Association for Free Research and International Cooperation

China-Africa digital financial inclusion summit focuses on experience sharing, opportunities

Financial policymakers and experts drawn from institutions and enterprises in China and Africa met in Nairobi on Tuesday to discuss how to accelerate investment and collaboration for financial inclusion in Africa.

At the “2019 China-Africa Digital Financial Inclusion Summit,” which followed a similar event held in Beijing in September 2017, the professionals are discussing how to promote the global development agenda of digital financial inclusion (DFI) by building a collaboration platform between China and Africa to facilitate knowledge sharing, partnerships, and investments.

The event, which touches on DFI innovation and development in Kenya and Africa in general, saw leading Chinese digital financial inclusion organizations displaying cases in DFI in China.

In his opening remarks, Bei Duoguang, president of Chinese Academy of Financial Inclusion (CAFI), which is one of the organizers, said the meeting will build a platform for dialogue, communication and cooperation.

Financial inclusion in countries along the Belt and Road can provide funding to small and medium-sized enterprises and microbusinesses to stimulate economy and improve people’s living standards, Bei said.

“By providing financing to individuals, financial inclusion can make people actively involved in economic activities, enhance their sense of involvement and level of happiness,” he added.

He said in CAFI’s study of financial inclusion in countries along the Belt and Road, the average account ownership for low income countries stands at 35 percent, whereas only 2 percent of population in the same countries has credit cards.

“Thanks to technology innovation, digital financial inclusion tools such as mobile banking are speeding up the pace of middle and low-income countries to catch up with the rest of the world,” Bei noted.

During the conference, Chinese policymakers also expect to gain a deeper understanding of the financial inclusion landscape in different African countries to explore business and investment opportunities and serve as an innovative and influential platform to advocate financial services for social development.

Li Dongrong, President of National Internet Finance Association of China, said China and African countries have common aspirations and willingness to develop inclusive finance and promote broad growth.

Li said in 2012, China proposed the concept of promoting the realization of inclusive finance with mobile finance and has actively explored innovative models such as mobile payment, mobile lending, and mobile wealth management.

Read the original article here.

Credit image/New China


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