- 7 weeks ago
The Global Growth Conference (GGC) 2025, organized by the Institut Amadeus, held on May 20-21 in Rabat, Morocco.
This high-level event gathers 1000 decision-makers, including policymakers, business leaders, investors, and international institutions.
This high-level event gathers 1000 decision-makers, including policymakers, business leaders, investors, and international institutions.
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NewsTranscript
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01:02Good evening.
01:05Assalamu alaikum.
01:06Bonjour tout le monde.
01:07Welcome to this important and timely session.
01:10We're pleased to have you joining us here today in this session titled
01:15Shaping Africa's Future, Driving Growth, FinTech, Innovation as Game Changers.
01:21We're gathered here today at this session not just to observe trends,
01:25but to engage in a purposeful dialogue on how FinTech and digital innovation
01:31are transforming the African continent.
01:34Africa is undergoing a remarkable digital transition,
01:38and at the heart of this transformation lies a powerful catalyst, which is FinTech,
01:43a tool that is enabling millions,
01:46especially those previously excluded from the formal financial system,
01:50to access and benefit from modern financial tools and services.
01:55However, this transformation also brings challenges
01:59and important questions around governance, infrastructure, education, and regulation.
02:06How do we ensure the right balance between innovation and oversight?
02:11and how can public-private cooperation and collaboration create more inclusive and sustainable growth?
02:18Today, I was charged with this beautiful responsibility,
02:23which is to moderate, to be your moderator for this session.
02:26My name is Maryam Kassou.
02:28I work as a tech entrepreneur.
02:30I specialize in data transformation.
02:33And I am today privileged to be joined by an exceptional group of panelists.
02:39With us today, Madam Ify Okeke.
02:42She is the founder and CEO of Lexan Capital,
02:45an advisory firm based in Nigeria,
02:48with over 25 years of experience across law, investment banking,
02:54and private equity and real estate.
02:56Ify brings a sharp strategic lens to the financial development of the continent.
03:02She sits on multiple corporate boards across sectors,
03:06including telecom, healthcare, pensions,
03:09and currently she chairs key governance and strategy committees
03:13at Legend Internet PLC and Veritas Glanville Pension Funds.
03:19Also with us today, Madam Ines Leonarduzi.
03:22She is the president and founder of Digital for the Planet,
03:27a leading voice in digital sustainability and inclusion.
03:31She is an international speaker, an author, a professor at Sciences Po.
03:35Her NGO has brought digital education to over 300K Europeans,
03:41particularly targeting under-frivolent communities.
03:46Ines also, she is widely recognized for her policy influence across France,
03:52and Europe, and has delivered global talks institutions
03:55such as with high-caliber institutions such as the UN and Stanford.
04:01With us today also, Mr. Mustafa Zawini.
04:05He is the chairman of AI in Africa,
04:08and he is a seasoned tech entrepreneur
04:10with two decades of experience in mobile money and telecom and fintech
04:15through ventures like Flipped in.
04:18He focuses on frontier markets and youth empowerment.
04:22His leadership creating inclusive AI ecosystems
04:25makes him a key player and a key voice
04:28in shaping Africa's innovation future.
04:31With us also, my good friend, Mr. Scott Goodstain.
04:35He is the founder and CEO of Catalyst Campaigns.
04:40He is a global strategic communication firm.
04:43He is widely known for his groundbreaking work
04:46in political digital strategy,
04:49having led digital efforts for Barack Obama's campaign,
04:52the 2008 campaign,
04:55and Bernie Sanders' campaign also.
04:59His global reach spans multiple continents,
05:02and his expertise in messaging and public engagement
05:05has helped him reshape how modern campaigns
05:08and causes connect with diverse audiences.
05:13Also, Mr. Ismail Bilkhiyat.
05:15He is the founder and CEO of Shari,
05:17a driving force behind Morocco's tech entrepreneurship boom.
05:21After working at BCG,
05:24he launched several successful ventures,
05:26including Saruti Pouayma,
05:28a leader of real estate platform,
05:30and Shofir Pouayma,
05:32later acquired by Avis.
05:34With a track record of scaling businesses
05:36and creating jobs,
05:38Ismail exemplifies the entrepreneurial spirit
05:41powering Africa and Morocco's digital economy.
05:45With us also, to my left,
05:47Dr. Khalid Ismail.
05:49He is the founder and chairman of Kiango,
05:53an angel investment fund
05:55focused on early-stage Egyptian startups,
05:57a prolific innovator,
05:59academic, and investor.
06:01He previously founded Sistsoft,
06:04Sistsoft, right,
06:08which was acquired by Intel
06:10and served as managing director
06:12at Intel Mobile Communications
06:14with over 160 published papers.
06:17That's a huge number.
06:19So, he has a deep experience in tech policy.
06:24Khalid is a cornerstone
06:25in Egypt's innovation ecosystem.
06:28Last but not least,
06:29we have Mr. André Ajit.
06:32He is the president of Global Africa
06:34and founder of Gaia,
06:36a digital platform design agency
06:40with over 20 years' experience
06:42advising institutions on digital strategy.
06:45André has digital transformation initiatives.
06:50He led digital transformation initiatives
06:52across media, education, and public sectors.
06:55He's also a former managing director
06:57of the pan-African TV channel, Télésud,
07:01and remains committed to advancing Africa's voice
07:04in the digital space.
07:08So, this is regarding our exceptional group of panelists.
07:13So, to set the stage,
07:16let me start with you, Madam Ify.
07:19In your extensive experience
07:21with investments and governance,
07:23how can African governments
07:25and financial regulators
07:27create a supportive ecosystem
07:30that balances innovation
07:31with consumer protection
07:33to ensure fintech's long-term success?
07:39Thank you very much for having me here.
07:42As we've seen over the last five years
07:45or six years,
07:46we've seen tremendous investment
07:48in technology,
07:51especially in fintech,
07:53across Africa.
07:54And one of the advantages
07:56of having fintech
07:57is that not only does it allow
08:00for market penetration
08:01in individual countries,
08:03but it also allows
08:04for cross-border payments
08:06and transactions.
08:09APTA, one of the main vision
08:11or missions of APTA
08:12is to ensure that countries
08:16can transact business easily.
08:20So, not only does it allow
08:21the movement of persons,
08:23but also movement of services.
08:25And services includes,
08:27you know, transactions
08:33all across different sectors.
08:37Africa has faced challenges
08:40of having multiple currencies,
08:43multiple financial policies,
08:47and fintech is seen as a tool
08:50to actually bring countries together.
09:04And one of those
09:06is the regulatory policies
09:09across countries.
09:11And the way countries
09:13can help fintech grow over time
09:17is to ensure that, one,
09:21the regulation is tailored
09:22to the products.
09:26So, the financial regulator
09:28needs to understand
09:29the products and the services
09:31fintech provides.
09:34They also have to understand
09:36that it's an evolving market,
09:38that technology evolves very quickly,
09:41and the regulator has to be on board
09:43with innovation.
09:48Another thing is that
09:49the regulator has to ensure
09:52that there are clear laws
09:56regarding digital assets
09:58and crypto assets.
10:02And this ensures that
10:03not only the financial,
10:06the fintech companies
10:07understand the regulation,
10:10but also the consumers
10:11understand the regulation.
10:13So, it's very important
10:14that regulatory policies
10:17are very transparent
10:18and very easy to understand.
10:21The other thing
10:22I think is very important
10:24in this sector
10:25is regulators supporting
10:29the ecosystem
10:30around startups.
10:34So, the regulators
10:35should encourage
10:37one-stop shops
10:39for fintech companies
10:41ensuring that
10:42these one-stop shops
10:44provide them with
10:45technical expertise,
10:48legal understanding,
10:51understanding of
10:52the regulatory framework,
10:54and also able to connect them
10:57with venture capital firms
11:02and other support systems.
11:05And other support systems.
11:09The regulator,
11:11at the same time,
11:13can strengthen
11:17financial service systems
11:19around fintech companies
11:21by also ensuring
11:23that they comply with
11:24international, global regulation,
11:26regulation,
11:28especially when it comes
11:29to AML.
11:32AML is
11:33anti-money laundering policies,
11:35ensuring that those policies
11:37are in place
11:38and that fintech companies
11:39obey these policies.
11:41This ensures that
11:44the market
11:45is stable
11:47and also
11:50consumers
11:50are protected
11:51as well.
