linah k mohohlo : the role of information technology in domestic economic development and regional integration – opportunities and related challenges speech by ms linah k mohohlo, governor of the bank of botswana, at the gala dinner of the swift 2013 africa regional conference, gaborone, 22 may 2013. * * * on behalf of the board and all staff of the bank, i would like to welcome you, not only to gaborone and to botswana, but to this gala dinner as well, an event at which we need to relax, mingle and get to know each other less formally. in his opening remarks yesterday, the honourable minister highlighted the importance of this conference to the development and economic integration process of africa. taking cue from this, you have since deliberated on several issues that are fundamental to these developments, which include payments systems, financial inclusion, cross - border payments, as well as information and communication technology ( ict ). this evening, i will share with you some observations on the subject of “ the role of information technology in economic development and regional integration : opportunities and related challenges ”. by now, you can hardly have failed to notice the impact of the continuing ict revolution in transforming the daily lives of most people : both rich and poor, young and old. contrary to widely - held expectations, ict has proved to be an effective agent for narrowing, not widening, the digital divide. but the sheer dynamism of this revolution brings not only evolving opportunities, but also challenges, particularly perhaps for traditionally conservative bodies such as central banks. it is now clear that ict - driven financial transactions can be the impetus for the next stage of domestic socio - economic development and should, therefore, be fully harnessed in promoting regional economic integration. it goes without saying that, if the benefits of ict are to be realised, members of the public, financial sectors of respective countries and all stakeholders must be fully on board ; they need to embrace its use and ensure that it is not subverted or abused. distinguished ladies and gentlemen : the path to regional and, ultimately, continental economic development and integration is complex ; it requires purposeful and resolute determination, the preconditions of which include meaningful economic integration, harmonisation of fiscal and monetary policies and convergence of banking policies and systems. with respect to the last of these, you will agree that coordination in harnessing the potential of ict - based financial transactions infrastructure is critical for progress in driving forward the process of development

central bankers ’ speeches i trust swift would want to be associated with these developments ( advanced ones and those not so advanced ). it is important that africa receives, from swift, the much needed support so the continent is able to leap - frog into transactions that no longer depend on faceto - face exchanges of cash, particularly in view of the limited bank branch network. given my vantage point, i have observed that the reaction of governments and central banks to the rapid spread and increase in usage of electronic financial services, particularly through cellular phones, has been mixed. there are those who wish to push for across - the - board regulation, and others who favour a more selective, or “ light - touch ”, approach in order not to be seen to discourage innovation of new platforms and business models. the emerging view is that any regulation, oversight and supervision should focus on each specific service, rather than adopt a one - size - fits - all approach. in other words, a bouquet of oversight regulatory and supervisory instruments will need to be selectively and judiciously brought to bear on ict - based financial services. indeed, there are elements to which commercial law and consumer protection regulations should apply ; while those that are potentially of systemic importance to the financial sector will fall under the prudential ambit and appear on the supervisory radar. in view of the evolving nature of technology and its application, it is imperative that establishing the appropriate balance between vigilance, adaptation and learning through experience is the order of the day. needless to say, central banks play a key role in selecting the appropriate colours and scents for this bouquet ; what is critical is to learn to be adaptable and, if necessary, creative, without losing sight of the core responsibilities. honoured guests : i conclude by acknowledging our collective indebtedness to swift and technology solution companies for playing their part in researching and developing technology and its software, in the best interests of enhancing the development and expansion of the financial sector. in turn, this smooths trade relations by expediting cross - border payments, thus enhancing regional and continental economic integration. distinguished guests, ladies and gentlemen : this brings me to the end of my remarks. i wish you fruitful deliberations of what is left of your daunting programme. i also wish you a safe return home. i hope you will take with you pleasant memories of your brief stay in gaborone. better still i hope you are seriously considering the honourable minister ’ s invitation to familiar