Global finance has gone digital to prioritize convenience, efficiency, and speed. This choice has yielded positive effects across various sectors, particularly in commerce. In Africa, financial experts have also embraced this transformation but numerous challenges persist.

The fifth edition of the Next Fintech Forum will be held in Abidjan, Côte d’Ivoire, on November 16-17, under the theme "Fintech and commerce: shaping African trade." Organized at the Radisson Blu by the Africa Fintech Forum, the two-day event will bring together several experts, entrepreneurs, and enthusiasts from e-finance, commerce, finance, logistics, and many other related sectors.

They will discuss the impact of fintech on African commerce, and share their knowledge, ideas, and experiences in using financial technologies to stimulate business growth, enhance the customer experience, and strengthen the competitiveness of African trade on a global scale.

Speaking about the objectives of the Next Fintech Forum, Alex Sea, President and CEO of the Africa Fintech Forum, states: "In recent years, there has been a surge in the development of new business models, groundbreaking technologies, and customer-centric experiences that are revitalizing the global financial landscape. Fintech, which is the application of technology to deliver innovative financial solutions, is experiencing unprecedented growth. [It is] an attractive and dynamic sector that needs to be developed and structured, particularly in French-speaking Africa. Mindful of the disparity between a thriving, rapidly expanding industry and local infrastructures that may not be adequately equipped to harness the full potential of Fintech, our aim is to effect positive change.”

Over the past five years, the fintech sector has attracted the most interest from venture capitalists and angel investors in Africa. Of the $6.5 billion raised by African startups in 2022 –up 8% compared to 2021 according to Partech Africa– the fintech sector alone raised $1.9 billion (29.23% of all funds).  However, fintechs have not gained credibility or evolved their services sufficiently to meet the new needs of African markets.

In his report "Limits to the expansion of African fintechs", Idriss Linge, business journalist and editor-in-chief of Agence Ecofin, explains that fintechs need to overcome a number of challenges if they are to prosper further on the continent: they need to go beyond money transfer, payment or even small-scale credit.

With the African Continental Free Trade Area (AfCFTA) becoming effective in January 2021, numerous commercial and financial opportunities are emerging on the continent. Opportunities to which fintechs could respond effectively through innovative solutions that will stimulate business growth and boost the competitiveness of African trade on a global scale.