Thursday, January 23, 2020 / 12.00PM / Nifemi Taiyese for WebTV / Header Image Credit: Shutterstock
There is growing optimism that Nigeria will retain its leadership position as the preferred Fintech Investment destination in Africa in 2020. In 2019, the country attracted Fintech investments worth US$400m.
The President of the Fintech Association of Nigeria, Dr. Segun Aina, acknowledged this development at the Fintech 6.0 Social Meet event, where he expressed confidence that with an improved regulatory environment, Nigeria would experience massive investments in Fintech in 2020.
Dr. Aina noted that through the Advocacy role played by the Fintech Association of Nigeria, the Industry has received support and gained traction with strategic collaborations with key regulators.
He said the Securities and Exchange Commission (SEC) launched the "Fintech Roadmap for the Nigerian Capital Market" in 2019 while other regulators like the Central Bank of Nigeria (CBN) commenced work on modalities for regulatory sandboxes, which will serve as opportunities for engaging Fintech firms.
The Fintech Association of Nigeria President also noted that the entire ecosystem in the industry is taking shape in the country, which is an incentive for investors.
Dr. Aina also believed that the Fintech Industry, through innovative products, has the capacity through collaboration with the banks to deepen financial inclusion for the unbanked population of the country.
Other areas that could experience growth and progress through Fitech development include Insurance(Insurtech), Services (Blockchain), Education (Edutech) and Regulation (Regtech), amongst others.
The President of the Fintech Association of Nigeria also highlighted the fact that at the 2019 Fintech Nigeria Week, the issues of deepening gender participation in the industry became prominent as well as the commitment of the UK government to supporting the industry.
According to him, with increased investment inflows into the Fintech market, more jobs will be created, leading to economic empowerment and a reduction in the country's poverty rate.
He also assured that the Association would continue to engage relevant policymakers and regulatory agencies to intensify the advocacy for an enabling environment that could attract more Fintech investment into the country.
Nigeria is currently Africa's Fintech capital and major place for digital start-ups.