AFRO-ASIA FINTECH FESTIVAL
Remarks by Dr. Patrick Njoroge
Governor of the Central Bank of Kenya
July 15, 2019
Kenya School of Monetary Studies, Ruaraka, Nairobi
As Prepared for Delivery
I am greatly honoured to welcome you to the inaugural Afro-Asia FinTech Festival. At
the outset, I wish to thank the Monetary Authority of Singapore (MAS) for co-hosting
with the Central Bank of Kenya (CBK). I am truly grateful to Ravi Menon, Managing
Director of MAS, for conceiving the initial idea, and to Senior Minister Tharman, for his
support and encouragement. Special thanks are due to those that have worked tirelessly
to make this Festival a success.
Almost exactly 50 years ago, on July 20, 1969, the first man landed on the moon. This
was as a result of significant technological advancement and innovation, driven by
human courage and the ambition to expand the known limits. Today the same ambition is
needed in other areas of human engagement. And today we are gathered to celebrate the
newest bridge for financial innovation, bringing together more than three-quarters of the
world’s population with the same spirit as the Apollo astronauts. The motivation is the
conviction that fintech offers a great opportunity for transforming many lives, in Africa
and Asia, and the rest of the world. We can only imagine what the consequence of this
Afro-Asian Fintech Festival will be over the next 50 years.
This Festival has brought together more than 1,800 participants from 40 countries in the
five continents—innovators, regulators, investors, policymakers, bankers, influencers,
business executives, academics, and media personalities. An element of the Festival is
the celebration of our diverse cultures, and certainly the music, the variety of dishes, and
other artistic presentations have so far delighted the participants. Nevertheless, a key

aspect of our cultures is the importance given to collaboration. In the context of this
Festival and the amount of talent that has been brought together, collaboration offers the
best chance for creating an effective ecosystem for financial innovation.
Africa has long asserted its claim as the cradle of mankind. In 2007, Africa became the
cradle of fintech with the launch of MPesa in Kenya, and which has continued to spur
additional innovations. This the newest bridge for financial innovation, will therefore
connect innovation centers in the cradle of fintech and the globally-ranked fintech hubs
in Asia, all united in a common purpose. There is much to learn from each other.
As I conclude, I want to single out the 50 exhibitors at the Festival, the participants in the
Hackathon, and the university students that are in the audience. When what became
MPesa was brought to the Central Bank of Kenya around 2005, it was little more than a
class project. The consumer’s problem and how it would be resolved was clear.
However, over the next year-and-a-half, the innovators collaborated closely with the
regulator, committed to reducing the risks to the financial system and to the consumer.
Once these risks had been addressed sufficiently, a test-and-learn approach was adopted
when it was introduced in the market. And that is why MPesa has been such a success.
Do not be in a rush for success and please take time to do things right. It is a marathon.
Follow the advice of Eliud Kipchoge, the Greatest Marathon Runner of all time: To win
is actually not important. To be successful is not even important. How you plan and
prepare is critical and crucial. When you plan very well, then success can come on your
way.
Ladies and Gentlemen, let me thank you all for participating in this Festival. I also wish
you very successful interactions and a memorable stay in Kenya.