The Central Bank of Kenya (CBK) has postponed the Afro-Asia Fintech Festival 2020 that was scheduled to be held in Nairobi in July 2020 to July 2021 due to the impact of the coronavirus pandemic.
The postponement by the co-hosts, CBK and the Monetary Authority of Singapore (MAS), considered the health and safety of the festival participants. However, the spirit of the AAFF will be kept alive in 2020 through virtual events whose details will be availed shortly.
The inaugural AAFF 2019 was held in Nairobi from July 15-16, 2019 and launched by President Uhuru Kenyatta, in the presence of Honourable Tharman Shanmugaratnam, Senior Minister, Republic of Singapore.
AAFF was the first of its kind in the region, seeking to explore sustainable financial services innovations from emerging Afro-Asian markets. The key outcomes were the signing of a Fintech co-operation agreement between CBK and MAS and the launch of the Global Fintech Hackcelerator@Kenya (Hackathon).
The Hackathon that attracted 45 fintechs from across Africa, Asia and Europe sought to provide a platform for start-ups to showcase sustainable financial services innovations.
The two winners of the Hackathon, Kwara from Kenya and Bureau Vente from Uganda showcased their solutions at the Global Fintech Hackcelerator at the world’s largest fintech festival, Singapore Fintech Festival in November 2019.
CBK noted that the coronavirus pandemic has brought challenges and opportunities for fintechs.
“CBK is pleased to note that some of the fintechs have partnered with banks during this pandemic period as banks accelerate their digitization strategies. In this regard, CBK will continue engaging and supporting the fintech community,” read a statement from CBK.