The two-day summit, held from May 22 to 23, brought together policymakers, industry leaders, investors, and innovators from Nigeria, Kenya, South Africa, Tanzania, and other African nations. Participants discussed strategies to reduce reliance on foreign capital, promote responsible AI governance, and bolster Africa’s digital ecosystem.
A key concern raised was the continued external dominance over African startup funding, which limits the continent’s innovation potential. Bernard Kinara, Kenya Country General Manager at Interswitch, highlighted the company’s commitment to championing homegrown fintech solutions that connect and empower African communities. He emphasized that, beyond digital payments and commerce, Interswitch actively advocates for digital transformation initiatives aimed at advancing financial inclusion.
On a prominent panel titled “Inclusive Leadership & Disruptions: Shaping Growth and Navigating Global Shifts,” Kinara showcased Interswitch’s role as Africa’s first fintech unicorn. The company has fostered cross-ecosystem collaborations among fintechs, banks, and other financial service providers, advancing borderless payments and cross-country value exchange. Interswitch also promotes social development through initiatives like #InterswitchSPAK, which focuses on empowering women and youth, aligning with its mission to inspire Africa’s greatness through innovation.
Kinara also discussed AI’s transformative potential in democratizing access via natural language coding tools that can overcome gender and linguistic barriers. However, he warned of biases inherent in AI systems and emphasized the need for ethical AI development.
The summit addressed themes such as AI models, sovereignty, and digital access, with a focus on enhancing policy autonomy. Governments in Uganda and Nigeria have made strides in regulating multinational tech firms to safeguard local interests. Nigeria’s Central Bank’s Director General of Financial System Stability, Philip Ikeazor, underscored the importance of AI in anti-money laundering and fraud prevention, while highlighting challenges like data protection and digital literacy gaps.
AI literacy for policymakers and citizens was a recurrent topic, emphasizing the importance of transparent and trustworthy AI systems that serve practical needs for farmers, creatives, and civil servants alike. The summit underscored the necessity of African-led decision-making frameworks to foster sustainable development and reduce external dependence.
Interswitch, founded in Nigeria in 2002, remains at the forefront of Africa’s digital payments revolution. It revolutionized Nigeria’s cash-based economy with electronic payment processing and launched Verve, Africa’s leading domestic EMV card scheme. Today, Interswitch’s comprehensive payment solutions underpin the continent’s financial infrastructure, supporting the vision of making digital payments seamless and accessible across Africa, and empowering communities to thrive.
