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    • Welcome to

      FINTECH ASSOCIATION OF NIGERIA

      Our mission is to foster an ecosystem that supports all stakeholders to achieve a thriving and growing Nigerian FinTech industry.
      Learn More      Become a Member
    • What we do

      Since inception, the Association has consistently been interfacing with the regulators such as Central Bank of Nigeria, Security Exchange Commission, National Insurance Commission, and the government at all levels with a view to developing the Fintech ecosystem.
    • Our Vision

      To make Nigeria one of the world’s leading markets for finTech Innovation and Investment.

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    We facilitate

    Since inception, the Association has consistently been interfacing with the regulators such as CBN, SEC, National Insurance Commission, and the government at all levels with a view to developing the Fintech ecosystem.

    More About Us

    FinTech Association of Nigeria (FintechNGR) is a self-regulatory, not-for-profit and non-political organisation incorporated in Nigeria by the Corporate Affairs Commission CAC and a member of the global body Global Fintech Hubs Federation. The Association was established to serve as a platform for the development of the financial technology (“Fintech”) industry in Nigeria and to be a forum for the exchange of ideas and dissemination of information by and between various stakeholders in the Nigerian financial technology services industry.

    Connect

    Connect with stakeholders in the Fintech community locally, regionally and internationally to establish a critical bridge for the Nigerian Fintech ecosystem and ensure that support systems exist for a more conducive operating environment through collaborative efforts.

    Accelerate

    Develop a virile thought-led engagement channel for the Fintech community in Nigeria including research, technical, policy formulation reviews, legal and regulatory information and implementation support that impacts economic development, diversification and deployment of resources which ultimately provides opportunities for the industry and its members.

    Advocate

    Engage with industry players including regulators, legislature, government agencies and NGO’s in policy making to support Fintech innovation and provide feedback to the Fintech community on issues affecting Fintech and related sectors.

    OUR GOVERNING COUNCIL

    The substantive Governing Council of the Association is made up of seasoned professionals
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    Meet some of our amazing members

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    Updates from our Newsroom

    FintechNGR and Securities & Exchange Commission, SEC, Advances Partnership, Inaugurated Fintech Adoption in the Capital Market Committee

    December 12, 2018
    The Fintech Association of Nigeria, FintechNGR and the Securities & Exchange Commission, SEC formally inaugurated the Fintech Adoption Roadmap in the Capital Market Committee at 2018 3rd Capital Market Committee, CMC meeting held on Thursday, 14th November 2018 at the Federal Palace Hotel, Victoria Island in Lagos. Recall that the CMC at its 2nd meeting in 2018 held on Thursday, 9th August had widely adopted the prayer from the Association in a presentation to set up a Committee that would draw up a roadmap for the adoption of Fintech in the Capital Market. The Acting DG of the Commission, Mary Uduk expressed her satisfaction in inaugurating the committee as a dream come through. She stated that SEC carefully selected the members of the committee based on experience and industry awareness as she affirms her confidence in the future outcomes of the activities of the committee. According to her “ the Fintech Adoption Committee is tasked with providing the guidelines for the regulation and operation of various aspects of Fintech as it affects the Capital Market, such guidelines would also ensure the market activities are technology-driven ” The Association is represented in the Committee by Ade Bajomo, Vice-President, Fintech Association of Nigeria & ED, IT & Operations, Access Bank (Committee Chairman), Olufemi Awoyemi, Member, FintechNGR GovCo & Founder/CEO, Proshare and Seun Folorunso, Administrative Secretary, FintechNGR In the same vein, the Association continues its ecosystem engagement and advocacy as it made a presentation on “Financial Technology and the Banking Industry in Nigeria: Issues, Challenges & Opportunities at National Deposit Insurance Commission 2018 Sensitisation Seminar for Federal High Court Judges held on November 10th at Transcorp Hilton, Abuja. The Association was represented by Demola Igbalajobi, Divisional Head, Remita Products, Services & International Business and Seun Folorunso, Administrative Secretary of the Association.

    FintechNGR organized Social Meet 3.0, Hosted by the Chartered Institute of Bankers of Nigeria, CIBN.

