“The essence of technology is to make our lives better,” Dr. Patrick Saidu Conteh, CEO of Africa Fintech Network, told CoinGeek Backstage reporter Claire Celdran on the sidelines of the 2023 Digital Pilipinas Festival.
In a CoinGeek Backstage interview, Dr. Conteh noted that technology transcends boundaries and shared insights about the festival and how the Philippines is adapting to emerging technologies.
“The beauty of technology is that it crosses boundaries.” He noted that what technology is doing for everyone is not only “changing the way we approach finances,” but also providing digital services that were previously inaccessible to many.
“Technology is here and what we have seen over the last 10 to 15 years is redefining the way we live, the way we live our daily lives,” Dr. Conteh said.
Dr. Conteh says Africa is embracing technologies such as Web3, AI and blockchain. “Generally in Africa we are open to this. “But like every other jurisdiction, these technologies have benefits and opportunities, as well as risks.”
In Africa, blockchain continues to impact the daily lives of millions of underserved and underbanked people. According to a September 2023 Chainalytic study, African countries such as Nigeria have adopted digital currencies to protect themselves from inflation. The Central Bank of Nigeria (CBN) recently lifted the ban on digital currency trading.
Dr. Conteh believes that Africa, the Philippines and ASEAN have similar challenges to overcome due to their large populations and high illiteracy rates. The CEO of Africa Fintech Network sees some silver linings in this. He believes the region has a significant advantage due to its young, intelligent and tech-savvy population.
Dr. Conteh said his experience at the Digital Pilipinas Festival 2023 was eye-opening as he gained valuable insights through panel discussions. He said he would use this experience as a benchmark for what needs to be improved in Africa on how new technologies can be used in finance, payments and even agriculture.
“ASEAN is powerful. ASEAN has talent. There are opportunities in ASEAN. “The same goes for Africa,” he said.
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