RegTech Africa Conference 2024

Data is the new form of capital for economies in the 21st century. As the world moves towards a digital economy, harmonised data governance frameworks that unlock data’s economic and societal benefits are paramount. African nations have made significant strides in data governance, but have experienced uneven results. With data at the heart of the African Continental Free Trade Area agreement, its negotiations phase is the perfect opportunity to leverage the power of using and sharing data, if governments can provide the leadership to achieve it.

A recent report from the Information Technology & Innovation Foundation (ITIF) found that a one-point increase in a nation’s data restrictiveness could, over a five-year period, cut its gross trade output by 7%, slow economy-wide productivity by 2.9% and increase the prices of goods and services for industries that rely on data for their day-to-day business by 1.5%.

Data has become critical in achieving economic growth, increasing competition, and spurring innovation. Governments, businesses and individuals need robust data policy frameworks so they can extract the economic benefits of using and sharing data. Such frameworks should feature high data protection standards that guarantee adequate use of personal data, maintain public trust and safeguard privacy, without creating unnecessary data use and sharing barriers.

Against this backdrop, the conference is set to assess the data trust gap and how governments are harnessing partnerships for Africa’s prosperity.