Digital platforms key to post Covid recovery, says CBK boss

Creating an inclusive society and ensuring a sustainable planet is key to governments rebuilding their economies as they emerge from Covid-19 crisis.

This is according to participants attending the Afro-Asia Fintech festival. Central Bank of Kenya (CBK) Governor Patrick Njoroge, who graced the virtual event, said the conversation was shifting to building back better.

He singled out digital platforms as the lifelines in essential financial, health, education, medical, entertainment and other services.

“While the pandemic has been devastating, it has also accelerated digitalisation that should stand us in good stead as we transition to the post-Covid-19 recovery. We must embed these gains and leverage them as we pursue global resilience and growth post-Covid-19,” said the CBK boss.

“The overarching theme in our discussions this week must be about people. We must ask ourselves, what are their needs? How does technology and innovation meet these needs? How do we place people at the centre?”

Over 60,000 participants comprising of central banks, governments, financial institutions, and fintechs are attending the event.

Participants are expected to discuss ways of restoring operations of Small and Medium Enterprises by reconnecting with their customers, markets and access finance for recovery. Others are partnerships and collaborations.

CBK is hosting the Nairobi Online City, an iteration of the Afro-Asia Fintech Festival launched in 2019 as part of the 2020 Singapore Fintech Festival.

Though Covid-19 has wrecked economies, participants are optimistic of tapping into opportunities created by the pandemic.

The Monetary Authority of Singapore Managing Director Ravi Menon said the crisis has demonstrated the power of technology to help find solutions to difficult problems.