Over the next two decades, digital money will transform the way we think about currency and how it operates, according to KCB Group FD Lawrence Kimathi.
Over the next two decades, digital money will transform the way we think about currency and how it operates, according to KCB Group FD Lawrence Kimathi.
He was speaking at the recent Kauffman Fellows Africa VC Summit, which aims to promote cross-border investments in emerging tech markets around the world. Africa’s digital economy market size is estimated to reach $712 billion by 2050.
Lawrence was part of a panel session, themed Navigating Macros: Shaping the Financial Industry’s Future, which discussed the future of Africa’s financial markets and the role of technology in driving inclusive and long-term growth.
He said, “Digital currencies are emerging at a fast pace, thanks to the convergence of fundamental technological transformations. These include such factors as leaps in enabling technologies, such as distributed ledger technology (DLT); encryption; analytics of “big” datasets; and artificial intelligence.”
Lawrence noted that the rise of digital assets and novel forms of financial intermediation - within and across borders - has continued to shape the international monetary system, fundamentally altering the global macro-financial landscape.
“Financial inclusion within the KCB realm has been the ability to empower our customers to be able to take advantage of the digital capabilities within their reach to transform the communities around them. As a result, we have transformed our multi-channel touch points to offer unmatched convenience to our customers at any given point in time,” he said.
