Thursday, September 21, 2023

Mozambique to host 2023 BFSI conference in September

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Staff Writer
Staff Writer
Africa Feeds Staff writers are group of African journalists focused on reporting news about the continent and the rest of the world.

Mozambique is set to host this year’s Conference on Banking, Financial Services, and Insurance Sector, next month.

The event scheduled for September 13 and 14, 2023 will take place at the Joaquim Chissano Conference Center under the theme: ‘Digital Transformation for an Inclusive, Sustainable Financial System and BFSI Industry Development’.

Organizers of the event said in a statement that the conference is crucial due to the need for a more energetic and practical reflection on the Financial Sector to improve the business environment.

“The choice of the motto favors the importance of digital transformation as a means to achieve an inclusive and sustainable financial system, while emphasizing the development of the financial and banking services industry (BFSI),” the statement from the event organizers highlighted.

The last decades have been of great progress in the use of information and communication technologies in Africa in particular, and in the world in general.

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A study published by the World Bank indicates that the number of phone users in Africa is greater than the number of people with access to electricity or drinking water, but there is still much to be done at the level of systems, networks, cybersecurity, and insurance.

Technology is redefining the progress of societies and the COVID-19 pandemic only brought further acceleration to this transformation.

With the rapid growth of digital technologies and changes in customer preferences, the BFSI (Banking, Financial Services, and Insurance) sector has undergone a significant transformation in recent years.

The use of digital platforms and technologies has become an integral part of the industry and has helped increase the speed, efficiency, and security of financial transactions.

But this transformation has also presented significant challenges, such as cyber threats, data privacy concerns and regulatory compliance.

The upcoming conference would highlight the “opportunities, associated with the use of information and communication technologies being closely linked to the indispensability of building protection systems, in order to generate society’s confidence in the benefits of this digital transformation and the promising acceleration of the development resulting from artificial intelligence,” the organizers said.

According to the organizers, the purpose of the upcoming conference is to bring together key people with an impact on the development of the sector, who can share their experiences and capacities to support other participants in the perception of changes and trends, while also being an opportunity for participants to strengthen and establish relationships with potential partners.

“It is also the purpose of the conference to produce a joint reflection among stakeholders on the process of digital transformation, and through this, create vehicles that streamline the implementation processes of technically supported and strategically defined recommendations,” the statement said.

In addition to the role of digital transformation in promoting financial inclusion and sustainable development, the event will focus on:

  • provide a convincing and informative discussion on the topic “Digital Transformation in the BFSI Sector: Opportunities and Challenges” and offer valuable insights to stakeholders in the industry.
  • underline the importance of partnerships between governments, private sector actors and civil society organizations to promote financial inclusion and digital connectivity.
  • emphasize the need to invest in digital infrastructure, such as broadband networks and mobile money platforms, to provide low-cost and affordable financial services to underserved communities.
  • explore the potential of emerging technologies, such as blockchain and artificial intelligence, to transform the banking and financial sector in Mozambique. By leveraging these technologies, financial institutions can improve their efficiency, reduce costs, and provide innovative services that meet consumer’s needs.
  • offer valuable insights into how the BFSI sector can harness digital technologies to drive growth and innovation, while addressing the associated risks and challenges.
  • discuss the importance of building solid regulatory frameworks, promote digital literacy among clients and stakeholders, and foster public-private partnerships to drive innovation and ensure sustainable development of the sector.

Banking, Financial Services and Insurance (BFSI) comprises commercial banks, investment banks, insurance companies, non-bank financial companies, cooperatives, pension funds, mutual investment funds and other smaller financial entities.

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