Cedric is a young specialist in financial markets originally , very committed to promoting African émergence through his different initiatives 50Afrique a media think tank and TelecomParis Africa the african business club of TelecomParis Africa.
His club TelecomParis Africa is organizing on 13th February a digital afterwork on fintech with different panelists .
1-Cedric , Who are you and describe in details your actions
As said before , I am orginally from Cameroun but I am the results of 3 cultures : African by cameroonian roots , French where I spent half my life and American where I had the opportunity to study at University. So in details , I am a financial engineer graduate from 3 schools : Havard Kennedy school , TelecomParis and CPE Lyon . With friends from TelecomParis , we founded TelecomParis Africa with the objective to contribute to the digital transformation of Africa . Recently , we have a digital afterwork on fintech
2-For you , what is a fintech and why this growing interest in Africa for these kind of startups?
Fintech (financial technology) is the combination of finance and technology , and these kind of startups improve delivery and use of financial services . So , their goal is to manage financial operations of companies , consumers and others. The young fintech come originally from M-PESA introduced by Safaricom introduced in Kenya. During the last decade, Africa has been in the midst of a startup digital revolution accompanied by big growth in VC and improvements in internet and mobile penetration .
Why this boom ? The reason is simple : 66% of the adult population in Africa is unbanked hence this industry of fintech has a unique opportunity to bring financial inclusion. According to Partech Africa , african startups have raised $2.02 billion in 2019 with 41% coming from fintech.
3-How to accelerate the developpement of fintech ?
Firstly the training of talents of tomorrow by transforming the education system based on innovation , creativity , curiosity should be a priority. The use of new technologies and even their mastery is recommended.
Besides , we need to ehance the business climate to attract investors. The public sector should play a role of « facilitator » by attracting compagnies which desire to invest in startups
Finally access to financing should be facilitated and financial actors (banks, VC ,..) must also elaborate growth strategies.