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Gaborone – The government expects private sector practitioners that they facilitate the appreciation of the range and magnitude of financial technology, technology and technology. Adaptation and potential (Fintech), as well as related opportunities and risks.
Minister of Transport and Communications Onkokame Mokaila said policymakers and regulators needed to share information that supports the badessment of emerging developments towards a meaningful and facilitative policy and regulatory environment. He said the conference was timely and important for the region, especially at a time when global growth is being held back by low productivity.
The workshop was organized by the Bank of Botswana (BoB), International Monetary Fund. (IMF) and Bank of Canada (BoC) under the theme; Unlocking the potential for financial innovation for sub-Saharan Africa, a theme that the minister has said is consistent with current national strategies for inclusive growth, job creation and poverty alleviation
"So I would like to express my sincere gratitude to Mr. Mokaila's Bank said that financial technology continued to transform the conduct and delivery of financial services, while offering great potential for broadening the scope of financial inclusion, he added.and finally inclusive growth.
He noted that one can not escape the fact that financial technology is ubiquitous in all areas of the economy. economic and social activity; He said that it should be understood that the impact of technology on economic progress is not a new phenomenon.
"Fundamental economic badysissuggests that the factors of production – land, capital and labor – can not generate a sustained increase in the quantity and quality of production without an infusion of new ways of doing things.
Thus, overall, growth has always been driven by new technological innovations. The minister said the world was in the fourth industrial revolution known as the digital revolution and that it was characterized by unlimited exponential growth and a fusion of technologies between disciplines and sectors.
He said that the current industrial revolution social promotion and inclusive growth; Mr Mokaila added that enhanced broadband and Fintech have enabled companies to maintain a fast pace of financial inclusion, particularly with regard to remittances and payments for advanced economies that are advanced economies. . Fintech stimulates organic growth in the financial sector and helps accelerate productivity and the expansion of other sectors.
"Fintech is a source of inclusive growth because it offers diversified jobs and revenue streams, which include: Mr. Mokaila said Fintech is a development whose great potential is recognized and applauded by the government in the pursuit its economic diversification (ESD) agenda, which includes the transition to a knowledge-based economy.
It informed stakeholders The Cabinet recently approved the implementation of a National Broadband Strategy (NBS) to facilitate universal and cost-effective access to ICT and the Ministry of Communication is responsible for implementing the strategy with the aim of developing sustainable economy. 19659012] "The successful use of broadband will be the key to increasing financial inclusion through the example of Fintech.
As a result, I encourage you all to work with my department or the government to ensure implementation. For his part, Bank of Botswana (BoB) Governor Moses Pelaelo said that inclusive financial systems are essential for economic growth and sustainable development. and, in this regard, Fintech and other innovations, including blockchain technologies, offered hope and promise to promote financial inclusion in a cost-eff. He said that inclusion was the next frontier of growth in the banking and financial sector in sub-Saharan Africa and that the workshop aimed to explore the prospects of unleashing the potential of financial innovation while preventing any potential illegal uses and preserving financial stability. The other objectives of the workshop are to better understand the role of digital technology in financial innovation in sub-Saharan Africa, including accounting and smart contracts, open outsourcing and financing, in particular. exploring the increasing use of blockchain technologies, more flexible and secure payment systems.
Source: BOPA
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