19 April 2019

Nigeria: 'Fintech, Transforming Many Industries in Nigeria'

Financial Technology (Fintech), has been described as a new revolution transforming various sectors of the Nigerian economy.This development, according to the Fintech Association of Nigeria (FintechNGR), must be sustained and improved upon for future economic growth.

Speaking at the 2nd yearly general meeting and Social Meet 4.0, of FintechNGR, hosted by the Nigerian Stock Exchange (NSE), in Lagos, President of the Association, Dr. Segun Aina, said 2018 was an exciting year for fintech. This is because it continues to transform many industries especially the financial services in terms of breakthroughs in innovation and investment globally, notably in Africa.

"The expected impact of fintech in Africa's development was epitomised by IMF's statement that Fintech could be the critical stepping stone towards a digital economy for Africa," he stressed. Aina, who attributed the success of the Association during the year to the quality contributions, and commitment of members, said it vigorously pursued its three core objectives of connect, advocate, and accelerate, as its impacts are felt across the Nigerian and African Fintech ecosystem.

The event was attended by key executives, and management staff of member institutions and ecosystem stakeholders including banks, consulting, legal and investment firms, as well as ICT venture capitalists.Others included research institutes, tertiary institutions, professional bodies, core Fintech firms, startups, financial services providers, students, media houses, regulators including the Central Bank of Nigeria among others.

Milestones attained by the Association in 2018, included facilitation of Fintech Adoption Roadmap in the Capital Markets, participation in the CBN FSS 2020 Strategy Retreat, significant membership increase, and inauguration of the Africa Fintech Network, there were also partnership and support for the take-off of the UK-Africa Investment Group, an initiative of the UK Government, creation, and leadership of the Fintech sub-Committee of the Nigeria Economic Summit Group, NESG and many others.

FintechNGR Vice President, and Executive Director, IT & Operations, Access Bank, Ade Bajomo, said the Association's focus is on breeding young innovators from schools. He said the association strongly believes the future of the nation rests on its teeming youths properly playing active roles in digitalising the economy.

Director, Technology, Deloitte, West-Africa, and member of the Governing Council, Wole Oyeniran, said to consolidate successes, maximise impacts, and value delivery to its diverse members as well project a future, it has fashioned a roadmap to cover 2019-2021. This is expected to usher in significant changes in membership categories, growth and value offerings, while creating other more sustainable revenue sources and strengthening of internal capacity and governance.

Founder & CEO, Proshare, another council member, Olufemi Awoyemi, said the association has outlined some strategic programmes for the year, aimed at stimulating more regulatory engagements and investments as well as equipping young Nigerians with the ability to play actively in the digital age.

Chief Host and NSE CEO, Oscar Onyema, also a FintechNGR member said the Exchange appreciates the role of Fintechs, and has developed a policy aimed at fostering corporate governance, expose startups to investors, and facilitate listing on the Exchange.

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