Recent developments in the banking sector will come under sharp scrutiny during the Common Market for Eastern and Central Africa conference (COMESA) that starts at the Kenya School of Monetary Studies (KSMS) tomorrow.
Conference organisers, AITEC say delegates will seek ways on how best institutions can innovate to continue reaping the benefits of mobile money and provide better customer experience.
Themed “Finance SMEs – and fire up the economy,” the two days event will focus on small and medium enterprise financing, including how they can leverage the mobile money platforms to grow their businesses and remain competitive.
“It will address the latest innovations and developments within the banking sector and mobile money arenas through sessions such as ‘Driving the shift towards digital banking for a fully engaged customer experience,” said Sean Moroney, AITEC Africa Chairman.
The summit is being held amidst a turf war pitying mobile network operators (MNOs) and banks, the latter of who are now integrating mobile money transfer (MMT) into their customer service.
The Central Bank of Kenya (CBK) reports that consumers move an average of KES 186.4bn a month or KES 6.2bn per day on mobile money platforms.
It is as a result of the popularity of mobile money and its lucrative nature that has awakened new competition wars especially from new players coming in on a new concept dubbed Mobile Virtual Network Operators (MVNOs).
So far, three MVNOs licenses for Tangaza’s Mobile Pay Limited, Zioncell Kenya Limited and one to Finserve Africa Limited, a subsidiary of Equity bank, have been issued. Innovation and competition is definitely setting pace in the country’s economic growth and development.
The summit will also review the latest anti-money laundering threats and strategies, ‘Agent banking for financial inclusion’, the opportunities and challenges of a cashless transport sector, and financing the agricultural sector among others.
It will also create industry linkages between regional financial sector players and technology suppliers and innovators.