Stakeholders harp on enabling environment for Fintech growth in Nigeria

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Monday, April 25, 2017 6.00am/Proshare WebTV

The prospects for the growth of the Fintech Industry in Nigeria came to the fore at the maiden National Fintech Conference in Lagos, hosted by Fintech Associates Limited in conjunction with Digital Finance Institute(Canada) and the Chartered Institute of Bankers of Nigeria (CIBN) Center for Financial studies. 

It brought together stakeholders in the financial markets and policy space to explore ways of partnerships, that will facilitate the effective adoption and utilization of Fintech to transform the Nigerian financial services industry. 

In his opening remarks the Chairman Fintech Associates, Nigeria Dr  Segun Aina, OFR described Fintech as a service that is not bounded by geography, which required appropriate regulations and government framework to thrive in the country. 

Dr Aina was glad to inform stakeholders that Nigeria was recently published among the 22 new emerging Fintech hubs, to watch out for in the globe. 

He said the Fintech Association of Nigeria will be inaugurated at the conference, to achieve a connected fintech group in the nation. 

Giving a brief keynote at the event the Honourable Minister  for Industries, Trade and Investment Dr Okechukwu Enelamah said the government  understood the value of  Fintech.  Dr.  Enelamah stressed that the potentials of “Fintech” cut across sectors like Agriculture, Manufacturing and Insurance. 

The Minister noted that the Ministry has been supporting Technology start-ups in the country, giving them the necessary support they need and will also extend same for the  “Fintech” Industry. 

On his part the Minister for Information and Communications Technology Chief Adebayo Shittu  reiterated the fact that the government  was focused on providing the enabling environment for the Fintech Industry, to grow in  Nigeria. 

Commissioner for Science and Technology for Lagos State Mr. Olufemi Odubiyi  shared in his brief presentation, that the State government was committed to the development of the “Fintech Industry”, through the provision of an enabling policies. 

Mr Odubiyi asserted that Lagos has been supportive of tech entrepreneurs, citing the example of the Yaba hub experience, and was also driving initiatives like “Code Lagos” to reposition the ICT industry. 

Founder/Executive Director Digital Finance Institute Christine Duhaime in her message laid emphasis on the fact that Startups in Nigeria , can scale up through technology. She said she was looking to strategic collaborations, to boost Fintech in the country. 

President of  the Chartered Institute of Bankers in Nigeria (CIBN) Prof Segun Ajibola and the Group CEO of  Ecobank Mr Ade Ayeyemi, in their interventions both agreed that Fintech in Nigeria required strategic investments to grow. 

The summit also featured various panel sessions, discussing Financial Services & Blockchain, Financial Inclusion, Nigeria as Africa’s Fintech leader, Lessons in Fintech to The Future of Artificial Intelligence & Machine Learning in Finance.  

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