Casablanca – The field of financial technology (fintech) took center stage at the recent “GITEX Africa” exhibition in Marrakech, Morocco, sparking vibrant discussions and shedding light on the evolving financial landscape across the continent.

Bank Al-Maghrib, Morocco’s central bank, showcased its endeavors in promoting digital financial inclusion, sharing insights and experiences with neighboring countries in Sub-Saharan Africa, notably Mauritania and Guinea. The discussions revolved around strategies to enhance access to financial services and foster innovation in the fintech sector to drive economic growth and development.

Momar Baldé, President of the “Seen Startup Hub” association, spearheaded the discussions, bringing together industry experts and officials from central banks to delve into the intricacies of fintech adoption and its impact on financial inclusion. Participants highlighted the pivotal role of legislative frameworks in facilitating fintech integration while mitigating risks associated with digital fraud and money laundering.

Abdel Rahim Bouazza, Director-General of Bank Al-Maghrib, underscored the shifting dynamics in consumer behavior, noting a significant surge in digital transactions in Morocco. The adoption of digital channels witnessed an important annual growth rate, outpacing the global average, signaling a growing preference for digital financial services among Moroccans. However, Bouazza emphasized the persistent reliance on cash transactions, despite the advancements in digitalization, pointing to the need for concerted efforts to reduce cash circulation and promote digital payments.

Souadou Baldé, Deputy Governor of the Central Bank of Guinea, echoed Bouazza’s sentiments, emphasizing the imperative of striking a balance between regulatory oversight and innovation in fintech. She highlighted the challenges posed by digital fraud and cyber threats, advocating for robust regulatory frameworks to safeguard financial transactions while fostering technological innovation.

Mohamed Dakar, Special Advisor to the Governor of the Central Bank of Mauritania, emphasized the transformative potential of fintech in driving financial inclusion and sustainable development in Africa. He emphasized the need for collaborative efforts between regulatory authorities, fintech companies, and financial institutions to harness the benefits of digitalization while addressing regulatory challenges and ensuring consumer protection.

The discussions underscored the critical role of fintech in advancing financial inclusion and fostering economic growth in Africa. As the continent continues to embrace digitalization, stakeholders are called upon to collaborate proactively to leverage fintech innovations for the benefit of all citizens, ultimately paving the way for a more inclusive and resilient financial ecosystem across Africa.