The “techies” are gone but they have left an indelible mark on participants of the just ended African Fintech Summit in Cape Town South Africa.
Not only was the summit well organized from scheduling of program and ensuring delegates were ever engaged, it was the selection of topics for the panel discussions that was most intriguing.
The location was perfect. South Africa has created a unique environment for startups and fintechs in particular. Cape Town itself is now positioning itself as the continents Silicon Valley complete with not only innovation hubs but the venture capital presence needed to spur their ideas to a global scale.
Often organizers of events target topics around in the moment in vouge discussions. For this event, the organizers carefully selected topics that brought the agenda of fintech and its accompanying attributes, front and center for a more comprehensive, candid and honest discussion on some of the pertinent issues that impact the sector.
For me the two topical areas of discussions were around the role of regulation and labor in the fintech space. Getting both right is as important as the programming code that goes into building the software that changes lives.
Regulators have often in past been seen as the bottleneck of innovation. Although their agenda stems from the importance of protecting consumers and ensuring a structured level playing field for players in the market, their roles sometimes often gets misunderstood and worst still innovators do not know how to get the most out of them.
The truth is, as showcased by representatives of the South African Regulators of fintech, innovation and regulation can coexist.
The first step towards co-existence is through constant dialogue. For without it, both parties will continue to work in silos and be suspicious of the motives of the other party.
But what is the best example of open dialogue one may ask. Based on key speakers whose experience of best practices for regulators in the fintech space requires openness of intent by both parties as part of the stake management package around new regulation. This is the quintessential characteristic that will ensure that regulation is quick and enabling for the dynamic and versatile nature of research and development around fintech. For this to succeed, both parties have to be deliberate about it.
Awesome meeting David Waithaka of @Cellulant and his team at the on going #AFTSCapeTown2022. Read the article on https://t.co/z8num9ycSt pic.twitter.com/twjSgxRGMP
— FinInsight Zambia (@MWE15) November 4, 2022
On the issue of labor, which is often not spoken about but remains a critical success factor of the sector, candid conversations over how young professionals are treated is very important during the entity’s journey.
With many young knowledgeable tech savvy (‘the wok generation’) professionals on the market who seek out fulfilling roles above all else, companies in the sector must do more to provide an environment that not only breeds innovation but also allows for a sense of belonging.
The advocacy is not around making tech jobs more permanent, but companies must have a clear path for growth, incentivization as well as possible professional exit strategy.
A good example is Cellulant which has an organization culture that promotes entrepreneurial type of thinking and approach to problem solving. What this does is that it creates an environment where young professionals feel like they belong through contribution towards the mission of the company whilst at the at same time gaining the necessary skills that they too could seem themselves running their own entity once their tenure comes to an end.
Final thought
With participants returning to their various destinations, it is clear in my mind that the possibilities for the sector are limitless. Summits such as this one expose the possibilities that could be in solving some of the continent’s biggest challenges.
There is no one technological solution that fits every African or Emerging market. However, there is a common understanding that fintechs can provide answers to some of the basic needs challenges faced by millions.
#Zambia’s Primenet now pitching at #AFTSCapeTown2022 pic.twitter.com/fJXXwHJ8rm
— FinInsight Zambia (@MWE15) November 4, 2022