• Sunday, May 26, 2024
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Bridging data trust gap in focus at 2024 RegTech Africa Confab

Business diplomacy and Africa’s development

The RegTech Africa Conference 2024 is primed to illuminate the transformative potential of data governance in Africa’s economic landscape.

Scheduled to convene on May 23rd and 24th, 2024, at the esteemed Lagos Oriental Hotel in Nigeria, this flagship event will gather luminaries, policymakers, and industry titans to chart a course toward unlocking Africa’s true prosperity.

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In an era defined by the rapid proliferation of data collection and analytics, African governments stand poised to leverage these technological advancements to bolster regulatory frameworks and drive economic inclusion.

With Sub-Saharan Africa leading the charge in Mobile Money usage, boasting a staggering 218 million active accounts according to GSMA’s State of the Industry Report on Mobile Money 2023, the region stands at the forefront of a digital financial revolution.

“The potential impact of data collection and aggregation in Africa’s digital financial ecosystem is profound,” remarked Cyril Okoroigwe, CEO of RegTech Media, the organizing body behind the conference.

“However, to fully harness the power of data, strides must be made in data protection and sovereignty. The 2024 RegTech Africa Conference serves as a pivotal platform for industry stakeholders to converge, collaborate, and address these pressing challenges.”

Central to the conference agenda is the imperative of enhancing the application of data technologies by regulators to cement growth and drive financial inclusion in the region.

Data, as a valuable asset in any financial ecosystem, has the capacity to empower consumers, policymakers, and financial service providers alike by fostering transparency and informed decision-making.

“By harnessing the power of data, regulators can effectively monitor financial activities, detect irregularities, and safeguard against fraudulent schemes,” Okoroigwe emphasized.

“Moreover, data-driven compliance offers a streamlined approach that not only enhances efficiency but also ensures a safer and more secure environment for consumers.”

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While the promise of data-driven transparency and compliance in Africa’s digital financial ecosystem is substantial, several challenges must be addressed to maximize its impact.

These include data privacy and security concerns, digital literacy, and the imperative of regulatory collaboration across borders.

With a stellar lineup of speakers from across the globe and the support of key partners and sponsors, the 2024 RegTech Africa Conference is poised to catalyze dialogue, innovation, and actionable strategies for bridging the data trust gap and unlocking Africa’s prosperity.