AERC’s 61st plenary focuses on Africa’s FinTech revolution
The African Economic Research Consortium (AERC) Executive Director, Prof. Victor Murinde (Middle) shares AERC’s leadership role in policy oriented economic research with Governor of the Bank of South Sudan, Dr. James Alic Garang (Left) and Governor of the Central Bank of Kenya (CBK), Dr. Kamau Thugge C.B.S., highlighting the organization’s pivotal role in driving global financial innovation and economic technology development. This was during the AERC 61st Biannual Plenary Session.
The African Economic Research Consortium (AERC) on Sunday 1st inaugurated its 61st Biannual Plenary Session in Nairobi, Kenya, spotlighting the transformative potential of financial technology under the theme “The FinTech Revolution in Africa.” The event, held in collaboration with key partners including the Central Bank of Kenya (CBK) and the Kenya Bankers Association, convened top economists, policymakers, and industry leaders to discuss FinTech’s growing influence on the continent’s economic landscape.
The session was presided over by Prof. Ernest Aryeetey, Chair of the AERC Board of Directors and a noted scholar in development economics. In his welcoming remarks, Prof. Aryeetey emphasized the importance of dialogue and collaboration in harnessing FinTech’s potential to drive inclusive growth across Africa.
Dr. Kamau Thugge, Governor of the Central Bank of Kenya, delivered the keynote address, highlighting Kenya’s pioneering role in digital financial inclusion. “Kenya’s FinTech ecosystem, driven by innovations like MPESA and a conducive regulatory framework, has transformed financial services, particularly for the unbanked,” Dr. Thugge stated. He noted that Africa’s FinTech sector is poised for exponential growth, projecting it to expand thirteenfold to $65 billion by 2030.
Dr. Thugge underscored the CBK’s commitment to fostering partnerships with institutions like AERC to ensure that policies are underpinned by robust research. “Collaborations such as ours exemplify how evidence-based insights can shape policies to enhance financial inclusion, economic resilience, and innovation,” he remarked.
Despite the promising growth trajectory, Dr. Thugge acknowledged challenges including infrastructure deficits, regulatory hurdles, and cybersecurity threats. He urged stakeholders to address these issues proactively while leveraging Africa’s inherent strengths—a young, tech-savvy population and increasing mobile penetration.
Prof. Victor Murinde, AERC’s Executive Director, unveiled the consortium’s ambitious Strategic Plan for 2025–2035, which aims to solidify its position as a leader in economic research. “Our strategy focuses on renewal, inclusion, sustainability, and innovation, ensuring that AERC remains at the forefront of addressing Africa’s economic challenges,” Prof. Murinde explained.
He reiterated AERC’s mission to build local capacity for economic research and influence policy across the continent. “This plenary comes at a pivotal time when FinTech is driving profound social and economic changes. Partnerships like ours with the CBK are essential to ensuring rigorous research informs Africa’s development,” he added.
The opening session marks the beginning of a week-long series of discussions, research presentations, and roundtables. Delegates will explore critical themes, including FinTech’s role in financial inclusion, its potential to drive economic growth, and its relevance in addressing challenges such as climate resilience and gaps in digital infrastructure.
With Africa positioned as a leader in the global FinTech revolution, the AERC’s 61st Plenary is set to provide valuable insights and actionable strategies to guide the continent’s economic future.
