Inuwa who represented Dr Ayo Bakare of the Agency’s Digital Economy Department (DED), said this while delivering his keynote address at the 2nd Africa Cashless Payment Systems Conference themed “Building Cashless Africa” in Abuja.

While describing FinTech as an important sector that needs to be passionately embraced, the NITDA boss stated that Fintech is one of the outstanding sectors where the impact of digital technology is felt in Africa.

Giving accolades to the Foreign Investment Network (FIN) and its partners for organising the event, Inuwa averred that the conference which brings professionals from the financial, technology, judiciary and government sectors together would ensure that information technology is adequately integrated into every sector, particularly the financial sector.

“The collaboration through this Conference allows FinTech companies, vendors of financial solutions, consumers, government, and academia to meet and deliberate on how Africa can develop and promote safe, secure, and seamless digital financial transactions across the continent with minimal disruptions”, he stated.

The DG expressed his confidence that digital financial solutions, cyber security, e-commerce and digital retail banking amongst many others would as the topics of discourse during the event would give new insights into strengthening the country’s cashless economy.

Without mincing words on the advantages of a cashless economy where information is readily available on all flows of income, revenue and expenditure, Inuwa stated that reducing the availability of cash in circulation would exterminate all forms of financial crimes in the country.

“Negative social vices such as theft, corruption, illegal transactions, money laundering, financial crime, and the like are reduced as the availability of cash in circulation reduces. The authentication of all transactions in a cashless payment system has brought transparency and built trust in the ecosystem”, he mentioned.

He asserted that cashless payment system in Africa will further promote the actualisation of the Sustainable Development Goals (SDGs) of eliminating poverty, empowering women and ensuring citizens have access to credit services.

According to Inuwa, “Africa’s revenue from Fintech alone hit between $4.5bn and $6bn in 2022 and Bloomberg report shows that Fintech in Nigeria accounted for $439m in the year 2021. And it is projected to increase by 23.69% in the year 2022. Furthermore, many Fintech Unicorns have emerged in Africa, of which 6 of them are from Nigeria”.

He added that Africa’s huge unbanked population is a major concern that requires urgent intervention and urged the government and Fintech companies to intensify efforts in absorbing them into the trending bandwagon of financial independence and growth.

While reiterating the Agency’s support to the Fintech industry through their developmental regulations with a focus on cyber security, data strategy, data protection, cloud computing and emerging technologies, Inuwa expressed faith that a cashless economy would bring development to Africa and the world.

“It is important for this gathering to note that cash is still a major dominator in African transactions. However, I have a strong conviction that Fintech has the ability to eradicate cash dominance in Africa. Having a secured cashless system will enhance faster and more effective African trade within the region and globally”, he stated.

Texas-based fintech firm sends customers’ remittances to Nigeria, Kenya, and other African nations.

Anslem Oshionebo, 45, and 43-year-old Opeyemi Odeyale were sentenced after being found guilty of failing to maintain effective anti-money laundering controls and unlicensed money-transmitting, TechEconomy gathered from Bloomberg reports.

According to US legal filings, the money was sent over a period of about three years.

In one three-year period highlighted by the DoJ, the firm failed to flag a single suspicious transaction to regulators despite processing a “significant amount” of them, though it filed a batch of reports later.

One customer used the firm to move funds they made from fake-romance sc@ms, with victims including a woman in Indiana who sent $15,000 to a supposed roughneck oil worker in the Gulf of Mexico, and another who sent $6,300 to a purported Irish sea captain.

Another customer moved more than $80,000 in a single month, far more than the company’s $4,500 limit, court filings show.

Ping Express faces five years of probation and a fine as high as $500,000 after pleading guilty to a similar charge, while another executive received a 42-month sentence, the Department of Justice said.

Announced during the “Kigali International Financial Centre: The Home of Africa’s Fintechs” forum held recently at the Conrad Hotel in Dubai, KIFC will direct the funds to not just any fintech company, but those with proven technology, operating in Africa.

Private equity investments in Africa have doubled during the last decade with fintech receiving close to 60% of the capital. Total capital invested in African FinTech companies grew by $1.49 billion in 2021 compared to the previous year, setting Africa’s highest FinTech funding year to date at $2.02 billion.

The fund domiciled in KIFC and backed by MyGrowthFund Venture Partners will create proximity on the continent between investments and fintech investment opportunities, as well as increase African investment in African fintech, especially since less than 10% of the private equity investment in 2021, came from the continent. The fund’s objective is to grow the capital to $120,000,000.

The high-level expert-led discussions focused on the game-changing role that KIFC is playing in connecting global investors to fintech opportunities across Africa. KIFC provides a conducive environment for investment and resources needed to drive the levels of entrepreneurship and digital skills required to build an emerging fintech ecosystem.

Advancements in technology have seen the rise of African based unicorns, particularly in the financial technology space, offering payment or banking solutions. Several of these unicorns have sought out Kigali as a base to consolidate their regional operations.

“70% of the investment deals go to tech-based products and/or services, so attracting fintech oriented investors and creating a thriving fintech ecosystem, which would facilitate scaling up investment across the continent, is of paramount importance to KIFC,” said Nick Barigye, CEO of Rwanda Finance Limited (RFL). UAE’s evolving fintech landscape continues to boost development and innovative solutions in the industry, providing inspiration to and partnership opportunities for Africa’s fintech community.

Several senior industry experts spoke at the forum, including Hon Paula Ingabire, minister of Information and Communications Technology and Innovation, Government of Rwanda; Barigye; Oluwatosin Ajibade (Eazi), founder of Empawa Africa and Global Superstar; Vusi Thembekwayo, CEO, MyGrowthFund Venture Partners; Angela Homsi, founder and CEO of Angaza Capital.

The forum was part of a four-day trip organised by the Government of Rwanda which aimed to build bridges between the UAE and Rwandan business communities whilst exploring untapped trade and investment potential. The themed events focused on finance, fintech, health, mining, and trade.

Barigye added: “We are very proud to note that KIFC is one of the preferred financial destinations in Africa – ranking top 5 in the African continent – and one of the top 15 new International Financial Centres (IFCs) to watch according to the Global Financial Centres index.”

“As one of the fastest-growing fintech hubs, KIFC is committed to working in close cooperation across the continent and all over the world to facilitate pan-African investment, provide the highest quality financial services to international investors, and unlock the continent’s enormous potential. UAE is a very important and key market for us and the last few days have been very productive.”