Lukonga Lidunda, Executive Director of BongoHive, took part in a key panel discussion at the VISA/Mozilla workshop held at Ciela, which focused on Africa’s fintech revolution. The session, titled Unlocking Fintech’s Power for Everyone, explored important topics such as consumer protection, privacy, and the role of digital and financial literacy in creating a more inclusive fintech ecosystem across the continent.

The discussion, moderated by Muthuri Kathure of Mozilla, brought together experts from various sectors, including Salome Makau from Visa and Helen Sithole from MISA. The panelists addressed the challenges facing African fintech, particularly issues around consumer trust and privacy concerns that can hinder the adoption of digital financial services. While Visa’s Salome Makau shared research findings on consumer trust and privacy barriers, Helen Sithole highlighted the need for stronger consumer data protection policies from an advocacy standpoint.

Lukonga Lidunda provided insights into the importance of building trust from the ground up within fintech startups. He emphasized that trust is a crucial element for the long-term success of any fintech initiative, especially in Africa, where privacy concerns are heightened. He noted that fintech companies should prioritize consumer protection and transparency to ensure a positive relationship with their users.

The panel also explored the role of education and digital literacy in empowering consumers to make informed decisions in the digital economy. Lukonga spoke about how integrating data privacy and literacy into the design of fintech products can help address these concerns. Salome Makau discussed Visa’s efforts to educate consumers about data protection and equip them with the tools to safeguard their information in the digital space.

As the conversation shifted to policy, the panelists discussed the importance of consumer-centric policies and industry standards that prioritize consumer rights. Helen Sithole stressed the need for clear industry standards that protect consumers, while Lukonga highlighted the role of innovation hubs like BongoHive in bridging the gap between the advocacy sector and the fintech industry. He pointed out that hubs like BongoHive can facilitate the development of policies that support both consumer protection and the growth of fintech startups.