l Harnessing the FinTech Revolution
can offer a tremendous development opportunity for African countries,
said wednesday in Dakar. Tiémoko Meyliet Koné, Governor of the Central Bank of West African States (BCEAO).
He was speaking at an international conference on FinTech companies, organized by his institution
in collaboration with the World Bank.
FinTech is a technology business models, applications, processes and services or products that impact markets
financial institutions, financial institutions and the provision of financial services.
In the opinion of the Governor of the BCEAO, "technology and finance have always gone hand in hand, but
the magnitude of the disruptive impact of FinTechs on the financial system has surprised regulator classical finance in the world".
According to him, FinTech threatens obsolescence of many professions in the sense that they modify
profoundly the practices of the actors and open the door to new modes of supply and
consumption of financial services.
"These innovations are aligned with the aspirations of people who want more financial services
simple, more efficient, more adapted, more accessible and less expensive," said Koné.
He acknowledges that in recent years, the FinTech industry has shown its ability to
respond effectively to these needs of the populations, through the use of new technologies,
including Big Data, Artificial Intelligence, Blockchain or Biometrics.
However, the Governor of the BCEAO remains convinced that this mutation could upset
the equilibrium of the financial system also carries risks to financial stability, particularly in
cybersecurity, money laundering and illegal exercise of regulated activities.