The Africa Fintech Network (AFN) and Cenfri are pleased to announce the signing of their new Memorandum of Understanding. This MoU underlines the shared interest of AFN and Cenfri in developing and strengthening fintech across the continent and describes the practical support that we will give each other.
AFN is the continent-wide platform that unites African fintech leaders, organisations and stakeholders. The AFN network consists of national fintech associations that represent all fintechs in their jurisdictions. AFN is actively involved in establishing fintech associations across the continent, and convenes to exchange information and ideas, share opportunities, and advocate for key issues facing the industry.
Such support activities are of critical importance for the relatively young fintech industry, which previously lacked a collaborative and united platform. The AFN better positions African fintechs for pioneering growth. Collaboration gives rise to greater innovation; sharing of information enables the industry as whole to become more transparent, with opportunities for growth distributed more equally; and a strong collective voice enables the industry to more effectively advocate for appropriate enabling environments, including regulation. Through pursuing a collective for African fintechs, AFN encourages the industry to follow its ambition to “Innovate together – Advance as one”.Cenfri supports this industry movement, as a more flourishing fintech ecosystem in Africa will ultimately enable more inclusive development and financial inclusion.
Dr Segun Aina, President of the Africa Fintech Network, comments: “The digital evolution of the African continent couldn’t have come at a better time than it is. This is why the AFN in its commitment to promote innovative technologies and deployment to connect Africa with the global community for open dialogue is excited to collaborate with Cenfri as strategic partners to drive creativity and innovation aimed at proffering timely, tested, affordable and indigenous solutions to Africa’s peculiar real-world challenges.”
Doubell Chamberlain, Managing Director of Cenfri, comments: “The African continent and economy is digitising rapidly, and this opens up great opportunities for fintech to contribute to financial health and wellbeing. We believe in the importance of supporting local solutions for local problems and are thus committed to enabling the African fintech ecosystem to rise to this occasion. Through our partnership with the Africa Fintech Network, we’ll provide strategic insights and support to improve the functioning of the African fintech ecosystem overall.”
Cenfri endeavours to collaborate with AFN by:
The deep reach of AFN’s network of fintechs across the continent, both directly and through the national country associations, will enable both AFN and Cenfri to develop richer insights and expand the reach of their impactful work across the ecosystem. This builds on Cenfri’s existing commitments to supporting innovation ecosystems, through our ecosystem mapping efforts and the DataHack4FI.
For more information on Cenfri’s work in supporting fintech ecosystems, please reach out to Renée Hunter.