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BoSS Governor participates in African Economic Research Consortium

BoSS Governor participates in African Economic Research Consortium

BoSS Governor Hon. Dr. James Alic Garang took part in the African Economic Research Consortium (AERC), which commenced its 61st Biannual Plenary Session on December 1, 2024, in Nairobi, Kenya, under the theme “The FinTech Revolution in Africa.”

This  vital event, held in partnership with the Central Bank of Kenya and the Kenya Bankers Association, attracted  a spectrum of leading economists, policymakers, and industry practitioners to examining the transformative power of financial technology on the continent’s economic space.


During the opening session of the plenary, Prof. Ernest Aryeetey, the Chair of the AERC Board of Directors and an Emeritus Professor of Development Economics at the Institute of Statistical, Social and Economic Research at the University of Ghana emphasized the significance of the FinTech revolution in addressing pressing economic challenges faced by African nations.



on the other hand, Dr. Kamau Thugge, the Governor of the Central Bank of Kenya, highlighted the transformative power of FinTech in Africa and Kenya’s essential role in this evolution. He said the country’s dynamic FinTech landscape was shaped significantly by forward-thinking regulations and groundbreaking innovations such as MPESA, which improved access to financial services for millions of unbanked individuals.

Dr. Thugge gave a forecast of the African FinTech sector and projected it to expand thirteenfold to an impressive $65 billion by 2030.

Dr. Thugge’s speech highlighted the Central Bank of Kenya’s commitment to fostering strategic partnerships with key institutions, particularly the African Economic Research Consortium (AERC), to ensure evidence-based policy formulation and implementation.

“The collaboration between the CBK and the AERC exemplifies how research-driven insights can directly inform and shape policies that promote financial inclusion, economic resilience, and innovation. We look forward to deepening this partnership to tackle emerging challenges and leverage the immense opportunities that FinTech offers,” he said.

In his address, Dr. Thugge also underscored the pressing challenges facing Africa’s FinTech ecosystem, including infrastructure constraints, regulatory complexities, and cybersecurity risks.

“Stakeholders should remain steadfast in addressing hurdles while capitalizing on the continent’s strengths, including a youthful, tech-savvy demographic and increasing mobile penetration. “

Prof. Victor Murinde, the Executive Director of AERC, introduced the organization’s Strategic Plan for 2025–2035, which aims to establish AERC as a center of research excellence. He highlighted that the plan prioritizes key themes such as renewal, inclusion, sustainability, and innovation.

“This strategy ensures AERC remains at the forefront of addressing Africa’s economic challenges through high-quality research and impactful policy engagement.” he noted.

Prof. Murinde stressed the organization’s ongoing mission to enhance local capacity for economic research and policy impact. He said that the 61st plenary occurs at a critical time, as Africa’s FinTech sector is catalyzing considerable social and economic transformation.

“Our work ensures that rigorous, policy-relevant research informs Africa’s development trajectory. Partnerships, like the one we share with the Central Bank of Kenya, are central to this mission,” Prof. Murinde added.

The opening of the plenary established an engaging atmosphere for a whole week of insightful discussions, research presentations, and roundtable sessions. Participants explored the impact of FinTech on promoting financial inclusion, stimulating economic growth, and tackling issues like climate resilience and gaps in digital infrastructure.

On the second day of the plenary, Dr. Alic took part in the session on the evolving future of digital currency in the continent.

In this session, the central bank governors explored the evolution and emerging interest in the adoption of central bank digital currencies (CBDC) across African countries.

Using digital solutions, central banks in Africa are seeking to modernize their operations, including monetary policy and payment systems. However, there are some challenges, including inadequate infrastructure, low digital literacy, cybersecurity, trust and acceptance by citizens and users, and interoperability with cross-border systems.

This session provided practical insights from the Central Bank Governors on potential pathways to CBDC adoption and use.

Dr. Alic shared insights about the significance of evolving digital currency in the continent, citing Nigeria as leading in the track. He shared the experience of South Sudan underscoring competing priorities in South Sudan, meaning that digital currency is not one of them now. However, he said, that seems to be the direction in the future.