Guinea: legal vacuum hampers the development of Fintechs

Fintech week for its first edition, it managed to bring together a good number of players in the Guinean financial sector around current issues. The key issue focused on the application of technology in finance. The goal is to propose possible solutions that are capable of developing the Guinean banking and financial sector.

For the organizers, the first step to achieve these results is to establish a framework for a fruitful dialogue to better diagnose the fintech sector, confides Halimatou Bah, co-organizer of the event. “Fintech is the use of technological solutions to solve the problems of the banking sector. This idea was born from the fact that the sector needs support, to be better structured for growth. We already have elements that exist in the ecosystem. There are young fintech start-ups, some with experience, others are newer creations, but all have huge potential. But we understand that there is a legal vacuum. we wanted to bring together the key players to essentially discuss the challenges of Fintech“.

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Halimatou Bah continues: “This meeting highlights the opportunities offered by this sector. Opportunities for employment, entrepreneurship and financial inclusion“.

The regulatory framework was the focal point of this event. N’Faly Sylla, Chief of Staff of the Ministry of Posts and Telecommunications will say in this sense that “These discussions aim to establish a clear regulatory framework adapted to the reality of fintech business, because today this is what is essentially missing in Guinea. Fintech includes several activities such as crowdfunding and electronic payments“.

In addition to the regulatory framework, the security that must prevail in cooperation between Fintech companies was widely discussed.