Workshop on Fintech, Payments, and Financial Inclusion

Unlocking the Potential of Financial Innovation for sub-Saharan Africa

Organized by the Bank of Botswana (BoB), International Monetary Fund (IMF) and Bank of Canada (BoC)

July 9-10, 2018

Gaborone International Convention Centre
Bank of Botswana
17938, Khama Crescent, Gaborone, Botswana

Objectives

  • Provide better understanding of the role of digital technology in achieving financial innovation in sub-Saharan Africa, including smart accounting and contracts, crowd-sourcing, and funding. 
  • Explore the growing use of blockchain technologies that allow faster, more flexible and secure payments systems, sharing experiences and expertise among peers in sub-Saharan Africa.
  • Explore the scope for digital technology to promote financial development and inclusion.
  • Discuss appropriate regulatory and public policy responses to Fintech, including correspondent banking relationships.

Agenda

Monday, July 9, 2018
8:00 – 8:15 Registration
8:15 – 8:25 Welcome Speech: Moses Dinekere Pelaelo, Governor, Bank of Botswana
8:25 – 8:40 Opening remarks: Onkokame Kitso Mokaila, Minister of Transport and Communications, Botswana
8:40 – 8:50  FinTech in sub-Saharan Africa: What are the new issues for policymakers? Opening remarks and presentation by Anne-Marie Gulde-Wolf, Deputy Director, African Department, IMF

(Photo Session; all participants)
Session I

Can Fintech Transform sub-Saharan Africa?

Moderator: Kealeboga Masalila, Deputy Governor, BoB

9:10 – 10:10 

FinTech and The Transformation of Financial Systems, presentation by Scott Hendry, Special Director for FinTech, BoC

Technological innovation in financial services could transform the financial system in sub-Saharan Africa but realizing the benefits of fintech, while guarding against the risks it could create, requires strong collaboration among actors and peers in the financial system

10:10 – 10:30

Tea Break

Moderator: Ewetse Rakhudu, General Counsel, BoB

10:30 – 11:00 The Payment System and Fintech Developments in Ghana, presentation by Eric Yaw Kumi and Grace Badger, Payment Systems Department, Bank of Ghana
11:00 – 11:30 Fintech and Mobile Payments Developments in Mauritius, presentation by Vikram Punchoo, Second Deputy Governor of the Bank of Mauritius
11:30 – 12:00 Tea Break
12:00 – 13:00 

Kenya’s Digital Transformation, presentation by Mohammed Nyaoga, Chairman, Central Bank of Kenya, Board of Directors

13:00 – 14:45

Lunch

Keynote Speech: FinTech and Cross-Border Payments, Dong He, Deputy Director, Monetary and Capital Markets Department, IMF (TBC)

Session II 

Distributed ledger technologies (DLT) and wholesale payment systems

Moderator: Rodolfo Maino, IMF

14:45 – 15:45

Can Project Jasper be replicated in sub-Saharan Africa? presentation by Dinesh Shah, e-Money & financial technology research program manager at BoC

Payments Canada, the Bank of Canada, major Canadian banks and technology consortium R3 began an ambitious project–code-named Jasper. Its goal was to build and test an experimental wholesale interbank payment system, using Distributed Ledger Technologies.

15:45 – 16:00 Coffee Break 
16:00 – 16:45

Distributed Ledger Technology in Payment, Clearing, and Settlement, presentation by Arif Ismail, Head of the Fintech Executive Management Department at the Reserve Bank of South Africa and member of the Committee on Payments and Market Infrastructures and the Markets Committee (BIS). 

Analytical framework to review and analyze DLT arrangements to identify opportunities and risks, and support trust. A key public policy objective for payment, clearing and settlement arrangements is to identify, monitor and manage material risks that may arise from their use.

16:45 – 17:45

Fintech, Inclusive Growth, and Cyber Risks: What can be learnt from the Middle East and North Africa Regions, presentation by Inutu Lukonga, IMF

18:00 – 19:30  Dinner cocktail 
Tuesday, July 10, 2018
Session III

FinTech, DLT, and Financial Inclusion

Moderator: Scott Hendry, Special Director for FinTech, BoC

8:00 – 8:30  Impediments to FinTech’s Growth Potential in sub-Saharan Africa, presentation by Rodolfo Maino, IMF
8:30 – 9:00  Digitally delivered Financial Services in Tanzania, presentation by Emmanuel M. Mung’ong’o, Manager Micro-Surveillance, Financial Stability Directorate. Bank of Tanzania
9:00 – 9:45  Blockchain in Development: Regulatory Challenges, presentation by Mary Mwangata, East Africa Legal and Compliance Specialist, BitPesa
9:45 – 10.00 Tea Break 
Session IV 

FinTech and Central Banking

Moderator: Oabile Mabusa, Chief Executive Officer, Bankers Association of Botswana

10:00 – 10:30  The mechanics of DLT, presentation by Dinesh Shah, e-Money & financial technology research program manager at BoC
10:30 – 11:15 

The possible need for regulating the crypto ecosystem, presentation by Ms. Kirsten van Driel, De Nederlandsche Bank

While crypto’s and tokens could be a new means of payment and a possible new way of market finance, there are risks regarding financial and economic crime that should be addressed. There is a need to regulate the different market players that comprise the crypto ecosystem to mitigate risks associated with crypto’s and tokens.

11:15 – 11:30  Tea break 
11:30 – 12:30  Potential Effects of Fintech on Banking, presentation by Francisco Rivadeneyra, Research Advisor, BoC
12:30 – 14:00 

Lunch

Keynote Speech by Moses Dinekere Pelaelo, Governor, BoB

Session V 

Payments and Central Bank Digital Currencies

Moderator: Dong He, Deputy Director, Monetary and Capital Markets Department, IMF

14:00 – 14:45  E-money and payments policy, presentation by Francisco Rivadeneyra, Research Advisor, BoC
Discussing the responsibilities of central banks in the areas of payments systems, monetary policy, and financial stability and the trade-offs faced by central banks in the decision to issue new forms of e-money.
14:45 – 16:00 

Central Bank Digital Currencies, presentation by Arif Ismail, Head of the Fintech Executive Management Department at the Reserve Bank of South Africa and member of the Committee on Payments and Market Infrastructures and the Markets Committee (BIS).

A high-level overview of the implications of central bank digital currencies for payments, monetary policy and financial stability.

16:00 – 16:15  Wrap up and closing. Anne-Marie Gulde-Wolf, Deputy Director, African Department, IMF