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April 26th, 2018
Path Solutions, Islamic Finance Technology Partner of 3rd East Africa Islamic Economy Summit

The 3rd East Africa Islamic Economy Summit which took place in Kenya’s capital, Nairobi on 24 & 25 April was themed around Fintech as a driver for Islamic economy in East Africa as well as financial inclusion in the region.

This year’s program ‘Financial Inclusion & Fintech to Unlock East Africa Potential’ has had great input from leading experts covering Islamic economy and its role within the financial sector, the emergence of Fintech and the opportunities for East Africa in the Islamic digital economy which according to Ernst & Young has the potential of 150 million new customers by 2021.

Kenya, a country that pioneered the mobile money technology through MPESA, continues to make efforts towards its vision to become Africa’s financial hub. The East African nation has joined the Islamic Financial Services Board (IFSB) last year and has indicated plans for a Sukuk to finance both national and regional infrastructure projects.

While elaborating on the topic “Fintech within the Islamic finance space / understanding the region’s Fintech ecosystem”, Mohammed Kateeb, the Group Chairman & CEO of Path Solutions – Islamic Finance Technology Partner of the summit, said during his engagement speech “Fintech is disrupting sectors such as mobile payments, money transfers, loans, fundraising and asset management, and East Africa has the potential to emerge as a leader in the Islamic finance digital space with its highly developed infrastructure and robust communication sector by capitalizing on technologies as growth accelerators, and as means to facilitate distance banking while simultaneously driving financial inclusion”. 

The summit saw huge
 participation of important players in East Africa Islamic economy, and called on all stakeholders to play their role in advancing financial inclusion in East Africa.

Visit www.EAIFS.com for more details on East Africa Islamic Economy Summit 2018.



 

         
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