11:52So, I think
11:53as long as regulators
11:56work
11:56in a collaborative fashion
11:59with fintech companies,
12:01which are actually
12:02cycling
12:03innovation
12:04around those startups,
12:07it's important.
12:09I think that
12:10the sector
12:11has great potential
12:13for Africa.
12:16It has
12:17the potential
12:17to
12:18link
12:19countries together.
12:22It has
12:23the potential
12:23to drive
12:24economic growth
12:25across countries
12:27within the continent.
12:29So,
12:29it's important
12:30that the
12:32regulators
12:33in each country
12:34be more collaborative
12:37with other countries.
12:38I think
12:39maybe
12:40one of the things
12:42that APTA
12:42or
12:44the African Union
12:45should consider
12:46is also having
12:47a kind of
12:49uniform policy
12:51around
12:51fintech companies
12:53to ensure
12:54that there's
12:55certainty
12:55in terms of
12:56regulation
12:56and that
12:57fintech companies
12:59can open
12:59offices
13:01all across Africa.
13:02I know
13:03that companies
13:04like Flutterwave
13:06have offices
13:07in Kenya,
13:10not just in Nigeria,
13:11Kenya,
13:12Uganda,
13:13Ghana,
13:14et cetera.
13:15Hopefully,
13:15other
13:16fintech companies
13:17can do
13:18more of that.
13:20Flutterwave
13:21has been able
13:21to achieve
13:22I think
13:2330 countries,
13:24penetration
13:24in 30 countries
13:25in Africa
13:27across
13:27with
13:28an operating
13:29with
13:3030 different
13:31currencies.
13:32I think
13:33we need
13:33to see
13:33more of that
13:34and regulators
13:36can do more
13:37to encourage
13:38other companies
13:39to follow suit.
13:42If you've touched
13:44on the importance
13:46of the systemic
13:48support
13:48that is needed
13:50to the current
13:51challenges
13:52that unfortunately
13:53can or are
13:55preventing
13:56our continent
13:57from thriving.
13:59Let's
14:00now shift
14:01to inclusion
14:02which can be
14:04a driving force
14:05to overcome
14:06these challenges.
14:07I'll switch
14:08to you,
14:09Ines.
14:10So today
14:10with digital
14:11inclusion
14:12being one
14:13of the major
14:13challenges,
14:15how can
14:15African countries
14:16strategically integrate
14:18fintech
14:19innovations
14:20into their
14:21educational
14:22and social
14:22systems
14:23to empower
14:24rural
14:24and marginalized
14:25communities?
14:27Or what role
14:28can cross-sector
14:29partnerships
14:30play in this effort?
14:36Hello.
14:37Everybody can hear me?
14:39Amazing.
14:40Thank you very much
14:41for having me.
14:42Thank you for this question.
14:44First of all,
14:45I think we have,
14:46we must
14:47teach
14:48women and men
14:49why and how
14:51to talk about money.
14:52it's maybe
14:53a prerogative,
14:54it's something,
14:55maybe it's better
14:56like this.
14:58It's a priority.
15:00Educate them
15:01how they can
15:02enrich themselves
15:03so they will
15:04be confident
15:04in how
15:05to enrich
15:07and finance
15:08their country,
15:09their region
15:10globally.
15:13People,
15:14people,
15:15sorry,
15:15and especially
15:16women
15:17need more
15:18expertise
15:19on finance
15:20and in
15:20prospective sectors.
15:21This is
15:22extraordinarily
15:23key.
15:25Also,
15:25we need
15:25to learn
15:27global finance,
15:29how global
15:30finance work,
15:31but at
15:32term,
15:32Africa
15:33must develop
15:34its own
15:34vision of
15:35capitalism
15:36or any
15:36other form
15:37of growth
15:38and future.
15:39This is about
15:40leadership
15:41and sovereignty.
15:42we need to
15:44build more
15:44bridges
15:45between young
15:46people
15:47wherever their
15:48social and
15:49educational
15:50background
15:51is,
15:52highlighting them,
15:54is empowering
15:55them.
15:56They will empower
15:58themselves
15:58if they are
15:59seen,
16:01recognized
16:01by their peers
16:03wherever they
16:03come from.
16:05Diplomas are
16:06great,
16:07but energy,
16:08ambition,
16:09perseverance,
16:10resilience,
16:11you'd be
16:11surprised
16:12where it
16:13can come
16:14from.
16:15Not
16:16necessarily
16:17where money
16:18and education
16:18is.
16:19Connecting
16:20young people
16:21between them
16:21in Africa
16:22but also
16:24with the
16:25rest of the
16:25world
16:26is also
16:26key.
16:27We need
16:27cooperation
16:28and cooperation
16:29is not
16:30something
16:31natural.
16:31you must
16:32learn it.
16:34You must
16:35develop it.
16:39Also,
16:43we need
16:43engagement.
16:44Like I said,
16:45cooperation
16:46from which
16:47and educated
16:48part of the
16:49population
16:49to go
16:50and see,
16:51go and
16:52talk,
16:52go and
16:53lead by
16:53example
16:54and maybe
16:54go and
16:55support
16:55by any
16:56mean.
16:58And
16:59definitely
17:00the course
17:01solution
17:02is
17:03education.
17:04Digital
17:04sustainability
17:05as well
17:06as AI
17:07should be
17:08taught
17:08in school
17:09because
17:12this is
17:13the way
17:15Africa
17:16can
17:16organize
17:17itself.
17:18Africa
17:18is silently
17:19supposed
17:20to remain
17:20the back
17:21kitchen
17:21of the
17:22world
17:22and
17:22this
17:23is
17:23not
17:23okay.
17:24So
17:24the
17:25key
17:25sectors
17:26are
17:26digital
17:27sustainability
17:28globally,
17:29how we
17:30can develop
17:31technologies
17:32on a
17:32sustainable
17:33way,
17:34resilience,
17:35AI,
17:36and also
17:36of course
17:37cyber
17:37security.
17:38We
17:38unfortunately
17:40don't talk
17:41enough about
17:42it,
17:42but
17:42cyber
17:43security
17:43is also
17:44key.
17:45Rabat
17:45is aiming
17:46to become
17:46a super
17:47safe city,
17:48for example.
17:49But a
17:50safe city
17:50is a city
17:51that protects
17:52its economy
17:52and today
17:53economy is
17:54digital
17:54and today
17:55digital
17:55can be
17:56very harmful
17:56even deadly.
17:57For
17:58example,
17:59quickly,
18:01six
18:01attacked
18:01companies
18:02will die
18:03within
18:04the six
18:04months.
18:05A cyber
18:06attacked
18:06when some
18:07company
18:07who is
18:08taking time
18:09to get
18:09back its
18:10data is
18:10heavily damaged.
18:11Reputation
18:12wise,
18:13financially,
18:14it costs
18:14between
18:1460K
18:15and
18:16180K
18:17to recover
18:18a new
18:19client by
18:20then when
18:21to see the
18:22competition
18:22for a long
18:23time.
18:24So to
18:25end
18:25just this
18:26part,
18:26why are
18:27you financing
18:27your company?
18:28We are here
18:29to talk about
18:30financing growth
18:31but financing
18:32your company
18:32it's also
18:34train your
18:35people to
18:35protect it,
18:36to recognize
18:37attack patterns
18:38and to know
18:39in which world
18:39we are living
18:40in and that's
18:42why I come
18:42back to the
18:43beginning,
18:44cooperation,
18:45bridges,
18:46education.
18:47Thank you,
18:48Ines.
18:48Thank you very
18:49much.
18:49Thank you for
18:50this perspective
18:51that brings
18:52up the
18:54vital
18:55intersection
18:55between
18:56innovation
18:57that is
18:58mainly led
19:00by youth
19:00and we
19:01are in a
19:02continent
19:02that is
19:02luckily
19:03a young
19:05continent
19:05and AI
19:07and technology
19:08so I'll
19:11switch to
19:11you,
19:12Mustafa,
19:13with your
19:13work on
19:13youth
19:14empowerment
19:14and frontier
19:16technologies.
19:17As fintech
19:18and AI
19:18coverage,
19:19how can
19:20African
19:21leaders
19:21ensure
19:22that these
19:23technologies
19:23are harnessed
19:24to foster
19:25local innovation
19:26and create
19:27solutions
19:27that address
19:28the continent's
19:29unique need
19:30rather than
19:31just duplicating
19:32solutions
19:32that are
19:34made somewhere
19:35else
19:35and by
19:36people who
19:37face maybe
19:39challenges
19:39that are
19:40different than
19:40ours.