    November 8, 2018
    Fintech Association of Nigeria held it Social Meet 3.0 on Thursday 1st November 2018 hosted by the Chartered Institute of Bankers of Nigeria, CIBN at its state of the art digitally equipped learning Centre situated at Yaba Lagos. In his welcome remarks, the president, CIBN, Dr Uche Olowu expressed his satisfaction at the level of partnership that exists within the ecosystem, he strongly affirmed the belief of the Institute in collaboration with relevant organisations in driving financial inclusion through affordable, accessible and simple technology. He equally stated that the Institute has rejigged its curriculum to create space for the study of certain aspects of Fintech while reiterating the importance of upskilling and retooling of banking personnel to be able to meet up with vast demands of a digitized economy and financial services delivery. According to him “Partnership between banks and fintechs is pivotal to economic growth as it were & could unlock massive opportunities within the economy such as employment generation” The event featured a panel of discussants on Banks & Fintechs: the Issues to explore how the banks and fintechs can collaborate better in driving financial services delivery and creation of shared values among key stakeholders. The chairman of the panel, Adeniyi Akinlusi, President, Mortgage Banking Association of Nigeria stated that regulation that often lags behind innovation must not stifle it as innovation must continue and progress with regulation coming closely. Bolaji Lawal, ED/head, Digital Banking, GTBank mentioned that the scope and nature of the partnership between the banks and fintechs must be clearly defined. According to him “Fintechs must ensure stability and profile management, adequate capacity to deal with expansion and commitment to long-term partnership with the banks”. In his own submission, Salami Abolore, Founder/CEO, Riby stated that resource inclusion, provision of complementary capacity to fintechs, establishment of Fintech focused department in banks headed by a top management staff are key to driving the partnership while fintechs must also ensure speed and compliance while innovating and integrating solutions while Blessing Osio, Managing Partner, ABIT Professional Services Ltd opined that collaboration between banks and fintechs must create enduring indigenous solutions capable of standing the test of time. New members of the Association; First Bank, Nigerian Stock Exchange, Eyowo Integrated Payments Ltd, Africa Prudential Plc, Union Bank, Eagle Global Markets, Standard Platform Global Ltd and Blockchain Nigeria User Group were all inducted into the Association as membership certificates were presented to them. In his closing remarks, Oluseye Awojobi, Registrar & Chief Executive, CIBN stated that the partnership between banks and fintechs must also look the side of telcos to promote an all-inclusive financial services delivery. According to him “every player in the space must ensure regular upskilling of members of staff taking advantage of collaboration that exist within the ecosystem”

    Fintech Association of Nigeria Kicks-off Fintech Learning Series with the Regulators at the Securities & Exchange Commission.

    September 14, 2018
    In pursuit of the Association’s cardinal objective of education and advocacy that would influence the formulation of appropriate regulatory frameworks that support and encourage innovation towards job creation and entrepreneurial growth, the Fintech Association of Nigeria kicks-off its flagship programme – Fintech Learning Series with the Regulators at the Securities & Exchange Commission, Abuja on Wednesday, 12th September 2018 further to the partnership that exists between the two entities. The maiden edition of the programme that took place at the Commission’s head office in Abuja had in attendance all members of staff of the Commission. While welcoming participants, the Acting Director General of the Commission, Ms Mary Uduk re-echoes her believe that adequately trained and skilled manpower is a necessity for adequate policy formulation as she stated that her leadership has embarked on routine knowledge empowerment for the Commission’s staffs on various subject matters of relevance. According to her “ you don’t give what you don’t have and it’s would be impossible to regulate properly anything you do not have adequate knowledge of”. She concluded her remarks as she announced the appointment of Ade Bajomo, Vice President of the Association as the Chairman of the newly constituted Committee on Fintech adoption roadmap for capital markets. You would recall that the Capital Market Committee, CMC at its 2018 2nd CMC meeting held on 9th August 2018 in Lagos adopted the prayer of the Association to set-up a committee on Fintech adoption in the capital markets. The president of the Association, Dr Segun Aina in his opening remarks commended Ms. Mary Uduk for her positive disposition towards adopting Fintech in the capital market especially for giving the Association the privilege of equipping the Commission’s staff with adequate knowledge that would support their personal growth and facilitate better discharge of their duties. He equally mentioned that continuous staff retooling and retraining will keep the Commission in tune with global regulatory best practices. According to him “ the Acting Director General has by hosting the maiden edition of the Fintech Learning Series ushers in a fresh paradigm in the regulatory corridor in the country and has positioned the Commission as forward  thinking and active player in the fourth industrial revolution being catalyzed by technology and digitization” Ade Bajomo, the Vice President of the Association and Executive Director, IT & Operations, Access Bank anchored the session on “Market Impact of the Fintech  Revolution”. He stated that to be an active player in the fourth industrial revolution, entrepreneurial and innovative spirit, hunger for knowledge and adequate infrastructure are basic requirements. He mentioned that innovation attracts investment as fintechs revolution are predicated on ideas, cloud computing, big data and mobile technology. Bajomo further alluded to the fact that innovation is always ahead of regulation as the pace of change is absolutely unstoppable and as such, regulators must follow closely, learn and collaborate to get the best out of the waves of innovation revolutionizing the world. He said the right innovation offers simplicity, speed, durability and convenience as he stated that Fintech

    FintechNGR Engages the House of Representatives to Develop the Ecosystem.

