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Sep
8
to Sep 9

AERC-SOAS Inclusive Financial Services Policy Platform

AERC-SOAS Inclusive Financial Services Policy Platform

8th - 9th September 2021

Time Zone: British Summer Time (GMT+1)

Venue: Zoom

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The digital finance revolution is in full swing. It is one of the mega trends in global finance today. Digital finance is revolutionising the role of financial institutions, the behaviour of financial markets and the scope of financial instruments in developing as well as developed economies. It is transforming our daily economic activity such as sending and receiving money, reshaping business models, facilitating financial inclusion and driving regulatory changes. Indeed, during COVID-19 and associated lockdown across the globe, digital finance has been the lifeboat for sustaining financial transactions and economic activity, especially in Africa and many developing economies. However, there are many serious gaps in knowledge, policy and practice that require urgent attention. For example, why is the diffusion of digital finance, especially FinTech, high in some countries and very low in others?  In addition, notwithstanding the fact that the UN 2030 Agenda for Sustainable Development and the G20 High-Level Principles for Digital Financial Inclusion highlight the importance of digital financial exclusion in promoting inclusive growth and sustainable economic development, some research questions remain unanswered and innovations in policy and practice are urgently required. For instance, what policy initiatives are governments putting in place to ensure that digital finance supports the growth of the private sector in developing countries, or empower women through financial inclusion, or promote financial literacy, trust, and confidence?

The AERC-SOAS Inclusive Financial Services Policy Platform features new research findings on the above issues. The event is based on the ESRC research grant [No.ES/N013344/2] under DEGRP on “Delivering Inclusive Financial Development and Growth”. The event brings together key stakeholders who have important roles to play in shaping new research findings.

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The 2017 KBA Banking Symposium
Dec
8
9:00 AM09:00

The 2017 KBA Banking Symposium

How to Increase Inclusive Financial Devt for Kenya

Published by Kenyan WallStreet December 8, 2017 in Kenyan News

The banking sector needs to develop more innovative products, if it is to retain its position as the preeminent provider of inclusive financial development for Kenya and other developing economies in Africa.

This is one of the conclusions from research that has been presented at a symposium on inclusive financial development, convened by the Kenya Bankers Association’s Centre for Research on Financial Markets and Policy that has been held at the Kenya School of Monetary Studies today.

Banks need to constantly innovate and provide services that meet the needs of today’s households and businesses. These customers run their finances from their phones, are not loyal to traditional financial institutions and will happily look for alternative sources of finance.

The conference has particularly looked at how well innovation in the banking and wider financial services sector is meeting the needs for greater access to finance for important SME sectors such as agriculture. The event has also explored ways the banking sector can continue to deliver inclusive financial development and sustainable economic growth in areas beyond innovation.

Speakers discussed other issues identified by research that need attention by banks in order to sustain and improve inclusive financial development. These included the role and limitations of the interbank market and its function in self-regulating the market; and the extent to which cross border banking in Africa is robust enough to continue to drive inclusive financial development at a rate that Africa needs.

Leading researchers from the United Kingdom, Canada and Africa have presented their perspectives on how optimum levels of inclusive financial development and growth can be achieved. The symposium has also shared new insight from recent research on the banking sector in Kenya and comparative case studies of other African economies.

“Participants are wrestling with the research findings to reach consensus on the best ways forward for greater inclusive financial development, that can be provided by Kenya’s banking sector today,” said Habil Olaka, the KBA’s chief executive officer. “The research arising from this symposium will provide a blueprint for the banking industry to support the economy’s progress and achieve the greater levels of inclusive financial development needed by Kenya,” added Mr Olaka.

Attendees included senior banking executives, regulators, private sector practitioners and researchers. The Central Bank of Kenya Governor, Dr. Patrick Njoroge, who officially opened the forum.

Key speakers included Professor Victor Murinde, AXA Professor of Global Finance, SOAS University of London, Professor Issouf Soumaré, Professor of Finance, Laval University, Quebec, Canada and Professor Robert Lensink, Professor of Finance, University of Groningen, The Netherlands.

Symposium participants will use the opportunity to shape current and future research on the banking sector in Kenya.

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