The Fintech Association of Nigeria has been tasked with championing effective collaboration with the government, strengthening risk management mechanisms, accelerating homegrown innovative solutions and products, increasing its national spread and deepening financial inclusion/economic opportunities in the country.
This was the thrust of the conversations at the 2024 Fintech Nigeria 2024 President’s Dinner recently hosted in Lagos. The event brought together industry pioneers, policymakers, regulators, financial services industry leaders, fintech industry leaders, and other industry experts.
In her remarks, the Minister of Industry, Trade and Investments, Dr. Jumoke Oduwole, described the Fintech Industry as a worthy ambassador of Nigeria and believed that through innovative products, millions of Nigerians could be lifted out of poverty. She commended the efforts of the Fintech Association of Nigeria in its unwavering commitment to fostering the growth and development of the economy.
She said, “This administration is ready to work with the Fintech ecosystem and champion enabling regulations for the industry’s growth. Through our reforms, we are building an economy that accelerates technology. We will also encourage the industry to tap into the AFCFTA trade and digital portal and explore ways of boosting services exports.”
In his address, the Technical Adviser to the President on Economic and Financial Inclusion, Dr Nurudeen Abubakar Zauro assured the Fintech Industry that the government would partner with the ecosystem in deploying innovative solutions for financial inclusion nationwide. He tasked the industry with identifying sectors to leverage and unlock economic opportunities in the country.
Dr. Ademola Adeleke, the Deputy Director of Payment Services at the Central Bank of Nigeria, representing the banking regulator, said the CBN is ready to partner with the Fintech Association of Nigeria to achieve good market conduct, forge a coalition against fraud and cyberattack, and work as dependable allies in developing the country’s financial system.
Representing the Foreign Commonwealth Development Office from the United Kingdom, Mr Jehanzeb Khan described Nigeria as a strategic partner with a long-standing relationship in developing the financial services, fintech industry, capital markets and tackling illicit financial flows. He reiterated the UK’s commitment to the partnership and supporting the growth of the Fintech Industry.
In his remarks, Dr Segun Aina, Chairman of the Board of Trustees, Fintech NGR, described the evolution of the Fintech Association of Nigeria since its inception in June 2017 as remarkable, with an expansion across 40 African countries. He was delighted to share that the industry has created jobs, supported the growth of the Nigerian economy, and the country accounts for four of the Unicorns in Africa.
Mr Tola Adeyemi, the managing partner of KPMG Nigeria, stressed that policies that address macroeconomic issues would unlock more opportunities for the fintech industry and improve its attractiveness to investment. He called for simpler, straightforward, and proactive regulations while urging the industry to strengthen data privacy and cybersecurity.
The CEO of Palmpay, Mr Chika Nwosu, believed collaboration between the industry and other key stakeholders was critical to driving the adoption of fintech products in the country. “The fintech ecosystem in Nigeria requires an efficient and scalable system that creates new business models that unlock innovation, create jobs, boost economic empowerment, and financial inclusion,” he added.
Sir Ademola Aladekomo, the Founder of Chams Plc Group and a pioneer in the industry, in his goodwill message at the event, lauded the Nigeria Inter-Bank Settlement System, NIBSS, for enabling the work of the fintech ecosystem in the country. He also singled out Funke Opeke, the Founder of MainOne, for her pioneering work of laying the enabling infrastructure to support the activities of fintech firms. He called for concerted efforts to entrench local solutions, technologies and talents that will position Nigeria to benefit more from the innovations, transformation and investments in the fintech industry.
The President of the Fintech Association of Nigeria Dr. Stanley Jacob used the occasion to unveil his administration’s agenda, which will focus on the three pillars called the P.I.E. agenda. This agenda will cover participation, innovation, and expansion, all geared towards repositioning the association to accelerate the ecosystem’s growth across the country. He said the association will increase interaction with regulators and government to enable policies and regulations.
He said, “We will work with volunteers to increase the national reach of the Fintech Association of Nigeria and strengthen initiatives like Digistuds in our institutions of higher learning to boost innovation and local talents. Our focus will be inclusivity, increased engagement with stakeholders and unlocking value for the industry.”
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.