Nigeria: Norebase start-up raises US$1 million for its expansion in Africa

FONI 2022 postponed… The new date!

At TOGO, the annual meeting of the International Forum on Digital Intermediation and Innovation from May 5th to 6th at the hotel February 2nd… Opportunities, challenges and content of the 2022 edition
Organized by Afrik Créances, FONI, a true platform for meetings and sharing experiences, aims to discuss the impact of banking/financial intermediation activities and the provision of technological and payment services on the dynamics of financial inclusion and financing of the regional private sector. This annual Forum intends to lay the foundations for an in-depth reflection on the main problems faced by the banking and financial sector. The event will revolve around an inaugural conference, presentations and exhibitions at booths on products, solutions and innovations, as well as high-level conferences on current topics in banking, finance, intermediation, capital markets, insurance, telecommunications, payments and FONI offers you a unique platform for meetings of stakeholders in the banking, financial, insurance, telecommunications, technology, digital, payments, as well as regulators and administrations of the public and private sector…

The structure of banking and financial intermediation has changed profoundly in recent years, to adapt to the changes resulting from the deregulation and liberalization of the sector.
The financial crisis, particularly that of 2008, marked a strengthening of ex post international financial regulation, which was more restrictive and led to the development of “shadow banking” or “shadow banking”.
Indeed, in the grip of growing prudential constraints, the bank is no longer the privileged interlocutor in mobilizing savings and financing the private sector.
This qualitative evolution of intermediation leads to an erosion of banking monopolies and financial markets in the mobilization of resources or even savings and financing of the private sector thanks to a diversification of banking and financial products and services, sometimes even under the impulse of the banks.
This resulted in new forms of intermediation, with the emergence of new actors, mainly non-banking ones, whose organizational and operational model, different from that of banks, transforms the classic pattern of banking and financial intermediation.
These new operators are investing heavily in new technologies to offer alternative solutions that allow traditional banking sectors to better manage their exposures, namely to credit risk, and diversify them, namely by using the externalization of these risks, henceforth supported by dedicated structures in financial resources, namely through securitization.
The economic model of these new entrants, fundamentally rooted in technology, the Internet and mobile telephony, has made it possible to diversify the supply and distribution channels of banking and financial products and services, as well as the sources of financing and investment, through crowdfunding platforms. , the issuance of digital assets, cryptocurrency has become a reality under the control of certain jurisdictions in which embryonic legislation has been adopted to also promote this method of financing start-ups.
These industry developments are being closely watched by banking regulators and the regional financial market who, through various initiatives, associate most stakeholders with forward thinking, namely bodies, public administrations, banks, Intermediation Management (SGI), Microfinance institutions , insurance, telecommunications, service providers, fintech, etc.
In addition, the COVID-19 pandemic has also given new impetus to the depersonalization of customer relationships with the growing development of “online banking” and “online stock markets” as well as remote transactions.
It is worth noting that, within the UMOA, the banking regulatory field has greatly expanded with the adoption of new guidelines and instructions by the Central Bank. (Instruction No. 008-05-2015 on Issuance of Electronic Currency, Instruction No. 15-12/2010/RB of December 13, 2010 which establishes the conditions for the exercise of intermediation activities in banking operations in the UMOA, etc.) .
Within the scope of developments, the General Regulation of the Regional Financial Market under the aegis of the Regional Council for Public Savings and Financial Markets (CREPMF), which offers instruments for mobilizing savings to finance the private sector, now opens a gateway for banks who can carry out businesses that were normally reserved for financial market professionals.
Under the effect of increasing prudential constraints and the penetration of new technologies, the philosophy and physiognomy of financial intermediation raise a fundamental question:
“Is the banking sector in UEMOA member countries or even in Africa robust enough to embrace the ongoing structural changes and absorb the qualitative impact of digital in the diversification of channels for offering products and services? financial? »
As fintechs have become essential players, it is necessary to question the structural, organizational and functional models of the new players and to situate their competitive advantages in relation to banks and financial market players.
The protection of consumers of financial products and services is also a crucial issue underpinning investor and consumer confidence.
Overall, it is worth focusing on the adequacy of our regulatory environment to these changes in traditional intermediation patterns with the development of blockchain, cryptocurrencies, artificial intelligence, big data, etc.
It is therefore a question of retracing the evolution of banking and financial intermediation in the WAMU member countries and discussing its impact on the dynamics of financial inclusion and its real added value in the financing of the regional private sector.
Discussions can focus on:

  • How to make effective the protection mechanism and guarantees recognized to consumers of banking and financial products in the UEMOA area?
  • What mechanism should be put in place to guarantee payment to investors in the event of loan repayment delays and/or losses?
  • the contribution of technologies and innovations in the dynamics of the offer of banking and financial services?
  • the impact of intermediation on the distribution of banking and financial products and services, as well as on economic growth?

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