    September 2, 2018
    Further to its objective of facilitating an innovation and investment friendly fintech environment driven by collaboration for appropriate regulatory frameworks, the Fintech Association of Nigeria recently engaged the Nigerian House of Representatives Committee on Information and Communications Technology ICT as the delegation of the lower chamber led by the Committee Chairman, Honourable Onawo Mohammed paid an industry consultative visit to the Association. While Welcoming the participants to the meeting, a Governing Council member of the Association, Bunmi Lawson who chaired the occasion stated that the engagement with the Committee is coming on the heels of earlier engagement the Association had with the Senate Committee on Banking, Insurance and Other Financial Institutions as the Association believes that legislative inputs are very crucial to creating regulations that would stimulate the ecosystem. Lawson further stated that the strength of the Association is the diversity of its membership that cuts across all sectors of the economy as she said the Association on a continuous basis is engaging both local and foreign fintech partners with a focus on job creation and making financial services available to those at the bottom of pyramid using technology. According to her “ the Association is not only stimulating fintech growth in Nigeria but also in the rest of Africa as the Association is leading a formation of the African Fintech Network, a Network to which thirteen countries have subscribed to, in order to open up market access and foster cross-border policy window for fintech products as exportable goods” Making his remarks, the Chairman of the House of Representative Committee on ICT, Hon. Onawo Mohammed alluded to the fact that such engagement with the industry is long overdue as he stated that the visit was better late than never. According to him, his Committee sees it a necessity to engage the industry as a partner in progress in order to bridge the gaps between the industry and legislator, regulators, and government. He further stated that a partnership of this nature is very pivotal to promoting home-grown solutions as he believes the country has enough talents and creativity to solve its peculiar challenges if innovation is adequately encouraged and supported. In his words “since regulation always evolves, key actors need to regularly engage to review the existing regulation and perhaps create new regulation to meet the demands of a dynamic and thriving ecosystem like Fintech” The meeting then went into an interactive session where various issues bothering on funding for startups, incentivisation for innovators, friendly licensing and regulatory regime, tax rebate, infrastructural development amongst others were raised as key areas of concern the Legislator needs to intervene in the best interest of the economy. It was concluded that the Association would be delivering a position paper on the state of fintechs in Nigeria at an upcoming ICT Roadmap conference to be held in Porthacourt from October 10th to 11th 2018. The conference that would bring together all players in the Nigerian technology space including the regulators, government agencies, and ministries, the legislator, the judiciary,

    SEC and FintechNGR Advances Partnership, Set up Committee on Fintech Adoption Roadmap in Capital Market

    September 2, 2018
    Further to the partnership that exists between the Securities and Exchange Commission, and the Fintech Association of Nigeria, the Capital Market Committee, CMC at its 2nd meeting in 2018 held on Thursday, 9th August at the Federal Palace Hotel adopts the prayer from the Fintech Association for the CMC to set up a Committee to draw a Fintech Adoption roadmap for the Capital Market. Ms. Mary Uduk, the Acting Director-General of SEC who chaired the CMC meeting in her opening remarks alluded to the growing influence of fintechs as she stated the need for the Capital Market to take advantage of the fintech offerings in moving the Capital Market forward. She equally emphasised the focus of the Commission on capacity building, knowledge sharing, advocacy and collaboration with relevant entities. According to her, “ the Capital Market needs to create an enabling environment that is attractive enough for fintechs to innovate as the Market should engage actively with the new trend in technology and provide the adequate regulatory framework for proper adoption of suitable technology” In his presentation, the executive secretary of the Fintech Association, Seun Folorunso did state that the Capital Market is not an alien to the wave of technology that began in the 18th century as he mentioned that the dynamic nature of fintechs and diversity of its offerings underpin the perception of fintechs as friends or foes, partners or competitors as well as makes the holistic regulation of the nascent sector difficult worldwide. He said the various advantages the fintech innovation brings to business include the reduction in the cost of doing business, increased efficiencies, security, customer trust and enhanced regulatory compliance. He stated that the fintech helps the Capital Market in improving ways of accessing capital, trade execution, post-trade services, data, analytics and information services, and operations and technology leveraging on core market infrastructure, post-trade digitization, AI & analytics, investment technology and alternative funding platform most of which are built on AI & Robotics, Machine Learning, blockchain technology, regulatory technology amongst others. Seun concluded by saying that for any sector to full benefits from the promises of Fintech, collaboration is very germane as he mentioned that the Fintech Association of Nigeria through its diverse membership base that cuts across all sectors of the economy, its extensive global network and affiliations coupled with its strong local presence and partnership provides a platform for collaboration on policy formulation, technology adoption, startup initiatives, cross-border policy, knowledge empowerment series and advocacy across the board. In his words “ the major emerging innovation trends within the financial services are increasingly global, rather than domestic in nature, therefore, financial services regulator must re-consider existing ways of working and collaborating, in order to balance potential benefits of innovation (for consumers and the financial sector as a whole) with traditional policy objectives, namely financial stability, integrity, financial inclusion, competition and consumer well-being and protection” The presentation was followed by an interactive and discussion session on the propositions by the FintechNGR during which the prayer