FONI 2022 postponed … the new date!
At TOGO, the annual meeting of the International Forum for Digital Mediation and Innovation May 5-6 at the February 2 Hotel … Opportunities, challenges and content in the 2022 edition
FONI, organized by Afrik Créances, a true platform for meetings and exchange of experiences, aims to discuss the impact of banking/financial intermediation, service provision and technology payments on the dynamics of financial inclusion and regional private sector financing. This annual forum aims to lay the foundations for in-depth reflection on the major issues facing the banking and financial industry. The event revolves around the inaugural conference, presentations and exhibitions across platforms showcasing products, solutions and innovations, as well as high-level conferences on topical topics in banking, finance, brokerage, capital market, insurance, telecom, payment and technology. FONI offers you a unique meeting platform for players in banking, finance, insurance and communications. technology, digital and payments as well as regulators, public and private sector administrations…
The structure of banking and financial intermediation has changed profoundly in recent years, to adapt to the transformations resulting from the liberalization and liberalization of the industry.
The financial crisis, particularly the 2008 crisis, was a strengthening of the subsequent international financial systems, which were more restrictive and led to the development of “shadow banking” or “shadow banking” activity.
Indeed, in the grip of increasing prudential constraints, the bank is no longer emerging as a privileged hub in mobilizing savings and private sector financing.
This qualitative development of intermediation leads to the erosion of banking monopolies and financial markets in mobilizing resources or even savings and financing the private sector thanks to the diversification of banking and financial products and services, sometimes even under the impetus of banks.
This has given rise to new forms of intermediation, with the emergence of new actors, especially non-banking entities, whose organizational and operating model, different from that of banks, changes the classic pattern of banking and financial intermediation.
These new entrants rely to a large extent on new technologies to offer alternative solutions that enable the traditional banking sectors to better manage their exposure, especially credit risk, and diversify in particular by resorting to the outsourcing of these risks, and then borne by the ad hoc structures on the financial markets , particularly through securitization.
The economic model of these newcomers, rooted mainly in technology, internet and mobile phone, has made it possible to diversify the channels of supply and distribution of banking and financial products and services as well as sources of financing and investment, through crowdfunding the issuance of digital assets and cryptocurrencies has become a reality under the control of some jurisdictions in which the adoption of Primitive legislation to promote this method of financing startups.
These developments in the industry are closely monitored by regulators of regional banks and financial markets who, through several initiatives, connect most of the relevant players with forward-looking ideas, in particular public authorities and administrations, banks, brokerage management (SGI), microfinance institutions, insurance, telecommunications, service providers and financial technology , etc.
Moreover, the COVID-19 pandemic has also given a new impetus to the depersonalization of customer relationships with the increasing development of “internet banking” and “internet stock market”, as well as remote transactions.
It should be noted that the banking regulatory field within WAMU has expanded significantly with the adoption of new directives and instructions by the Central Bank. (Instruction No. 008-02-2015 on the issuance of electronic money, Instruction No. 15-12 / 2010 / RB of December 13, 2010 establishing the conditions for the activities of intermediaries in banking transactions in WAMU, etc.) .
As part of the developments, the Regional Financial Market General Regulations under the auspices of the Regional Council on Public Savings and Financial Markets (CREPMF), which offers tools to mobilize savings for private sector financing, is now opening a gateway to banks that can exercise deals that would normally be reserved for financial market professionals.
Under the influence of prudential deregulation as well as the penetration of new technologies, the philosophy and physiology of financial intermediation raise a fundamental question:
“Is the banking industry in WAEMU member countries or even Africa strong enough to embrace the ongoing structural changes and absorb the qualitative impact of digital in diversifying the channels of supply of products and services? Finance?”
With Fintechs becoming major players, it is appropriate to question the structural, organizational and functional models of the new players and determine their competitive advantages in relation to banks and financial market players.
Consumer protection of financial products and services is also a critical issue in establishing investor and consumer confidence.
In general, it is worth emphasizing how well our regulatory environment will fit these changes in traditional patterns of intermediation with the development of blockchain, cryptocurrencies, artificial intelligence, big data, etc.
Therefore, it is a matter of tracing the evolution of banking and financial intermediation in WAMU member countries and discussing its impact on the dynamics of financial inclusion as well as the real added value in regional private sector financing.
Discussions can focus on:
- How can the recognized protection and guarantee mechanism be activated for customers of banking and financial products in the WAEMU region?
- What mechanism should be put in place to ensure repayment to investors in case of delay in loan repayment and/or in case of losses?
- Contribution of technologies and innovations to the dynamics of the banking and financial services offering?
- The effect of intermediation on the distribution of banking and financial products and services as well as on economic growth?
The forum is a platform for dialogue and consultation with the various regulatory bodies of banking, finance, insurance and in particular the telecom sectors as well as all the actors in the mentioned sectors (administrations, banks, management firms, brokerage, financial and payment institutions., MFIs, solution and technology providers, service providers, fintech, organizations, private sector, etc.)
The forum aims to discuss the impact of banking/financial intermediation, service provision and technology payments on the dynamics of financial inclusion and regional private sector financing.
It will make it possible to anticipate structural and functional changes in the industry as well as developments, at the international level, to define a model of financial intermediation adapted to the structure of our economies in order to supervise and promote new forms of financial intermediation supported by FinTechs. Maintaining regional financial stability.
Finally, it would be the place to discuss the traditional, legal and regulatory system for protecting consumers of financial products and services, and identify relevant guidelines for strengthening it.