Clayton Hayward, CEO of EFT Corporation, has emphasized the critical need for Ethiopia to focus on financial inclusivity in order to maintain and accelerate its economic growth. Speaking at the 15th edition of the Connected Banking Summit, Hayward highlighted the pivotal role that the expansion of digital banking can play in this effort. However, he noted that significant work remains to be done to ensure widespread access and understanding of digital financial services across the country.
The Connected Banking Summit, organized by the International Center for Strategic Alliances, took place in Addis Ababa under the theme “Bolstering The Economy With Digitalization And Financial Inclusion.” The event gathered leaders and professionals from various sectors, including banks, insurance companies, fintech firms, techfin enterprises, and digital banks. The summit also featured the prestigious Connected Banking Innovation and Excellence Awards, which recognized outstanding contributions to the industry.
Throughout the summit, participants explored the profound impact of modern technologies such as artificial intelligence (AI), machine learning (ML), deep learning, cognitive computing, and digital assets on the financial services ecosystem. These discussions underscored the importance of leveraging these technologies to shape the future direction of the industry, particularly in emerging markets like Ethiopia.
A key point of discussion was the current state of digital banking in Ethiopia. While there has been significant interest and progress in adopting digital financial services, several challenges persist. One of the main issues highlighted was the lack of accurate and complete information available to the public, which has led to gaps in digital literacy. This lack of knowledge and understanding has hindered the widespread adoption of digital banking services.
Another significant challenge is the limited infrastructure for mobile phone and internet connectivity, particularly in rural and underserved areas. The uneven access to reliable internet services has created barriers to the effective implementation of digital banking solutions, leaving many Ethiopians without the means to benefit from these advancements.
As the summit concluded, there was a consensus among the attendees that addressing these challenges is crucial for Ethiopia’s financial sector to achieve greater inclusivity. Expanding digital literacy programs, improving internet infrastructure, and ensuring that financial services are accessible to all segments of the population were identified as key steps toward achieving this goal.
“Ethiopia has tremendous potential to harness the power of digital banking to drive economic growth,” said Hayward. “But to do so, we must prioritize financial inclusivity, ensuring that every Ethiopian, regardless of their location or background, has access to the tools and knowledge they need to participate in the digital economy.”
The Connected Banking Summit has once again underscored the importance of collaboration and innovation in the financial sector. As Ethiopia continues to pursue its ambitious economic goals, the focus on digitalization and financial inclusion will be critical to ensuring that growth is both sustainable and inclusive.