19:42Thank you,
19:43Mariam.
19:43Thank you
19:43and also
19:44the organizers
19:45for the invitation
19:47here.
19:48I think
19:48it's great
19:49to have
19:49all these
19:49different
19:50people
19:51interconnecting
19:52and trying
19:52to discuss
19:55going in the
19:55same direction
19:56and trying
19:56to discuss
19:56our future
19:57because that's
19:58what we
19:58actually
19:59as a society
20:00are trying
20:00to do.
20:01Mustafa,
20:02can you
20:02please?
20:03Can you
20:03hear me?
20:03Yeah.
20:04Right.
20:05I was just
20:06thanking the
20:07organization team
20:07for today's
20:09event.
20:10Ines,
20:10actually,
20:10I wanted
20:10to bounce
20:13back before
20:13I go on
20:13the discussion
20:14on some
20:15of the
20:15points
20:15that you
20:15mentioned.
20:17I've been
20:17in fintech
20:18for quite
20:18a long
20:19time and
20:19first of
20:19all,
20:20innovation
20:20in fintech,
20:21we already
20:21leapfrog
20:21as a
20:22continent.
20:23You can
20:24see some
20:24of the
20:24behaviors
20:24that now
20:25today we
20:25have in
20:27pain in
20:28Europe
20:28or whatever.
20:29We've been
20:29doing that
20:29already since
20:302008,
20:312009,
20:312010
20:32in some
20:33markets.
20:34I've been
20:34involving
20:35mobile money
20:35for quite
20:36a long
20:36time.
20:36And so
20:37the behavior,
20:38we already
20:38have been
20:39innovative
20:39in how
20:40you're
20:40using new
20:42tech at
20:42that time
20:42and just
20:43basic
20:43technology,
20:44that's an
20:44important
20:44aspect,
20:45and also
20:46multilingual
20:46technology.
20:47The other
20:47aspect is
20:48that you
20:48mentioned
20:48an important
20:48aspect
20:49around
20:49education
20:51of men
20:52and women
20:52around
20:52money,
20:53right?
20:54And actually
20:54I did run
20:54a survey,
20:56we did a
20:56qualitative,
20:57actually a
20:58large
20:59survey in
21:00Nigeria,
21:01and actually
21:01women,
21:02as we were
21:03building a
21:03new tech
21:04and a new
21:04license,
21:06women actually
21:07were the
21:07decision-maker
21:08in the
21:08household
21:08actually about
21:09the money,
21:10right?
21:10And that was
21:11an important
21:11effect because
21:12then we had
21:12to build a
21:13solution towards
21:13that,
21:14in that case
21:15it was to
21:16pay for TV
21:16and so on,
21:17but actually
21:18that was that
21:19and the
21:20kids were
21:21the ones
21:22much closer.
21:23So we had to
21:24actually build
21:24some technology
21:25around that
21:26and that's
21:26bringing me
21:26to answer
21:27your question,
21:28right?
21:29Part of the
21:30answer for
21:31our leaders
21:32is that you
21:32need to build
21:33an inclusive
21:35design into
21:35your technologies,
21:36right?
21:36You need to
21:37think about
21:37what problem
21:38you're solving,
21:38whether it's
21:39in payment in
21:39my case
21:40or else,
21:41but basically
21:42is it rural,
21:44is it a revenue
21:45income,
21:47language is an
21:48important aspect
21:49because sometimes
21:49we forget,
21:50I mean,
21:51here we have
21:51multiple languages
21:52in this country,
21:53in Morocco,
21:54right?
21:54But other
21:55countries,
21:56let's say,
21:56South Africa,
21:57we had to build
21:57solutions with
21:5810 different
21:58languages,
21:59in Nigeria,
22:00different languages,
22:01different communities,
22:02and so on.
22:03So today,
22:06localization,
22:07hyper-localization
22:08is an important
22:09aspect on AI
22:10and on fintech
22:12and if you're
22:12trying to merge
22:13the two.
22:13So inclusive design,
22:14I think it was
22:15very important.
22:17The other point
22:18is scalability
22:20and infrastructure.
22:21I mean,
22:22ultimately,
22:23we already have,
22:24when you want
22:24to bridge
22:25some of the
22:26challenges
22:26of fintech
22:27and AI,
22:28you know,
22:29first of all,
22:30data has a cost,
22:32infrastructure has a cost,
22:33we have very little
22:34data stored
22:34in the continent.
22:35I think it's around
22:36one percent
22:36of the African data
22:37is stored
22:37on the continent.
22:39We talked this morning,
22:40there was some session
22:41around data centers
22:42and so on.
22:43So how do you scale?
22:44How do you have
22:45an infrastructure
22:46that has a low cost
22:48actually on the continent
22:49in order for you
22:50to be able to use it?
22:51And then the other aspect
22:53is interoperability.
22:54I mean,
22:54interoperability,
22:55now we've seen it
22:56happening in some markets,
22:57including Morocco,
23:00where actually I can,
23:01but we've seen really
23:02the impact
23:03of interoperability
23:04recently
23:04was in actually
23:05in Tanzania
23:07and Kenya
23:07where we see actually
23:08real interoperability
23:10that we've been waiting
23:11for for years
23:12around mobile money
23:13and that.
23:13And that means
23:14shared infrastructure.
23:15That means
23:16shared cooperation
23:17in order to implement
23:18this type
23:18of interoperability.
23:20The third aspect
23:23is probably
23:24the most important
23:24one in our view
23:25because we've been
23:27working with
23:27actually kids
23:28and girls
23:28actually 15 to 18 years
23:30results since 2018
23:30on democratization
23:31of AI.
23:34At that time,
23:35AI was not the buzz
23:36as it is today,
23:37but the point
23:38is that you need
23:38to start very early.
23:41And the third aspect
23:43really,
23:43and maybe sometimes
23:45we're too late already,
23:46is local talent.
23:47How do we develop
23:48local talent?
23:50How do we develop
23:51local talent?
23:52How do we empower
23:54local talent
23:54to actually understand
23:56the complexity,
23:57whether on cyber security,
23:58whether actually
23:59data ownership,
24:00data sovereignty,
24:01right?
24:02These topics today
24:03are a little bit
24:05more advanced,
24:05but really,
24:07ultimately,
24:08when we talk
24:08about regulation,
24:09we're only exploring,
24:10really.
24:11I mean,
24:11we're still at the beginning
24:12within an Africa continent
24:13around a common
24:15regulation
24:15around data sovereignty.
24:17Do we go
24:18on the east side
24:19or on the west side?
24:20I mean,
24:20what are the challenges
24:22that we're doing
24:23around that?
24:24So,
24:25let's come back
24:26to an important aspect,
24:27I think,
24:28what we've seen
24:29in AI now,
24:30if we just think
24:30that AI is a tool,
24:32then we're wrong
24:33because it's not
24:33just a tool.
24:34We need to actually
24:35be able to change
24:36that tool
24:36to make it
24:37very close
24:38to our own
24:38local values,
24:40right?
24:41Our own local dialects,
24:42so we work on voice AI,
24:44I will talk a little bit
24:45more about this aspect,
24:47our own local
24:48use cases,
24:50right?
24:51We cannot compete
24:51necessarily in building
24:52a large open
24:54type platform
24:55without naming
24:55companies
24:56in the US
24:58or else
24:58and there's
24:59too many players.
25:00But something
25:01has happened
25:01now
25:02and recently
25:04we run a bootcamp
25:05actually in Morocco
25:06here for SMEs.
25:08Something happened
25:08now that I'm a strong
25:09believer of open source
25:10AI
25:11and that open source
25:12AI will provide
25:13democratization
25:14of us to access
25:15the data locally
25:16and be able
25:16to transform it
25:17and be able
25:18to therefore
25:18to adapt it
25:19to local use cases.
25:21And therefore
25:22I would say just there
25:23that basically
25:23in order for us
25:25to adapt AI,
25:27it's not a question
25:28of adoption,
25:28sorry,
25:29of AI
25:29when we talk
25:30about an African continent
25:31but it's actually
25:31how do we actually
25:32be participating
25:34in driving it
25:34not just to be able
25:35to be using it
25:36but just to be a customer
25:38in this case
25:38but actually
25:39how do we shape it
25:40to make it local
25:41and ours.
