At the recent Tech Cabal Moonshot 2024 conference, industry leaders gathered to explore the promising landscape of open banking in Africa. The panel session, titled ‘The Open Banking Opportunity – How to Take Advantage of It’, brought together prominent figures in the African fintech ecosystem who shared insights on innovation, market responsiveness, and the transformative potential of open banking in the region.
Adedeji Olowe, founder of Lendsqr, drew a powerful parallel between the impact of telecommunications and the potential of open banking. “Just as Telecomms have made the economy grow, open banking will do the same,” Olowe predicted, highlighting the transformative potential of this financial innovation.
Olowe emphasised the critical importance of market awareness in capitalizing on the open banking opportunity. “If the market speaks and you don’t listen, you’re dead,” he warned, stressing the need for businesses to remain agile and responsive to evolving consumer needs in the open banking landscape.
The Lendsqr founder also underscored the significance of consumer engagement and education in the successful implementation of open banking. “Consumer engagement and education is so important that if we get everything right and that wrong, we’ve failed everything,” Olowe asserted. This statement underlines the crucial role of customer-centric approaches in driving the adoption and success of open banking initiatives.
Uzoma Dozie, CEO of Sparkle, brought attention to Nigeria’s progressive financial ecosystem as a fertile ground for open banking. “Nigeria has a very progressive finance system,” Dozie stated, setting an optimistic tone for the potential of open banking in the country. He further added, “Open banking will force us to be more innovative,” highlighting the catalytic role of open banking in driving financial innovation.
The panel discussion revealed a consensus on the transformative potential of open banking in scaling commerce across Africa. Industry leaders expressed optimism about the opportunities presented by open banking, emphasizing the need for innovation, market responsiveness, and consumer education to fully leverage its benefits.
As Africa continues to embrace technological advancements and progressive financial systems, open banking emerges as a key driver for fostering financial inclusion, stimulating economic growth, and revolutionising the commerce landscape across the continent.
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