Sino-African summit on digital financial inclusion focuses on sharing experiences and opportunities

At the "2019 China-Africa Digital
Financial Inclusion Summit ", which followed a similar event organized at
Beijing in September 2017, professionals discuss ways to promote the
global digital financial inclusion (DFI) development program by building a
Collaboration platform between China and Africa to facilitate knowledge
sharing, partnerships and investments.

The event, which touches on the innovation DFI
and development in Kenya and Africa in general, saw the main Chinese digital technology
Financial inclusion organizations displaying cases in DFIs in China.

In his opening remarks, Bei Duoguang,
President of the Chinese Academy of Financial Inclusion (CAFI), one of the main
organizers, said that the meeting would provide a platform for dialogue, communication
and cooperation.

Financial inclusion in neighboring countries
Belt and Road can provide funds for small and medium-sized businesses and
microenterprises to stimulate the economy and improve the standard of living of people, Bei
I said.

"By providing financing to individuals,
financial inclusion can lead people to actively participate in economic activities,
strengthen their sense of commitment and level of happiness, "he added.

He said in the CAFI study on finances
inclusion in the countries along the belt and the road, the average ownership of the account
for low-income countries is 35%, while only 2% of
the population in the same countries has credit cards.

"Through technological innovation,
digital financial inclusion tools such as mobile banking accelerate
the pace of middle and low-income countries to catch up with the rest of the
world, "noted Bei.

During the conference, Chinese decision-makers
are also waiting to better understand the landscape of financial inclusion
in different African countries to explore business opportunities and investment
and serve as an innovative and influential platform for defending financial interests
social development services.

Li Dongrong, president of the national Internet
Finance Association of China, said that China and African countries have a common point
aspirations and the desire to develop inclusive finance and to promote a broad
growth.

Li said in 2012, China proposed the concept
to promote the achievement of inclusive finance with mobile finance and has
actively explored innovative models such as mobile payment, mobile credit,
mobile wealth management.

"African countries have also explored a
many in this area, such as mobile payment and the corresponding bank.

"It's a big realistic scope for
Chinese and African experts and scholars meet here in Africa, exchange
perspectives and learn from each other about inclusive digital finance ", Li
I said.

Li said since the World Bank officially
proposed the concept of "inclusive finance" in 2005 with the joint meeting
efforts of international organizations and different countries, the development of
Global Inclusive Finance has made great progress, adding that China
inclusive financial development ranked high, with the account ownership rate at
80% and the use of digital payment to 68%.

Zhao Xiyuan, Minister Counselor
The Chinese Embbady in Kenya, told the experts that the deliberations of the forum
will go a long way ahead with solutions and ways in which China and
Africa can collaborate in the area of ​​digital financial inclusion, which is
key to development.

China has achieved remarkable development
progress made in recent decades. Africa has also made great progress and during
development process, China and Africa have strengthened their
dramatic relationship where they appreciate increasing mutual trust and exchanges
at all levels, said Zhao.

The envoy said in recent years that people with
access to formal financial services has increased unprecedented because of the
launch and development of digital financial services in Africa.

The continent now houses most digital solutions
Financial services deployments, with about 350 million individual users, Zhao
says, adding that mobile money solutions and agent banking offer
transactions, savings, credit and even insurance in rural areas.
villages and urban neighborhoods, where no bank had ever established a branch.

Gabriel Negatu, General Manager of East
Office of Regional Development and Business Delivery in Africa to African Development
Bank, said at the forum that the continuation of dialogue and sharing of experiences between
China and Africa will accelerate progress on the DFI.

Negatu said the mobile revolution had helped boost
economic growth in Africa in recent decades, highlighting
be done to improve the connectivity and interoperability of different payment methods
systems in Africa.

The summit gathered more than 200
participants in the digital financial services and fintech sectors. C & # 39; was
organized jointly by CAFI, the South-South Cooperation Financial Center and FDS Kenya,
and has been supported by the China Banking Association and Bill & Melinda
Gates Foundation, among others.

GNA