Digital Jewels, Africa Fintech Network Harp on Fintech Regulations

In a joint effort to address the growing complexities of regulatory compliance in the African fintech sector, Digital Jewels, in collaboration with the Africa Fintech Network, recently hosted a webinar titled: ‘Navigate and Comply with Regulations with Ease through International Standards and Industry Frameworks: Fostering a Culture of Transparency and Accountability’.

 The online event attracted key players from the fintech industry, providing valuable insights into the complexities of regulatory compliance.

The fireside chat featured industry leaders, including Group Managing Director/CEO of Interswitch Group, Mitchell Elegbe, and Chairman of the Association of Fintechs in Kenya, Ali Hussein Kassim.

During her opening remarks, Digital Jewels CEO, Adedoyin Odunfa, expressed enthusiasm over the collaboration between Digital Jewels and the Africa Fintech Network.

According to her, “This partnership with the Africa Fintech Network marks a significant step forward in addressing regulatory challenges. We believe that international standards can help FinTechs comply with ease while fostering a culture of transparency and accountability. The insights shared here today will undoubtedly benefit everyone in the fintech ecosystem.”

The event kicked off with a presentation from the Group Executive Director and CTO of Digital Jewels, Tokunbo Taiwo, who mapped out the evolution of fintech, highlighting the sector’s rapid growth drivers, such as financial inclusion initiatives, the shift away from cash transactions, and increased funding for innovation. He also outlined the operational challenges that fintech organisations face and stressed the importance of regulatory compliance as a key driver for growth.

Elegbe, in his fireside chat with Digital Jewels CEO, reflected on Interswitch’s journey and how strong corporate governance played a pivotal role in the company’s rise to become Africa’s first unicorn.

“Back in 2002, we faced significant challenges in gaining trust as a payment company in Nigeria. It was critical for us to be ahead of the curve with compliance and governance to build trust with both customers and regulators. That decision ultimately saved us and allowed us to grow into what we are today,” Elegbe remarked. He also appreciated Digital Jewels for helping Interswitch adopt global best practice standards, which significantly improved their operational efficiency and security.

Kassim shared his perspective and pointed out that Kenya and East Africa, despite being pioneers in mobile money and financial inclusion, still lag behind in adopting global best practices.