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FMO and Miami-based digital transformation strategist FinConecta (formerly above & beyond – a&b) are presenting FinForward to the MENA region. FinForward accelerates financial inclusion in emerging and frontier markets by enabling financial institutions to connect to and integrate with the services of global fintech companies. The announcement was made at the Embracing Fintech Conference in Cairo this week.
The Embracing FinTech Program is sponsored by FMO - Dutch Development Bank and its partners Sanabel, The Microfinance Network of Arab Countries, FinConecta and the SANAD Fund for MSMEs Technical Assistance Facility.
FMO and Finconecta launched FinForward for Sub-Saharan countries in September 2017. Since then, various worldwide fintech companies and African banks have connected to the platform to drive financial inclusion in the region.
FMO aims to support its financial sector clients to innovate their core business with digital solutions and to ensure that digital transformation is seen as a strategic priority. FinConecta’s matching and integration marketplace will make Fintech more easily accessible to financial institutions helping them to reduce costs, innovate, add services, tap into new revenue streams and work towards open banking platforms. It will also enable them to service difficult-to-reach segments such as the bottom of the pyramid, farmers, women and small businesses.
FMO‘s Huib-Jan de Ruijter, Director of Financial Institutions said: “If we zoom into the MENA, the region has the lowest percentages of adults with a formal account (18%) and of poor people with formal access to financial services (9%). At the same time, mobile money hasn’t taken off here yet. This seems like a huge opportunity for digital innovations to leapfrog and bring financial services to those that are under-served at this point.”
Andrew Shaw, Senior Fintech Specialist at FMO added: “FinForward offers Financial Institutions an opportunity to explore ways of leveraging technology as a means to reach new clients, and better serve existing clients.”