FintechNGR, CBN Drive Financial Inclusion
The Fintech Association of Nigeria, the Central Bank of Nigeria and some regulators in the financial sector have expressed their readiness to drive financial inclusion through fintech.
The operators also expressed their support for the growth of start-ups in the fintech areas.
They spoke during the Nigeria Fintech Week with the theme, ‘Surviving with fintech innovation, what are the sustaining factors?’ in Lagos.
The Deputy Governor, Financial System Stability, CBN, Mrs Aishah Ahmed, said it was important to have collaboration between policy makers, the market, the banks and the payment service companies to serve as a platform for dialogue on fintech’s impact on the sectors.
She said that the apex bank had introduced different guidelines and electronic payment systems to develop the financial system.
While speaking on innovation in fintech, she said, “Responsible innovation, must be inclusive to address all our issues, both financially and it must be held accountable.
“When you come into the industry to enable inclusion and to drive growth, we want you to add value and make it better and forestall any of the challenges.”
The President, Fintech Association of Nigeria, Dr, Segun Aina, said in the past three years, a lot of funds had come into the fintech space in Nigeria, but the challenge was that about 95 per cent of these funds were coming from outside Nigeria, and that meant whatever benefits came from it would go to the investors.
He said, “We see a lot of Nigerian companies that have been supported financially by this and are now becoming global areas, and what that means is that the benefits in terms of financial gains are going to other economies.
“I want to urge wealthy Nigerians and local investors, banks to create funds that will address the challenges of startup of companies. You need money to move around. Nigerians can come up with spare funds to address the challenges of the startups and then, the foreign investors can come up with theirs later. Funding should not be a problem if you have a good idea. I see a bright future for creative minds in Nigeria.”
He said the Fintech Week brought together various organisations and individuals in the disruptive technology ecosystem both within and outside Nigeria.