Fintechs, The Game-Changer In Crises?

Will fintech pass the test of being a game-changer in the face of the coronavirus novel or will it fizzle away?

Digital lending as a financial technology

Join CIO East Africa on 4th June 2020 at 3:00 PM EAT, for a webinar on ‘How Fintechs Are Game Changers During and After the Crisis’.

Termed as the most defining global health crisis of our time, and probably the greatest challenge ever faced since World War Two, coronavirus has disrupted the normal way of life, proving a life-changer. But can Fintech outdo the crisis to become the to-go-to resource?

CIO East Africa has, against this backdrop, aligned specialists to speak at a free to attend webinar, on why fintech is the true game-changer in this crisis.

Laura Chite, CEO CIO East Africa will moderate the panel session whose panelists include Stephen Mwaura Nduati, the Chairman and Co-Founder, Fintech Institute, Munyi Nthigah, CEO at Codesign Africa, Kamau Kunyiha, Regional Manager, East & Southern Africa, CreditInfo, Firas Ahmed, Group CEO & Co-Founder, AzamPa together with Ali Hussein Kassim, Co-founder & CEO, Kipochi.

In a global transformation age, where information and trends spread at a faster pace than ever before, the ‘herd mentality’ is not surprising. However, the current intensity of Fintech makes one wonder whether it is a temporary trend that will fizzle out after a while or a revolution for the financial services sector.

When it’s no doubt that the global financial industry, like any other, has been adversely affected by the novel coronavirus pandemic, the East African Fintechs have been on the receiving end, owing to the slower uptake of technology in the financial space. Many banks struggling to maintain the revenues and earnings from previous days.

Financial firms like banks have in the recent past leveraged technological developments that made them shut down branches, limiting the interaction with customers, thus weakening customers’ loyalty to banks. To exacerbate the issue for banks in adapting to a new and more technology-driven economy and consumer pattern, their IT-systems often suffer from significant legacy issues.

Financial technologies, therefore, stand to prove as the game-changer for banks and other players in the industry or then to be considered the new black.



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