Wednesday, May 12,
2021 / 04:00PM / FintechNGR / Header Image Credit: FintechNGR
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The Fintech Association of Nigeria, FintecNGR, recently hosted the general public and stakeholders to the launch of its Nigeria Fintech Census 2020 Report, on Wednesday, April 28, 2021. The event which was titled; 'Nigeria FinTech Census 2020: Industry - Growth, Collaboration and Policy' also featured a mini symposium.
The report tagged, NIGERIA FINTECH CENSUS 2020 - Profiling AND DEFINING THE FINTECH SECTOR is an extensive industry-lead research that included both fintechs and enablers. According to Adedapo Adewole, Partner, Technology Consulting Leader, EY West Africa, the mapping research was targeted at capturing a detailed view of the size, challenges and opportunities associated with both established and emerging sub-sectors within the space; in a bid to provide an overview of the fintech landscape, top challenges and highlighting development/growth levers for fintechs.
Giving the welcome address, Regional Managing Partner, EY West Africa, Anthony Oputa stated that with the advent and advances we had witnessed in wireless communication technology as well as the ubiquitousness of mobile hand-held devices, technology of financial technology will shape our future going forward. He also expressed his applauded the Fintech Association of Nigeria, referring to it as a timely organization that has been a catalyst and primary source of information in the development of the fintech industry in Nigeria.
Also, Mr. Ade Bajomo, the President of the Fintech Association of Nigeria, appreciated Ernst & Young for the partnership, adding that such collaboration was what the fintech industry needed to maximize its potential. In his words, "the fintech ecosystem has witnessed significant growth in the last 10 years and no doubt is a sector that has potential for continuous growth, and with 40 million people yet to be financially inclusive, there is more to come."
Some of the insights from the Report shared during the event revealed that the five key drivers that will determine success for fintechs are: Capital, Demand, Talent, Policy and Collaboration. It also identified regulation and talent as the two biggest concerns fintechs faced, with an emphasis on growth as the top priority for players in the space.
There was also a very engaging panel session moderated by Bunmi Kuku, Partner & Business Consulting Leader, EY West Africa, with panelists drawn from different verticals in the space - Akinwunmi Emmanuel, Payments, Central Bank of Nigeria, Obi Emetarom, CEO, AppZone Group, Odunayo Eweniyi, Co-founder/COO, Piggyvest, Chuma Ezirim, Group Executive, eBusiness and Retail, First Bank of Nigeria, Anita Kimber, Partner, EMEIA Financial Services, EY, Wilfred Mamah, Head, Digital Transformation, Stanbic IBTC.
Understanding the regulatory landscape, risk management, building trust as well as transparency to safeguard the integrity of the financial space were some of the areas identified as top drivers of growth and collaboration in the fintech space. In addition, the merits and frameworks for open banking, the process of digitization as it also relates to physical branches, and a faster regulatory curve for fintechs were some of the issues examined, particularly the current reality of things as it relates to those areas and the way forward.
The event concluded with Dr. Segun Aina, Chairman Board of Trustees, FintechNGR, appreciating Ernst & Young for partnering with the association as well as other individuals and organizations for making the launch and the event a success, while adding that the importance of the report on the ecosystem could not be overemphasized and his hope to see further progress and growth in the space.
Fintech Association of Nigeria, the pioneer national fintech association in Africa and founding member of Africa Fintech Network (A Network of thirty-four (34) National Fintech Associations in Africa), member Global Fintech Hub Federation has been at the fore-front, promoting and advocating for right regulation and investment as the key enablers of innovation in financial technology, Fintech.
Follow this link to download the report, or click here to watch the recording. Please visit www.fintechng.org or contact firstname.lastname@example.org to enquire about the Association, membership, partnership and data on fintech in Nigeria and Africa.
Download the Full Report HERE