25:41We will for sure
25:42get back to that point
25:43but one of the major
25:46elements you mentioned
25:47that were very,
25:48very interesting
25:50is the importance
25:51of language.
25:52Language is indeed
25:53a key element
25:54to be taken
25:55into consideration
25:56as a cultural character
25:59of data
26:00or any innovation
26:01and any innovative initiatives.
26:05So language,
26:07communication.
26:08So Scott,
26:09you are the expert here
26:10regarding communication
26:11and you advise movements
26:12and companies
26:13around the world.
26:14So from a communication
26:15perspective
26:16and global advocacy
26:17perspective,
26:18what strategies
26:19should be,
26:20should,
26:20the African
26:21fintech companies
26:23adopt
26:23to position themselves
26:25as global leaders
26:26in fintech innovation
26:27while staying authentic
26:29to the current,
26:30to the local context?
26:32Sure.
26:33One,
26:34it's an honor
26:34to be back
26:35at Amadeus Institute
26:37with this esteem group
26:39of colleagues
26:39and thanks to
26:40King Mohammed VI
26:42and all of the staff
26:44here at Amadeus
26:46for putting this
26:47discussion together.
26:50I think that Africa
26:53is in a unique place
26:56in the world
26:57where you have the ability
26:59to leapfrog
27:01all sorts of international technology
27:04but do it the right way
27:06and learn from the mistakes
27:08that you've seen happen
27:09in the U.S.
27:10Learn from the mistakes
27:12that you've seen
27:13happen in other places
27:15in the world.
27:17Take cherry-pick
27:18the best
27:19and the brightest
27:19from Europe's
27:22data privacy laws.
27:24In the U.S.
27:25we have
27:25almost zero
27:27data privacy laws.
27:30Learn from
27:31where government
27:32is too fast
27:33and too slow
27:34but keep this
27:35to solving
27:36your own
27:37African origin stories.
27:39What problems
27:40are needed
27:40and build technology
27:42to answer
27:43those problems.
27:45And so I don't think
27:46do things
27:47that are needed
27:48in the U.S.
27:49faster,
27:49cheaper
27:50without sourcing.
27:51I think
27:52solve the problems
27:53and build upon
27:54your own story
27:56but take
27:57from all the lessons.
27:59So learn what went wrong
28:00with Coinbase.
28:01Learn what went wrong
28:02with Bitcoin
28:03and NFT.
28:04Make sure
28:05that you're telling
28:06a story
28:06to educate
28:08grandma and grandpa
28:09about the good
28:11and the bad
28:11around mobile.
28:12And by the way,
28:13Africa's already there.
28:14You are the innovators
28:16of mobile technology
28:17far, far past.
28:19So we're already
28:20in what,
28:21second,
28:21third generation
28:22funding of mobile technology.
28:24Learn what
28:25didn't work
28:27with M-Pay
28:28and some of the other
28:29mobile tech.
28:30Learn what is the next.
28:32And so to me,
28:32that's how you can
28:33communicate your story.
28:34You already have
28:35this amazing story
28:36that you're
28:37faster than everybody
28:38else in the world
28:39in mobile technology.
28:41Build upon that story
28:42to solve the next problems
28:43and the next solutions.
28:47Thank you, Scott.
28:49Let's move
28:50from a Com perspective
28:52to,
28:53and its importance
28:54to infrastructure
28:55and scale.
28:57Ismail,
28:57based on your experience
28:59building and scaling
29:00Sherry's app
29:01across the continent,
29:04what are the key
29:04structural
29:05and infrastructural
29:06changes
29:07that need to happen
29:08to enable SMEs
29:10and small companies
29:11to thrive
29:12in the fintech
29:13ecosystem?
29:17Hello, everyone.
29:19It's a pleasure
29:20to be here
29:20and thank you
29:21for your invitation.
29:24Myself,
29:25I'm running
29:26one of the very few
29:27fintechs
29:29here in Morocco.
29:30We've been
29:31very fortunate
29:32to get granted
29:33a financial
29:34institution license
29:36by the Central Bank
29:38of Morocco
29:39that is today
29:40allowing us
29:41to work
29:43on financial
29:44inclusion.
29:45So we
29:46help
29:47mainly
29:48the SMEs,
29:50the small
29:51grocery stores,
29:52the independent
29:53retailers
29:53with
29:55understanding
29:56all the
29:58benefits
29:58financial
30:00inclusion
30:00can bring
30:01to them.
30:01So we
30:03try to
30:03first
30:04train them,
30:06educate them,
30:07to use
30:09a long
30:10suite
30:11of services
30:12from
30:13an online
30:15payment gateway
30:16if they say
30:16online,
30:17to a hard
30:18POS
30:19or a soft
30:20POS
30:20if they sell
30:21digitally
30:22physically
30:23in their
30:24stores.
30:24We open
30:25payment accounts
30:27for them,
30:28we do their
30:29KYC,
30:29and then we
30:31provide them
30:31with
30:32debit cards,
30:34namely
30:34Visa,
30:35that is one
30:36of our
30:36investors.
30:38No,
30:39of course,
30:41all of them
30:43have issues
30:45regarding
30:45financial
30:47inclusion,
30:47and the
30:48main issue
30:49that comes
30:49to their
30:50mind
30:50is
30:51will we
30:52be
30:53taxed
30:54by the
30:55local
30:56authorities
30:56if we
30:57start using
30:58your systems?
31:00Our data
31:01may be
31:01shared,
31:02people will
31:03look at
31:03what we
31:03do,
31:04and we
31:05will
31:05probably
31:05end up
31:06paying
31:06taxes.
31:07So that's
31:08the objection
31:09number one,
31:10but that's
31:11not the
31:11only one.
31:12They also
31:12come to
31:13us and
31:13say,
31:14look,
31:14before we
31:15used to
31:15get paid
31:16in cash
31:16and the
31:17money was
31:18landing
31:19immediately
31:20into our
31:20pockets
31:21that we
31:22were then
31:22using
31:23to pay
31:24our
31:24suppliers.
31:25Know
31:26that we
31:26use your
31:27POS
31:28devices,
31:28the
31:29settlement
31:30time is
31:30two days
31:31and we
31:32don't have
31:33the needed
31:33working
31:34capital
31:34to
31:35fund
31:36the
31:37solution.
31:38And our
31:38suppliers
31:39are asking
31:40to get
31:40paid
31:41immediately
31:41when your
31:42solutions
31:43are paying
31:44us after
31:45two days.
31:46And this
31:46is a big
31:47issue.
31:47And then,
31:48you know,
31:49these small
31:49SMEs,
31:50let's call
31:51them even
31:53unipersonal
31:54companies,
31:55are by
31:56definition,
31:59a small
32:00team and
32:00sometimes
32:01even a
32:03one-man
32:04show.
32:05And these
32:06guys don't
32:07have the
32:08human resources
32:09to do
32:10conciliation.
32:11So when
32:12they look
32:13at their
32:13bank accounts
32:14and find
32:15out after
32:16two days
32:17that they
32:17have received
32:18a certain
32:19amount of
32:20money that
32:20is coming
32:21from all
32:22the sales
32:22over the
32:23last two
32:23days,
32:24they get
32:28lost with
32:29reconciliation
32:30and finding
32:31out what
32:32the amounts
32:33are related
32:34to.
32:35They need
32:35to find
32:36the slips
32:36and make
32:37the mats
32:37and find
32:38out what
32:38is the
32:39commission
32:39and so
32:40on and
32:40so on.
32:41And I'm
32:42just giving
32:42a few
32:43reasons,
32:44but there
32:45are others
32:45including
32:46the commission
32:47that is
32:47taken,
32:48including
32:48the cost
32:49of the
32:50POS
32:51and so
32:51on and
32:51so on.
32:52So to
32:52answer your
32:53question,
32:53if we
32:55want to
32:56help with
32:56financial
32:56inclusion
32:57in Morocco,
32:58we need
32:59the local
33:01government
33:01to help,
33:02help
33:03potentially
33:04with
33:05subsidies,
33:08maybe offering
33:09the devices
33:10to the
33:11shops
33:12or even
33:13subsidizing
33:14the cost
33:15of the
33:16transactions.
