Carmelle Cadet, founder and CEO of EmTech, shared her insights on the future of Central Bank Digital Currency (CBDC) in Africa and the importance of fintech in driving financial inclusion during an exclusive interview with CoinNewsExtra at the 7th edition of Nigerian Fintech Week.
Speaking to CoinNewsExtra, Cadet highlighted the dynamic growth of the Nigerian fintech ecosystem and the importance of fostering collaboration between fintechs and regulators to drive innovation.
“I’ve had some great conversations with fintech leaders here in Nigeria. The focus has been on the need for infrastructure, regulatory clarity, and skilled talent, especially in fields like AI that are reshaping the fintech landscape,” Cadet remarked during the interview.
The Inspiration Behind EmTech
Cadet, originally from Haiti, shared how her personal experiences fueled her passion for improving financial access, especially in underserved markets. She described her journey from working at IBM to founding EmTech, with a mission to modernize central banking through blockchain technology.
“Access to finance has always been a personal mission for me. After migrating to the U.S., I saw the significant role that access to capital plays in people’s lives. My time at IBM fueled my interest in complex, global technologies, and I became fascinated with blockchain’s potential to transform financial systems,” she explained.
EmTech was born from this vision, focusing on using blockchain to digitize cash and enhance financial market infrastructure. “The idea of tokenizing cash using blockchain to improve financial inclusion and resilience became central to our mission at EmTech,” Cadet added.
CBDC and Financial Inclusion in Africa
During the interview, Cadet emphasized the importance of CBDC for Africa and how it can contribute to financial inclusion. She noted that for CBDC to succeed, a strong fintech ecosystem is crucial, as fintech apps provide the infrastructure through which people can access digital currencies.
“CBDC can play a transformative role in Africa, but it requires a resilient fintech ecosystem. Central banks digitizing cash is one step, but without fintech apps and platforms to bring that digital money to the people, the full potential of CBDC can’t be realized,” she explained.
Cadet highlighted EmTech’s role in helping central banks navigate the transition to digital currencies through the introduction of regulatory sandboxes. These sandboxes allow regulators to license fintechs while fine-tuning the necessary regulatory frameworks. Several African central banks, including those in Ghana and Nigeria, have embraced these tools.
Collaborating with African Regulators
Cadet praised the proactive approach of African regulators in fostering innovation while ensuring the fintech sector is well-regulated. She pointed out the significant strides made by the Bank of Ghana and the Central Bank of Nigeria in adopting EmTech’s regulatory sandbox to support fintechs.
“Our experience with African regulators has been very positive. The Bank of Ghana and the Central Bank of Nigeria have both been highly engaged in navigating fintech regulation while promoting innovation,” she noted.
As Africa moves toward broader adoption of digital financial solutions, Cadet is confident that innovations like CBDC, supported by strong regulatory frameworks, will lead to increased financial inclusion and economic resilience across the continent.
Stay tuned to CoinNewsExtra for more exclusive interviews and insights from the Nigerian Fintech Week 2024.
