West African economic activity remains strong, but vulnerabilities are still on the scene. Despite lower terms of trade, social tensions, and security challenges within the region, real GDP growth exceeded 6% in 2017, supported by strong domestic demand.Also,in 2017, an ambitious set of reforms were undertaken in order to modernize the financial sector regulations, including a gradual increase in minimum capital requirements, strengthening the resolution framework, and setting up a deposit guarantee fund.
West Africa has been no stranger to financial innovation. After the rapid growth of mobile penetration and mobile Internet connections in South Africa, the Western countries from the continent are trying to replicate this success, focusing on financial inclusion as a key objective. With more new players and challenges emerging, “wait and see” is no longer a strategic choice for traditional banks. Digital transformation is a must for West African retail banks. Customers prefer digital and disruptive competing offers are emerging one after another one.
The Future of Finance West Africa, we will look at the transformation of financial services being driven by adoption of digital technology and platforms, the rise of start-ups and fintechs, the growing market for modern banking services, the use of blockchain, and the desire for improved financial inclusion. The event is a platform for insight sharing, networking, and strategic planning; we will explore new ideas on modernizing financial services in a way that will be beneficial to both customers and financial institutions.
The Future of Finance West Africa is the leading annual conference designed for bankers and financial services professionals to know the most current trends in the industry. Join us to meet and network with more than 150+ policymakers, investors, innovators, regulators, academics, local and international business leaders.