33:17We've seen
33:18in the U.S.,
33:19and my
33:20friend was
33:20talking about
33:21how the
33:22U.S.
33:22is advanced,
33:23and thank
33:24you for
33:24reminding
33:24us how
33:25great you
33:25are.
33:27But in
33:28the U.S.
33:29I tried
33:29to literally
33:30do the
33:30opposite,
33:31but yes.
33:34In the
33:35U.S.,
33:35you guys
33:36have given
33:37a lot
33:37of tax
33:39cuts
33:39for all
33:40those
33:42merchants
33:43who in
33:44the 90s
33:45in the
33:47early 2000s
33:48were early
33:49adapters
33:50and were
33:50selling
33:50online.
33:51And I
33:52remember
33:52how in
33:53some
33:53states,
33:54in the
33:55United
33:55States,
33:56if you
33:57were
33:57selling
33:57online,
33:58you
33:59weren't
33:59paying
34:00any
34:00VAT.
34:01And this
34:02is great.
34:02And again,
34:03I'm using
34:04you as a
34:05model.
34:06We should
34:06get a lot
34:07of inspiration
34:08from you
34:09guys.
34:12Thank you,
34:13Ismail.
34:13Indeed,
34:14I think I
34:15totally agree
34:16with you
34:16regarding
34:17that
34:18governance
34:19should
34:20give
34:20incentives
34:21and
34:22motivation
34:22to
34:23startups
34:23in order
34:24to lead
34:24these
34:25innovations.
34:26And I'm
34:26glad to
34:27know that
34:27Shari
34:28got the
34:29right
34:29people
34:29and the
34:30right
34:30investors.
34:32And
34:32talking about
34:33investment,
34:35I will
34:35turn to
34:35you,
34:36Dr.
34:36Khalid,
34:37given
34:37your
34:37extensive
34:38investment
34:38background,
34:39what are
34:40the key
34:40indicators
34:41that
34:41will
34:42determine
34:42the
34:42success
34:43of
34:44a
34:44fintech
34:44startup
34:45in
34:46Africa
34:46precisely,
34:47and how
34:48can
34:48investors
34:49support
34:49sustainable
34:50and
34:51scalable
34:51ventures
34:52in this
34:52space?
34:55Thank you
34:56very much
34:57for the
34:58invitation
34:58from
34:59Amadeus
34:59and obviously
35:01Morocco
35:02as a host
35:03country.
35:03Very
35:04proud to
35:04be here.
35:07Let me
35:08try first
35:09to,
35:09before I
35:09answer the
35:10question
35:10directly,
35:11summarize
35:11what the
35:12transactions
35:13are when
35:14it comes
35:14to
35:14fintech
35:15or in
35:15general,
35:16financial
35:16transactions
35:17if I
35:17make
35:17them
35:18very
35:18simple,
35:19you're
35:20either
35:20paying
35:21somebody
35:22or you're
35:23being
35:23paid
35:23or you're
35:25borrowing
35:25money
35:26or you're
35:26saving
35:27money.
35:28Between
35:28those four,
35:29you can
35:30summarize
35:30very
35:31simply
35:31said
35:31what
35:32financial
35:33transactions
35:33normally
35:34are.
35:35And
35:35for
35:36those
35:36who
35:36are
35:36banked,
35:37they
35:37do
35:37all
35:38four
35:38through
35:39the
35:39bank.
35:40That's
35:40very
35:41normal
35:41that you
35:41go to
35:42the
35:42bank,
35:42you can
35:42make a
35:43payment,
35:43you can
35:44receive
35:44your
35:44money
35:46transferred
35:46to your
35:46bank
35:47account,
35:47or you
35:48can
35:48borrow
35:48or deposit
35:49and save
35:50money.
35:51Now,
35:52when we
35:52look at
35:53startups,
35:54they come
35:54to us
35:55with one
35:56or more
35:57of these
35:57functions
35:58that they
35:59promise
35:59to do
36:00now in
36:01a technology
36:01way
36:03instead of
36:03the bank.
36:04and I
36:05ask them
36:05the
36:05question,
36:06first of
36:06all,
36:07banks
36:07are
36:07banks,
36:08they
36:08are
36:08solid
36:08institutions,
36:09they
36:09are
36:09very
36:10strong,
36:10why
36:10didn't
36:11the
36:11bank
36:11do
36:11it?
36:12And
36:13I
36:14know
36:14the
36:14answer,
36:14but
36:14I'm
36:15just
36:15trying
36:15to
36:15see
36:16whether
36:16that
36:17startup
36:17knows
36:18how
36:18to
36:18penetrate
36:19a
36:19market
36:19as
36:19big
36:20as
36:20that
36:21of
36:22fintech.
36:23And
36:24the
36:24short
36:24answer
36:25is
36:25banks
36:25are
36:26very
36:26happy
36:26and
36:26comfortable
36:27with
36:27some
36:28layer
36:28of
36:29the
36:29society
36:29that
36:30has
36:31deals
36:32with
36:32bigger
36:32amounts
36:33of
36:33money
36:33where
36:34the
36:34overhead
36:35of
36:35the
36:35bank
36:35including
36:36the
36:37credit
36:37department
36:38including
36:38all
36:39departments
36:39in
36:40a
36:40bank
36:40are
36:41worth
36:41it.
36:42Now
36:42the
36:43startup
36:45should
36:45in a
36:46way
36:47deal
36:47with
36:48a
36:48different
36:48segment
36:49that
36:49is
36:49typically
36:50unbanked
36:51because
36:52the
36:52amounts
36:53of
36:53money
36:53they
36:53do
36:54or
36:54the
36:55whole
36:56transactions
36:56or
36:57the
36:57credit
36:58and
36:58so
36:58on
36:58is
36:59something
36:59the
36:59bank
37:00would
37:00not
37:00do
37:00for
37:01this
37:01individual
37:01or
37:02for
37:02this
37:02very
37:02small
37:03company
37:04and
37:05in
37:06that
37:06respect
37:06I
37:07think
37:07what
37:08we're
37:08witnessing
37:08now
37:09is
37:09that
37:10lots
37:10of
37:10startups
37:11came
37:11at
37:12some
37:12point
37:12and
37:13they
37:13were
37:13doing
37:13me
37:14too
37:14me
37:14too
37:15okay
37:15I'm
37:15a
37:15payment
37:16gateway
37:16I
37:16allow
37:17X
37:17to
37:17pay
37:17Y
37:18I
37:18allow
37:18X
37:18to
37:19pay
37:19Y
37:19and
37:20it
37:20became
37:20like
37:20a
37:21trend
37:21of
37:21course
37:21some
37:22early
37:22comers
37:23Flutterway
37:23or
37:24or
37:25or
37:25Fowry
37:25in
37:25Egypt
37:26or
37:26others
37:26were
37:27there
37:27before
37:28the
37:28rest
37:28and
37:29for
37:29them
37:29the
37:30system
37:31allowed
37:31them
37:31to
37:32do
37:32that
37:32they
37:32had
37:33time
37:33and
37:33they
37:33grew
37:34very
37:34very
37:34nicely
37:35but
37:36nowadays
37:36if
37:37I
37:37am
37:38to
37:38invest
37:38in
37:39a
37:39new
37:39startup
37:39when
37:40they
37:40come
37:40to
37:40me
37:40and
37:40they
37:41say
37:41I'm
37:41going
37:41to
37:41be
37:41another
37:42Flutterware
37:42or
37:43I'm
37:43going
37:43to
37:43be
37:43another
37:44Fowry
37:45and
37:45so
37:45on
37:46I
37:46say
37:46what's
37:47new
37:47and
37:48the
37:48answer
37:49should
37:49be
37:49and
37:50some
37:50are
37:51doing
37:51it
