Focus on Fintech as a driver for Islamic Economy in East Africa as well as Financial inclusion
IMO News Service
East Africa Islamic Economy Summit 2018 will take place in Kenya’s capital city Nairobi on April 24-25. The primary focus of two-day event will be Fintech as a driver for Islamic Economy in East Africa as well as Financial Inclusion in the region. This will be the 3rd edition of East Africa Islamic Economy Summit.
Agnes Gitau, GBS Africa, while elaborating on the theme of the summit, said that East Africa region has the potential to emerge as a leader in the Islamic Finance digital economy with its highly developed infrastructure and robust communication sector. And, to top it all the young educated tech savvy population in the region is equipped with the ability to capitalize on technology development.
Gitau said, “The summit’s 3rd edition will be looking at Islamic Economy defining the role of the financial sector. The focus will be on utilization of tools and technologies as growth accelerators, and as means to facilitate transactions free from traditional bureaucratic processes, while simultaneously driving financial inclusion.”
It may be noted that five years ago GBS Africa with the active collaboration of key East African institutions began a dialogue process centered around Islamic Economy, Islamic Finance and East Africa’s economic development. This continued and over the years transformed to an annual gathering for the East African region.
The summit sees huge participation of important players in East Africa economy. The platform offers opportunities to these players to set the agenda for the development of Islamic Economy sector as well as overall economic development of the region. A recent study by Ernst & Young said that East Africa has the potential of 150 million new customers by 2021.
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