Currencies

Payment stakeholders move to back digital currencies

Experts in the payment space have said they will support the move by central banks across the globe in the introduction of Central Bank Digital Currencies to respond to the growth of blockchain and cryptocurrency.

This was disclosed by the Digital Marketing Officer, Intermarc Consulting, Matilda Adegbola, while announcing the 22nd edition of the Digital Payexpo 2022.

According to Intermac, the event is set to address the potential implications, complexities, and risks associated with the proliferation of consumers using decentralised finance and is themed, ‘DeFI Africa-Beyond Hype, Understanding Use Cases for the Continent.’

Speaking of the event, the Digital Payexpo Conference Coordinator, Adeniyi Amure, said, “The global transaction banking industry now sees Decentralised Finance as a potentially significant growth engine and disruptive force.

“Decentralised Finance applications will bring the advantage of trust, transparency, and easy access for everyone in need of banking. These are important characteristics and key factors of financial services that have been lacking on the African continent that have slowed down growth rate in Africa, which Digital Payexpo seeks to address.”

Expanding on the issue of trust in financial payment system, the Head, Marketing Communications and Customer Experience, 9PSB, Shola Ogunyemi, said a lot of work is needed to be done to have an all-inclusive ecosystem for financial inclusion drive, especially with the informal sector, where large chunk of physical cash still circulates among traders.

The organisers added, “This year’s Digital Payexpo conference and exhibition promises to be insightful and informative with respect to the practicality of achieving an enduring Decentralised Finance model in banking and finance across Africa’s highly competitive digital environment.

“We have assembled brilliant keynote speakers and panelists to address different verticals of the theme. The two-day event is therefore bringing unparalleled number of DeFI innovators and change-makers to share their stories, knowledge, and insight into Decentralised Finance from the various angles of interest and use cases, including the practical gaps and challenges in the financial payment system.”

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