37:51already
37:51is
37:52the
37:52marriage
37:53or
37:53the
37:53combination
37:54of
37:54fintech
37:55and
37:55AI
37:55okay
37:56now
37:57I
37:58summarize
37:58the
37:58transactions
37:59if
37:59you
37:59want
37:59to
38:00make
38:00an
38:00investment
38:01AI
38:02can
38:02tell
38:02you
38:02where
38:03what
38:03to
38:04invest
38:04give
38:04you
38:04guidance
38:05today
38:05that
38:06nobody
38:07can
38:07do
38:07okay
38:08the
38:08bank
38:08will
38:09not
38:09sit
38:09with
38:09you
38:09and
38:10tell
38:10you
38:10how
38:10to
38:10invest
38:11you
38:12know
38:12$50
38:13that's
38:14not
38:14worth
38:14the
38:15time
38:15of
38:15the
38:15bank
38:15but
38:16AI
38:16will
38:17the
38:18bank
38:18will
38:18not
38:19do
38:20credit
38:21worthiness
38:22and
38:23study
38:23and
38:23send
38:24you
38:24to
38:24their
38:24credit
38:24department
38:25if
38:25you're
38:25trying
38:26to
38:26borrow
38:26$200
38:27it's
38:28too
38:28expensive
38:28to
38:29do
38:29any
38:29credit
38:29study
38:30on
38:30somebody
38:31who
38:31wants
38:31to
38:31borrow
38:31$200
38:33whereas
38:33AI
38:34can
38:35do
38:36that
38:36maybe
38:37in
38:37seconds
38:38or
38:39in
38:39minutes
38:39through
38:40your
38:40history
38:41through
38:41everything
38:41it
38:42can
38:42go
38:42even
38:42through
38:42your
38:43social
38:43media
38:43it
38:43can
38:44go
38:44it
38:44can
38:44just
38:45do
38:46anything
38:46that
38:47you
38:47think
38:47about
38:48to
38:48tell
38:49the
38:50startup
38:50that
38:51is
38:51giving
38:52you
38:52or
38:52borrowing
38:53you
38:53the
38:53money
38:53that
38:53you
38:54are
38:54worth
38:54that
38:55investment
38:56so
38:57the
38:57coupling
38:57of
38:58AI
38:58and
38:59FinTech
39:00is
39:00something
39:01as an
39:01investor
39:02I would
39:02nowadays
39:03look
39:03for
39:03otherwise
39:04I
39:04think
39:05straightforward
39:06payment
39:07gateways
39:07are
39:08too
39:08old
39:09fashioned
39:10now
39:10I
39:10wouldn't
39:10invest
39:11in
39:11them
39:12now
39:13the
39:14marriage
39:14again
39:14of
39:15FinTech
39:16and
39:16the
39:17sectoral
39:17know-how
39:18is
39:18also
39:19very
39:19important
39:20so
39:20the
39:21agricultural
39:22sector
39:23needs
39:23certain
39:24financial
39:24services
39:25in a
39:25certain
39:26payment
39:26cycle
39:27and so
39:27on
39:27they
39:27have
39:28a
39:28long
39:28cycle
39:29they
39:29put
39:29all
39:29their
39:30money
39:30for
39:30three
39:30months
39:31and
39:31then
39:31they
39:31get
39:32the
39:32reward
39:32at
39:32the
39:32end
39:33that's
39:33typically
39:34the
39:34problem
39:34of
39:35agriculture
39:35it's
39:36a
39:36long
39:36cycle
39:37of
39:37investment
39:37and
39:38then
39:38money
39:39comes
39:39later
39:40now
39:41that
39:41needs
39:41financing
39:42typically
39:42and they
39:43finance it
39:44from the
39:44previous
39:44round
39:45but because
39:46it's
39:46hand-to-mouth
39:47it doesn't
39:48allow them
39:48to develop
39:49new
39:49technologies
39:50or to
39:50do
39:51anything
39:51out of
39:52the box
39:52because
39:53it's
39:53just
39:55recycling
39:55of
39:56the
39:56same
39:56money
39:57that
39:57they
39:58earned
39:58last
39:58cycle
39:59they
39:59put
39:59it
39:59in
39:59the
39:59new
40:00cycle
40:00and so
40:01on
40:01but
40:02if
40:02there
40:02is
40:02know-how
40:04of
40:04the
40:04technology
40:04that
40:05gets
40:05combined
40:06with
40:06a
40:07loan
40:07system
40:07for
40:08agriculture
40:09for
40:09instance
40:10that
40:11takes
40:11three
40:12months
40:12four
40:13months
40:13that's
40:13all
40:13what
40:14you
40:14need
40:14cycle
40:15into
40:15consideration
40:16the
40:17whole
40:17sector
40:17can
40:18be
40:18changed
40:18upside
40:19down
40:19and
40:20I'm
40:20just
40:20giving
40:20that
40:21as
40:21an
40:21example
40:21there
40:22are
40:22other
40:24examples
40:24of
40:25course
40:25each
40:25sector
40:26needs
40:27to
40:27have
40:27its
40:28own
40:28domain
40:29of
40:29fintech
40:30services
40:31so
40:31we're
40:31nowadays
40:32as
40:32investors
40:32looking
40:33for
40:33startups
40:34that
40:34really
40:35understand
40:35a
40:36niche
40:36means
40:37okay
40:38if
40:38I
40:38put
40:38fintech
40:39combined
40:39with
40:40AI
40:40in
40:41agriculture
40:42this
40:43is
40:43my
40:43product
40:44okay
40:44and
40:45that's
40:45something
40:46that
40:46could
40:46be
40:46sexy
40:46and
40:47it
40:47sounds
40:47like
40:47a
40:48niche
40:48but
40:48it's
40:48still
40:48hundreds
40:49of
40:50billions
40:52in
40:52any
40:53country
40:53in
40:53Africa
40:54because
40:54agriculture
40:55is
40:55so
40:56important
40:56it
40:57could
40:57be
40:57also
40:59manufacturing
40:59and
41:00again
41:00the cycle
41:01is different
41:02in
41:02manufacturing
41:02compared
41:03to
41:03agriculture
41:04you have
41:05to do
41:05procurements
41:06we have
41:06to pay
41:06for your
41:08raw
41:08material
41:08for
41:09things
41:09again
41:10AI can
41:11help
41:11you
41:11find
41:12the best
41:12places
41:13the best
41:13prices
41:14the best
41:15quality
41:15and so
41:16on
41:16so
41:17as an
41:18investor
41:19I always
41:19nowadays
41:20look for
41:21that
41:21combination
41:21of
41:22fintech
41:24plus AI
41:25plus
41:25sectoral
41:26knowledge
41:26a startup
41:27that
41:28has
41:28that
41:28combination
41:29is a
41:29startup
41:30that
41:30I
41:30can
41:30talk
41:30to
41:31thank
41:32you
41:32Dr.
41:33Khalid
41:33for this
41:34crucial
41:34piece
41:35of
41:35information
41:38especially
41:38for
41:39startups
41:39and
41:39those
41:40trying
41:40to
41:41pursue
41:41an
41:41entrepreneurial
41:42journey
41:43being
41:44choosing
41:44a
41:45niche
41:45or
41:46a
41:46specific
41:46a
41:47sector
41:48specific
41:48product
41:48in order
41:50to attract
41:50investors
41:51is a
41:52crucial
41:52information
41:53and
41:53unfortunately
41:55I received
41:55information
41:56from the
41:56organizers
41:56we have
41:57to round
41:58off
41:58this round
41:59of
41:59questions
41:59in order
42:00to leave
42:0115 minutes
42:02for the
42:02questions
42:02so I
42:03will ask
42:03my last
42:04question
42:04to you
42:05Mr.
