The African fintech sector, coupled with advancements in artificial intelligence (AI), is emerging as a critical driver for the evolution of financial markets, particularly in the Central African Economic and Monetary Community (Cemac) region. Insights gleaned from the Africa Capital Markets Forum, recently held in Douala, shed light on the transformative potential of blockchain, AI, and fintech in revolutionizing financial transactions across borders.
Adel Elaroussi, Director of Financial Services at CDG Capital, stressed the significant benefits offered by these technologies, emphasizing the potential for increased transparency and efficiency. Fares Gaied, Managing Director of Fininfo Solutions, underscored AI’s pivotal role in driving cost reduction and enhancing user experiences within the financial sector.
However, the legitimacy of fintech operations hinges on official validation from the Central African Financial Market Surveillance Commission (Cosumaf). David Ekwabi, Marketing Director at Maviance, emphasized the importance of regulatory compliance for fintechs to function legitimately, particularly in acquiring securities or managing funds for companies.
Despite efforts by the Bvmac to spearhead digitalization initiatives, challenges such as cybersecurity threats and regulatory complexities persist. Collaboration between market actors and technology providers, alongside investments in training and capacity building, are deemed crucial for the successful integration of these technologies into existing financial market infrastructures.
As African fintechs and AI continue to gain traction, stakeholders are urged to navigate regulatory frameworks diligently and prioritize collaboration to unlock the full potential of these innovations in driving financial inclusion and market growth across the region.
