UK Restates Commitment To Supporting Nigeria's Fintech Industry

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Wednesday, November 06, 2019 / 08.05PM / Bukola Akinyele for Proshare WebTV / Header Image Credit: WebTV


The United Kingdom has restated its commitment to support the development of Nigeria's Fintech ecosystem.

British Deputy High Commissioner to Nigeria, Harriet Thompson, disclosed this at the recent 2019 Nigeria Fintech Week hosted in Lagos.

Harriet Thompson, who was attending her first Fintech national summit in the country, commended the Fintech Association of Nigeria for its relentless drive in deepening the industry in the country.

Thompson said at the last edition of the Enhancing Financial Inclusion and Access, EFINA group-funded by the UK Department For International Development, DFID, released $2m for six (6) Fintech start-ups to position them to achieve a larger scale of operations.

Ms. Thompson acknowledged the fact that science, technology and innovation are fundamental to solving key developmental challenges such as creating 2m jobs a year for the Nigerian economy, increasing agricultural productivity, making government and banks more efficient and effective.

According to Deputy High Commissioner, it was going to take a new generation with cutting edge businesses to challenge the status quo and change the paradigm.

Speaking on the UK-Nigeria cooperation, Thompson, as part of the forthcoming investment showcase, noted that the Mayor of London would host three Nigerian tech start-ups for a strategic meeting with potential British investors.

She also announced the January 2020 UK-Africa investment forum scheduled for London, which will discuss developments around technology, with over 20 Heads of State and Global business leaders expected to attend.

Ms. Thompson believed that 2020 would mark a significant year for the growth and development of the Fintech industry in Nigeria, and was optimistic that the country would attract needed investments.

She informed stakeholders that the UK mission has been working on platforms that would enable access to digital products and services in northern Nigeria.

The Diplomat assured the Nigerian Fintech industry, that the United Kingdom was committed to strengthening the UK-Africa Fintech partnership, and create more opportunities for African Fintech start-ups.


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