42:06André
42:07so how
42:08can
42:08African
42:08governments
42:10leverage
42:11fintech
42:12to create
42:13citizen
42:13centric
42:14digital
42:14platforms
42:15that
42:16bridge
42:16the
42:17gap
42:17or
42:17gaps
42:18in
42:18access
42:19to
42:19healthcare
42:19education
42:20and
42:21other
42:21essential
42:22services
42:22while
42:23also
42:23boosting
42:24the
42:24digital
42:25literacy
42:27Thank
42:28you so
42:28much
42:29I'm
42:29going
42:29to be
42:29very
42:29quick
42:33just
42:34a few
42:34insights
42:34first
42:36of all
42:36to make
42:37sure
42:37we
42:37all
42:37agree
42:39what
42:39Scott
42:39said
42:40and
42:41Mustafa
42:41also
42:42is
42:43there's
42:43been
42:44in
42:44Africa
42:44amazing
42:45leapfrogs
42:46thanks
42:46to
42:47technologies
42:49no
42:49regards
42:50of
42:50whatever
42:50other
42:51countries
42:51could
42:52have
42:52brought
42:53to
42:53Africa
42:54the
42:55use
42:55of
42:55cell
42:55phones
42:56of
42:56course
42:56and
42:57fintechs
42:58of
42:58course
42:59the
42:59leapfrog
42:59already
43:00happened
43:01with
43:01fintechs
43:02and it
43:02started
43:02here
43:03in
43:03Africa
43:04okay
43:04that's
43:05the
43:05biggest
43:05leapfrog
43:06in the
43:07world
43:07it
43:08went
43:09quicker
43:10in
43:10Africa
43:11than
43:11in
43:11Asia
43:11okay
43:13to
43:14answer
43:14your
43:15question
43:15I
43:15think
43:15that
43:16there's
43:17first
43:17thing
43:17a
43:17very
43:18very
43:18important
43:18thing
43:19is
43:19that
43:19there's
43:19the
43:22UA
43:24agenda
43:24for
43:252063
43:26that
43:27plans
43:29a
43:30common
43:30platform
43:31financial
43:33platform
43:33for
43:33exchanges
43:34in
43:35all
43:36African
43:36countries
43:37it's
43:38very
43:38important
43:38it's
43:39a goal
43:40that
43:40must
43:40be
43:41achieved
43:42and
43:43it
43:43means
43:43that
43:43all
43:44governments
43:45will
43:47have
43:47to
43:47tackle
43:48this
43:48issue
43:48altogether
43:49and
43:49work
43:50on
43:50this
43:50issue
43:50altogether
43:51to
43:51make
43:52sure
43:52that
43:52it's
43:53an
43:54easy
43:54market
43:54for
43:55everyone
43:55so
43:56you
43:57will
43:57be
43:57able
43:57to
43:57exchange
43:58money
43:58very
43:59easily
44:00through
44:00fintech
44:00platforms
44:01so
44:01governments
44:01and
44:02platforms
44:02will
44:03have
44:03to
44:03work
44:03together
44:04now
44:05I
44:06would
44:06like
44:06to
44:06emphasize
44:07something
44:07to
44:08develop
44:09technical
44:09platforms
44:13regarding
44:14the
44:15aspect
44:15of
44:15sovereignty
44:16which
44:16is
44:16essential
44:17and
44:18data
44:19protections
44:21Africa
44:22can
44:22rely
44:23on
44:23open
44:23sources
44:24technologies
44:25so
44:26they
44:27exist
44:28for instance
44:29we
44:29developed
44:30in
44:30France
44:30the
44:31website
44:31for
44:32the
44:32French
44:32Senate
44:33using
44:34a
44:34technology
44:35called
44:35Typo3
44:36Typo3
44:37is a
44:38German
44:38based
44:39technology
44:39but
44:40it's
44:40open
44:40source
44:41for
44:41the
44:41entire
44:41world
44:43England
44:44is
44:44going
44:44to
44:44use
44:44this
44:45technology
44:45for
44:45all
44:46the
44:46government
44:46services
44:47that
44:47are
44:49going
44:49to
44:49be
44:49developed
44:49and
44:50it's
44:51very
44:51easy
44:51to
44:52use
44:52this
44:53technology
44:55even
44:55though
44:55you
44:56cannot
44:56code
44:57it's
44:57not
44:58very
44:58complex
44:58but
44:59remember
45:00that
45:00you've
45:01got
45:01in
45:01Morocco
45:02the
45:02best
45:02engineers
45:03in
45:03the
45:03world
45:04if
45:04you
45:04go
45:05to
45:05the
45:05best
45:05universities
45:06in
45:06the
45:06world
45:06in
45:07France
45:07in
45:07America
45:08all
45:08the
45:09top
45:09foreigners
45:11students
45:11come
45:12from
45:13Morocco
45:13so
45:14there
45:15won't
45:16be
45:16big
45:16issues
45:17into
45:17coding
45:18or
45:18developing
45:19new
45:19services
45:20using
45:20these
45:21existing
45:21platforms
45:22which
45:22allow
45:23the
45:23countries
45:24to be
45:24sovereign
45:25they
45:26don't
45:26depend
45:27on
45:27Google
45:29or
45:30Microsoft
45:31or
45:31whatever
45:32technology
45:33company
45:33to
45:34develop
45:35their
45:35solutions
45:35and
45:36to
45:36own
45:37their
45:37own
45:38solutions
45:38so
45:39if
45:39there's
45:39something
45:41I'd like
45:41to
45:43highlight
45:44is that
45:45make sure
45:46that you
45:46use the
45:47right tools
45:47to develop
45:48the services
45:48and of
45:49course
45:50if you
45:51want to
45:51onboard
45:52people
45:53make sure
45:53these
45:54services
45:55are useful
45:55for the
45:56people
45:57and
45:57the
45:58main
45:58issue
45:59to
46:00finish
46:01is that
46:03the
46:03best
46:04benefit
46:05from
46:05the
46:05technologies
46:06is that
46:06it brings
46:07people
46:08from
46:08informal
46:10system
46:10to
46:11formal
46:11system
46:12so
46:13I'm
46:13sorry
46:13because
46:14they
46:14will
46:14have
46:14to
46:14pay
46:14taxes
46:15but
46:15I
46:16think
46:16that
46:16to
46:16develop
46:18the
46:18countries
46:18taxes
46:19are
46:19useful
46:20and
46:20to
46:20bring
46:20people
46:21into
46:21the
46:21formal
46:22economy
46:22to
46:23the
46:23formal
46:23system
46:23can
46:24be
46:24amazing
46:25and
46:25in
46:25some
46:25countries
46:26where
46:26people
46:27do not
46:28even
46:28have
46:28an
46:28address
46:29technologies
46:30can
46:30provide
46:31an
46:32address
46:32all right
46:34thank
46:34you
46:34thank
46:35you
46:35André
46:35thank
46:35you
46:36for
46:36this
46:37insightful
46:40information
46:40I would
46:41like to
46:42turn to
46:43the
46:43organizers
46:43if
46:44do we
46:45still
46:45have
46:45some
46:46time
46:46I'd
46:46like
46:46to
46:46ask
46:47my
46:48dear
46:48panelists
46:49for
46:49one
46:50minute
46:50one
46:50recommendation
46:51each
46:53can
46:54we have
46:54so
46:54we have
46:55five minutes
46:55for the
46:56questions
47:00okay
47:01and then
47:01we proceed
47:02with taking
47:02questions
47:04okay
47:05so we
47:06we have
47:06ten minutes
47:07sharp
47:07okay
47:08thank you
47:08so much
47:09so
47:09what would
47:11your
47:11what would
47:11be your
47:12your
47:13top
47:14one
47:15recommendation
47:15to
47:16let me
47:17say
47:17to
47:18Africa
47:19in order
47:20to
47:21thrive
47:22regarding
47:23its
47:24initiatives
47:24regarding
47:25fintech
47:25in general
47:28your
47:29first
47:29your
47:30your
47:30top
47:31one
47:31recommendation
47:33yeah
47:36in order
47:37to enhance
47:38you want
47:39to start
47:46it's
47:47very
47:47hard
47:47to
47:48to
47:48to
47:48speak
47:49your
47:49whole
47:50vision
47:50and
47:50thought
47:51in
47:52such
47:53few
47:53times
47:56my
47:57biggest
47:57priority
47:58for me
47:58would
47:59be
48:01I'm
48:02afraid
48:02if you
48:04just
48:04give
48:05tools
48:05AI
48:06to
48:06people
48:07you
48:07make
48:08great
48:08customers
48:09not
48:09great
48:09leadership
48:10and we
48:11need
48:11leaders
48:12you have
48:12an
48:12opportunity
48:13in
48:13Africa
48:13to
48:14do
48:14not
48:15in
48:15us
48:16in
48:17accidents
48:18you
48:19can
48:19have
48:20a
48:20new
48:20vision
48:21so
48:21maybe
48:22consider
48:23the
48:23global
48:24vision
48:24the
