Disruptive forces reshaping the financial landscape

The financial services industry in Africa is undergoing a significant transformation, with disruptive forces such as blockchains and fintech innovations playing a crucial role in reshaping the financial landscape. Chris Hamilton, CEO of BankServ Africa, shed light on these key developments during an interview on CNBC Africa's Open Exchange. Hamilton highlighted the Swift conference in Abijan, where industry professionals and startups are converging to discuss ways to enhance Africa's financial system. Despite disruptions in Abijan, the conference is proceeding with over 300 attendees engaging in valuable conversations. Swift, known for its focus on global payments and securities trading, provides a platform for experts to explore opportunities for improving financial services across the continent. One of the primary topics at the conference is the importance of leveraging fintech to bridge the gap between financially included individuals and those without access to basic financial services. With the increasing penetration of smartphones in Africa, fintech presents a unique opportunity to provide banking services, access to credit, and efficient payment solutions to previously underserved communities. Hamilton emphasized the transformative potential of fintech in bringing financial inclusion to a broader population. The conference also delves into the challenges around infrastructure development in Africa. While funding for infrastructure projects is available from organizations like the World Bank and the African Development Bank, the key hurdle lies in coordinating expertise and reaching a consensus on the best approach to building essential economic infrastructure. Hamilton underscored the need for collaborative efforts among central banks, financial institutions, and telecommunication companies to establish a robust financial ecosystem that supports economic growth. The Swift conference serves as a platform for stakeholders to engage in dialogue and knowledge-sharing to drive sustainable infrastructure development across African nations. As Africa approaches 2020, significant strides are expected in enhancing financial services, promoting economic growth, and fostering innovation within the financial sector.