Patrick Njoroge, former fovernor of the Central Bank of Kenya (CBK), has said that fintech operators must be world-class in their endeavours.
Njoroge said this in his Keynote speech at BusinessDay’s Fintech event, which was themed “Fintech in Africa: Navigating Cross-Border Regulation.”
“The age of average is gone. There is a need for Nigerian fintech operators to be world-class in standards and in all that the industry does,” he said.
He also noted that being world-class requires holding fintech and payment players accountable for their responsibilities. “In Africa, disconnection is now more of a feature than a bug. We need to hold all players accountable for their offerings because these disconnections impact the lives of millions of Africans.”
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The Former Governor of the Central Bank of Kenya highlighted the need to create borderless innovation on the continent. He said, “Innovation borders are breaking down, but they are not breaking down fast enough, in my opinion. It is beyond a country, and so you should not think of Nigeria as your destination; your destination is the world,” he said. “If you want to do anything, dare to be world-class or do not do it at all.”
Commenting on how to measure success, Njoroge explained that payment operators need to see their success as succeeding with their customers rather than fundraises or other such activities.
He said, “Oftentimes, organisations think that the amount of money raised is the measure of success or how little time it takes to be a unicorn. That does not mean anything. Rather, your measure of success should be a success regarding the customer. You should endeavour not just to be a disruptor but make an actual impact on people globally,” he added.
Speaking about regulators, the former CBK governor emphasised the need for regulators to regulate wholly. “Regulators need to regulate wholly. They need to work to set standards for emerging payment technologies and innovation-related regulations.
He added, “Regulators should not be anti-innovation. An ideal regulator should have a couple of concerns about three integral concepts: stability in financial policies and prices. Consumer protection against fraud, and healthy competition among the players in the space.”
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He also noted the need for strategic alliances among fintech operators and the need for fintech players to gain the trust of the regulators in the space.
Njoroge added, “Fintechs need strategic alliances. Operators need to understand that they are not in the proverbial wild west. There is a need to collaborate with brick-and-mortar banks and other players. Also, fintech operators need to gain the trust of the regulators. As a fintech operator, how much do the regulators trust you?
“The future of African fintech is bright. With world-class behaviours and innovations, African fintech players can play in the global market.”
