4th Digital and Financial Expo featuring Digital Impact Awards Africa, is scheduled for 21-22 September 2017 at Kampala Serena Hotel.

The project includes an exhibition of innovations for products and services in the digital and financial services space and their application to the different economic sectors and industries such as agriculture, health, education, travel, hospitality, tourism, manufacturing, utility services etc.

Various thought leaders will grace the project, Expo, and Awards event. These comprise C-Level executives, entrepreneurs, innovators, academic, consultants and policy makers.

In 2016, DIAA recognized and appreciated the founders and pioneers of M-PESA who graced the #DIAA2016 event with delivering keynote remarks.

These are Mr. Michael Joseph, Director Mobile Money at Vodafone and previously, the CEO of Safaricom Limited, Dr. Nick Hughes Co-Founder M-KOPA- Pioneer of M-PESA and Ms. Susie Lonie– Pioneer of M-PESA.

In a research conducted by DIAA2017, 288 companies operating in Africa were assessed on how they embrace innovation. In this year's awards, there are 9 categories that are eligible for companies operating across Africa.

For these categories, several companies that have had highly commendable contribution to Africa digital and financial inclusion through innovations have been nominated following the research panel assessment and recommendations.

The nominees have been at the forefront of innovation and applying best practice to steer digital inclusion and financial inclusion.

Congratulation to all the DIAA 2017 nominees.  We look forward to have all the nominees and other players products and services exhibited during the project; expo, conference and awards event on 21-22 September 2017 at Kampala Serena Hotel.

For a complete list of all the nominees, click here.

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