Fintech Nigeria hosts social forum, to strengthen its Industry ecosystem

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Monday, April 30, 2018 6.20PM / Proshare WebTV   

Fintech Association of Nigeria on April 27, 2018, organized a Social Meet at the Lagos Motor Boat Club, 28 Awolowo Road, Ikoyi, Lagos.

The purpose of the Fintech Social Meet was to foster an ecosystem that supports all stakeholders to achieve a thriving and growing Nigerian Fintech industry and make Nigeria one of the world’s leading markets for Fintech Innovation and Investments.

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Giving the opening remarks, the President, Fintech Association of Nigeria, Dr. Segun Aina, shared the three pillars used to drive the objectives of the association namely; connection/collaboration, acceleration and advocacy. 

He stated that following ideas, research, or policy briefs, advocacy is very important with regulators, policy makers, Government and operators within the Fintech space both globally and locally. 

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The General Secretary, Mr. Isa Alade, sharing the goals and objectives of the Fintech Social Meet, explained that the aim of the forum was to discuss blockchain, cryptocurrency and bitcoins from a Nigerian context, as well as the peculiarities being dealt with in the Nigerian environment. 

According to Alade “The plan is to use this forum to accelerate conversations around such issues as a precursor to the 3rd leg of the association’s key objective which is to advocate engagements with industry players and regulators towards developing an enabling legal environment for Fintech industries”. 

In terms of membership, Mr. Alade informed stakeholders that the association boasted of a total of 42 members in the association. This he said was a significant improvement, considering that the association was started just over a year ago. 

Speaking on policy issues and discussions at the event, Mr. Bolaji Onibudo affirmed that to an extent, tokens and cryptocurrencies have been able to represent money and as such, he queried the need for us to continue to carry a lot of paper money in bullion vans across the country secured with armed police. 

According to him, “It takes time for us to transfer money to one another, or make payments or settlements, when we can have a cryptocurrency that can achieve the same purpose more securely and less expensively. So it is in the interest to Central Banks across the world that this may be the way to go”. 

Mr. Muhammed Inuwa, also speaking at the Social Meet said, “What we are looking at is defined cryptocurrency legislation for the space wherein we are able to regulate certain aspects of the blockchain, for example, regulating those who are traditionally the Wallet. Those represent what we have today as banks where you keep your cryptocurrencies. So we intend to look at the possibility of the legislators regulating them and also have a KYC policy treating the perceived illegality and anonymity regarded with cryptocurrencies”. Concluding his remarks, Mr. Inuwa expressed his desire to see an increase in the involvement of cryptocurrency stakeholders where activities will lead the way in getting legislation. 

It is hoped that with the success of the Fintech Association of Nigeria Social Meet 1 and the induction of new members, challenges in the Nigerian Fintech Industry would be quickly resolved as the forum presented an opportunity to harness the collective skills and capacity of members together to act as a formidable force to be able to advance the cause of innovation and financial technology in Nigeria. 

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