January 10—Consultancy firm GBS Africa, is organising the third edition of the East Africa Islamic Economy Summit scheduled for Nairobi between January 24th and 25th with the main focus on financial technology or fintech.
This is the business that aims at providing financial services by making use of software and modern technology. Today, fintech companies directly compete with traditional banks in many areas of financial services, however the summit will look at the Islamic perspective.
GBS Africa, which is based in London, but with a major presence in Nairobi, markets itself as an enabler for fostering intra- Africa and intra-Commonwealth trade by advising businesses to explore their competitive advantages. It also provides investment advice as well as insight to renewable energy and specialised research.
The Nairobi talks are themed around fintech as a driver for the Islamic Economy in East Africa as well as financial inclusion in the region. Agnes Gitau, who heads Government & Corporate Relations for GBS Africa said in a statement, “East Africa’s fairly developed infrastructure and communication sector, a young educated tech savvy population and their ability to capitalise on technology development provides a great opportunity for the region to lead in the Islamic Finance digital economy.
According to the statement, five years back, with the support of key institutions in East Africa, GBS Africa started a conversation around Islamic Finance, Islamic Economy and East Africa’s economic development.
‘This conversation has grown to become an annual gathering for the region where significant players in East Africa’s economy meet to set the way forward for the development of the sector, aligning deliberations to East Africa’s economic development agenda. This year’s program which has had great input from leading experts in the Islamic Economy will therefore cover Islamic Economy to define its role within the Financial sector, the emergence of Fintech, opportunities for East Africa in the Islamic digital economy which according to Ernst &Young has the potential of 150 million new customers by 2021,” GBS Africa states.