FinTech Growth in Africa Key Takeaways from AERC Nairobi Plenary

The 61st African Economic Research Consortium (AERC) Biannual Plenary Session, themed “The FinTech Revolution in Africa,” was successfully held on December 1, 2024, in Nairobi, Kenya. Hosted in partnership with the Central Bank of Kenya (CBK) and the Kenya Bankers Association (KBA), the event brought together economists, policymakers, and industry leaders to address the transformative role of FinTech in Africa’s socio-economic landscape.

Kenya’s FinTech Leadership Highlighted

Opening the plenary, Dr. Kamau Thugge, Governor of the Central Bank of Kenya, delivered a compelling keynote address emphasizing Kenya’s pioneering role in digital financial inclusion. He credited the country’s vibrant FinTech ecosystem, including groundbreaking innovations like M-Pesa, for enabling financial access for millions, particularly the unbanked.

“With FinTech projected to grow thirteenfold to $65 billion by 2030, Africa is not just participating in the global FinTech revolution — it is leading it,” Dr. Thugge declared. He outlined key challenges for Africa’s FinTech ecosystem, including infrastructure constraints, regulatory complexities, and cybersecurity threats, while highlighting the continent’s advantages such as a youthful, tech-savvy population and growing mobile penetration.

Dr. Thugge also reaffirmed the CBK’s commitment to evidence-based policymaking through partnerships with organizations like the AERC. “Research-driven insights are vital for shaping policies that foster financial inclusion, economic resilience, and innovation,” he stated, urging stakeholders to address pressing challenges while maximizing Africa’s strengths.

AERC’s Strategic Vision for the Future

Prof. Victor Murinde, AERC Executive Director, unveiled the organization’s Strategic Plan for 2025–2035, aimed at positioning AERC as a leader in economic research and policy influence. Focused on renewal, inclusion, sustainability, and innovation, the strategy ensures AERC remains central to addressing Africa’s economic challenges.

“Our mission is to strengthen Africa’s local capacity for economic research and policy formulation,” Prof. Murinde explained. He emphasized the importance of partnerships, such as with the CBK, in tackling emerging challenges and leveraging the opportunities FinTech offers.

Paving the Way for Impactful Discussions

The plenary marks the beginning of a week-long series of discussions, research presentations, and roundtables. Key topics include:

• FinTech’s Role in Financial Inclusion: Exploring how technology can bridge gaps in financial access across underserved populations.
• Driving Economic Growth: Discussing strategic collaborations between banks, regulators, and FinTech innovators.
• Addressing Digital Infrastructure Gaps: Delving into challenges like climate resilience and the need for robust digital frameworks.

AERC’s Role in Africa’s Development

Since its inception in 1988, the AERC has been a cornerstone of economic policy research in sub-Saharan Africa. With a mission to integrate high-quality research, postgraduate training, and policy outreach, the organization plays a crucial role in shaping Africa’s economic trajectory. The 61st plenary session, building on the success of previous events, underscores AERC’s commitment to fostering collaboration and innovation.

Why This Matters

This year’s plenary not only celebrates Africa’s strides in financial technology but also sets the stage for actionable solutions to the challenges that lie ahead. With projections estimating a $65 billion FinTech market by 2030, the discussions in Nairobi highlight the continent’s readiness to lead the global digital finance revolution.

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Explore the key highlights from the pre-event announcement here. For more details on AERC’s work and future plans, visit AERC’s official website.