48:25cooperation
48:25to
48:26see
48:26which
48:27tools
48:27do
48:27you
48:28need
48:28so
48:28empowering
48:29the
48:29leaders
48:30yes
48:32second
48:32recommendation
48:33okay
48:34I think
48:35Ishmael
48:36said
48:36made
48:37very
48:37very
48:38good
48:38comments
48:38regarding
48:39the
48:40challenges
48:40that they
48:41face
48:41in the
48:41industry
48:42so
48:43what I
48:44would
48:44like
48:44to
48:44say
48:44to
48:45that
48:45is
48:45I
48:45think
48:46governments
48:47should
48:47pay
48:47attention
48:47to
48:48what
48:48he
48:48said
48:48because
48:49many
48:49Pintech
48:50companies
48:50are facing
48:50the
48:51same
48:51thing
48:52Africa
48:52actually
48:54has
48:5490%
48:56cash
48:57transactions
48:57that's
48:59a
48:59McKenzie
48:59report
49:00that
49:00states
49:00that
49:00we
49:00do
49:01transactions
49:0190%
49:02of our
49:02transactions
49:03are in
49:03cash
49:03we need
49:04to
49:05bank
49:06these
49:06transactions
49:07and to
49:08do so
49:09we need
49:09to listen
49:09to what
49:10the
49:10fintech
49:10companies
49:11are saying
49:11and set
49:12policies
49:13that we
49:13encourage
49:14people to
49:14come to
49:15the
49:15banks
49:15and to
49:15use
49:16the
49:16services
49:16of
49:16the
49:16fintech
49:17companies
49:17thank you
49:18thank you
49:18do we
49:19have a
49:19third
49:20recommendation
49:24I'll just
49:24say real
49:25quick to
49:25aspire to
49:27do better
49:27and leave
49:28nobody behind
49:30a couple of
49:31other panelists
49:32have brought up
49:33the security
49:33pieces
49:34and the security
49:35pieces could be a
49:36whole other panel
49:36and can be extremely
49:37boring
49:38but how do you teach
49:39your neighbor
49:40who barely understands
49:41or your grandma
49:42who barely understands
49:44and is starting
49:46to use mobile
49:47to make sure
49:48that they are
49:50secure
49:50and that they
49:51don't fall
49:52for all the
49:53scams that are
49:53happening in
49:54all over the
49:55world
49:56you can do
49:57better
49:57and you can
49:58leave no one
49:58behind
49:59thank you
50:00Scott
50:00go ahead
50:01I just wanted
50:02to add a
50:03comment on
50:03my fellow
50:04colleague
50:04here
50:06transformative
50:06fintech to be
50:07transformative
50:08is cross
50:08sectorial
50:09right
50:09and therefore
50:10the next wave
50:11of fintech
50:11is happening
50:12now
50:12and for that
50:13you can use
50:14AI
50:14and AI
50:15all you need
50:16to do
50:16is spend
50:17time on it
50:18because you
50:18don't need
50:19to
50:19you just
50:19need to
50:19be creative
50:20it's not
50:20about coding
50:21anymore
50:21it's just
50:22about
50:22creativity
50:23and time
50:24and that's
50:25why the
50:25whole dimension
50:25is changing
50:26there's no
50:26more experts
50:27today
50:28so it's all
50:29about you
50:29spending time
50:30on it
50:33just because
50:34it relates
50:35to
50:35AI
50:48sorry
50:49I think
50:51Africa
50:51should
50:52embrace
50:52AI
50:53on the
50:54whole
50:54society
50:55level
50:55not for
50:56a segment
50:56like they
50:57did before
50:58in IT
50:58or in
50:59fintech
50:59or in
51:00anything
51:00AI
51:00is something
51:01for the
51:02entire
51:02population
51:03what they
51:04need to
51:04learn
51:05is how
51:05to
51:05prompt
51:06AI
51:06will be
51:07like
51:07your
51:07assistant
51:08and we
51:09will
51:09all
51:09have
51:09it
51:09it's
51:10going
51:10to
51:10be
51:10available
51:11it's
51:11like
51:11Excel
51:11but
51:12a thousand
51:13times
51:13more
51:14powerful
51:14powerful
51:15more
51:16power
51:16and for
51:17you to
51:17use
51:18that
51:18power
51:18there
51:18are
51:19people
51:19who
51:19use
51:19Excel
51:20to
51:20add
51:20and
51:20subtract
51:21that's
51:22not
51:22very
51:22useful
51:22you
51:23can
51:23use
51:24Excel
51:24for
51:24more
51:25complicated
51:25formulas
51:26now
51:26imagine
51:27AI
51:27being
51:27thousand
51:28times
51:28more
51:28powerful
51:29what
51:30you
51:30have
51:30to
51:30do
51:30and
51:31learn
51:31everyone
51:32even
51:32older
51:33people
51:33everybody
51:34has to
51:35learn
51:35how to
51:35prompt
51:36AI
51:36how to
51:37ask
51:37AI
51:37the
51:38right
51:38questions
51:38to
51:39receive
51:39the
51:39right
51:40answers
51:40and
51:41from
51:41that
51:41develop
51:42the
51:43sector
51:43or
51:43whatever
51:43the
51:44topic
51:45they
51:45want
51:45into
51:46something
51:47more
51:47efficient
51:47thank
51:48you
51:48doctor
51:48if
51:51we
51:51can
51:51be
51:52bold
51:52I
51:53would
51:54give
51:55every
51:56kid
51:57mobile
51:57phone
51:58with
51:59no
51:59access
51:59to
52:00a
52:01few
52:01solutions
52:02such
52:02as
52:03TikTok
52:03or
52:03Instagram
52:04or
52:04Snapchat
52:04no
52:06social
52:07media
52:07and
52:08with
52:08educational
52:09tools
52:12thank
52:12you
52:14we're
52:15done
52:15okay
52:16thank
52:17you
52:17dear
52:17panelists
52:18I'll
52:18turn to
52:18the
52:19audience
52:20if
52:20you
52:21have
52:21any
52:21questions
52:21kindly
52:22share
52:23your
52:24question
52:24with
52:24us
52:24kindly
52:25stick
52:25to
52:25one
52:26minute
52:26because
52:26we're
52:27we're
52:28really
52:28running
52:29out
52:29of
52:30time
52:30and
52:31you
52:32address
52:32your
52:32question
52:33to
52:33the
52:33panelists
52:34you'd
52:34like
52:34to
52:34you'd
52:35like
52:35to
52:35ask
52:38no
52:39questions
52:44I think
52:45the message
52:45was
52:45don't
52:45be
52:45shy
52:47go
52:48ahead
52:51not
52:52a
52:52single
52:52question
52:53can
52:53we
52:54ask
52:54them
52:54a
52:54question
52:55who's
52:56using
52:56AI
52:56here
52:57in
52:57the
52:57audience
52:58in
52:59one
52:59way
52:59or
52:59the
52:59other
53:00no
53:01one
53:01is
53:01using
53:02AI
53:03they're
53:03all
53:04using
53:04GPT
53:05at
53:05least
53:06at
53:06least
53:06GPT
53:07no
53:08go
53:09ahead
53:09okay
53:10let me
53:10ask
53:10you
53:10a
53:10question
53:11who
53:12here
53:13one
53:13of
53:13you
53:15who
53:15trusts
53:16the
53:18traditional
53:19banking
53:20system
53:21100%
53:24no one
53:25trusts
53:25the
53:26traditional
53:26banking
53:26system
53:29so
53:30why
53:30you
53:30don't
53:30have
53:31questions
53:31for
53:31FinTech
53:36okay
53:37so
53:37can
53:37I
53:37just
53:37add
53:38something
53:38I
53:38think
53:38he
53:39mentioned
53:40that
53:40AI
53:41should
53:41be
53:41used
53:41across
53:41all
53:42sectors
53:42and
53:42I
53:42believe
53:43that
53:43regulators
53:43should
53:44also
53:44incorporate
53:45AI
53:45in
53:46their
53:46regulatory
53:47activities
53:48thank you
53:50thank you
53:51Ify
53:51so
53:52I
53:52think
53:53if
53:53we
53:54don't
53:54have
53:54any
53:55questions
53:56we
53:57shall
53:57conclude
53:58the
53:58session
53:58and
54:00thank you
54:00so
54:00much
54:01to
54:01my
54:01panelists
54:02for
54:02joining
54:04us
54:05today
54:06and
54:06sharing
54:07all
54:08these
54:08insightful
54:09information
54:09and
54:10taking
54:11the
54:12time
54:12to
54:14teach
54:14us
54:15new
54:16concepts
54:17and
54:17new
54:18ideas
54:18about
54:19FinTech
54:19I
54:20was
54:20honored
54:20to
54:21be
54:21joined
54:21by
54:21you
54:22today
54:22and
54:23see
54:23you
54:24next
54:24year
54:24thank you