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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
    Learn More

    Meet some of our amazing members

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    Updates from our Newsroom

    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

    Access Bank Hosted the Fintech Association of Nigeria Anniversary Event

    August 6, 2018
    The Fintech Association of Nigeria celebrated its first anniversary in grand style as it hosted representatives of its member institutions, regulators, affiliated associations and key players in the Nigerian Fintech space. The event was hosted by Access Bank at its African Fintech Foundry facility in Lagos. Fintech Association of Nigeria  President, Dr. SegunAina, while welcoming guests and participants noted that the Association had been laying a very solid foundation for a thriving Fintech industry since its inception in June 2017. According to Aina, the Association under his leadership has become a rallying point for Fintechs and Fintech related activities in Nigeria. He said the Association’s membership base at present stands at 52. Listing crucial engagement the Association has had in the last one year, he said they include:  hosting of IMF/WorldBank delegation, Co-hosting of Lord Mayor of London City and the DFID UK team, meeting with the Chairman Senate Committee on Banking, Insurance and other Financial Institutions amongst others. He equally said the Fintech Nigeria engagements with regulators and the Federal Government such as Central Bank of Nigeria, Securities and Exchange Commission, Nigerian Stock Exchange, National Insurance Commission, National Information Technology Development Agency, Federal Ministries of Science & Technology, Communication, Commerce, Trade &Investment, Finance would go a long way in creating an innovation and investment friendly environment through appropriate regulatory framework for the growth of the industry in Nigeria. According to him ” the Fintech Association of Nigeria is leading an effort to open up market access and foster cross-border policy regime as it leads the formation of the African Fintech Council, a Council that would be made up of representatives of the National Fintech Associations from the countries in Africa.” In his goodwill message, President, Chartered Institute of Bankers of Nigeria (CIBN),  Dr.  UcheOlowu, stated that the acceptability, growth, and impact of the Association within a year of existence played a key role in enlisting CIBN as a member of the Association. He further discussed the believe of the Institute in the interplay between the fintechs and the banks as partners in transforming the financial sector. Olowu also disclosed that the Chartered Institute of Bankers in Nigeria (CIBN), will host members of the Association, players in the fintech and financial sector at the FintechNGR Social Meet (3) on November 1st 2018. From left: Vice President, FintechNGR/ED Access Bank, Ade Bajomo; Registrar/CE, Chartered Institute of Bankers of Nigeria, SeyeAwojobi; President, Chartered Institute of Bankers of Nigeria, Dr.UcheOlowu; President, FintechNGRDr.SegunAina, at the event. Giving the anniversary lecture, Ade Bajomo, Vice-president, FintechNGR/ ED, IT & Operations Access Bank gave the overview of how technology has been playing significant roles in everyday activities of humans especially in financial services delivery. He then narrowed down to the revolution Fintech has brought to the financial services delivery. According to him, “the fintech revolution that begun in 1866 with the successful laying of the first transatlantic cable, providing infrastructure for financial globalization has gone through various paradigm shift leading to the creation of first bachelors degree in fintech in 2016”. Bajomo

    Belfrics Global Visits the Fintech Association of Nigeria

    August 6, 2018
    In an industry consultative and advocacy forum on Blockchain Technology, the Belfrics Global team visited the Fintech Association of Nigeria on Wednesday, 25th July 2018 in Lagos. Isa Alade, the Secretary of the Association while welcoming the Belfrics team and the representatives of member institutions to the meeting stated that the forum was an exchange between the visitors and the Association on the state of Blockchain and to advocate further on its adoption in Nigeria. He narrated the various engagements the Association has been having with the regulators, government agencies and the international community such as IMF, DFID, NITDA, CBN, SEC, NAICOM, NCC, NSE, the Senate, Ministry of Science & Technology, Ministry of Finance, Ministry of Communication amongst others in a bid to creating an enabling regulatory and investment environment for innovation. According to him “ the Association has become a rallying point for Fintech in Nigeria as our members come from various sectors of the economy as well as internationally renowned organisations, making the Association the thought leaders in any Fintech related matters in the country” Santhosh Palavest, the Global Chief Innovation and Digital Officer of Belfrics made a presentation on the Belfrics Blockchain activities which include cryptocurrency trading, exchange, and mining as well as training of Developers in Blockchain. According to him “ the Blockchain Developers are scarce commodity while the demand for them is increasing per day globally, a problem the Belfrics Blockchain Academy was created to solve” L-R : Chris Oyeniyi, Director, Accounts & Audit, Santhosh Palavest, Global Chief Innovation & Digital Officer & Victor Evoh, Director, Operations & Marketing of Belfrics at the Forum. He equally stated that poor understanding of the Blockchain Technology makes it difficult for Regulators in many countries of the world to regulate it. He then zeroes in on a particular Blockchain Technology the Belfrics had developed called Belrium stating that Belrium could be used for secure, fast, efficient and cost-effective identity verification and management in mobile payments, banking activities, land registry, tax collection and others. He said the Belrium platform if integrated into the digital activities of government agencies could be used for quick and seamless identity verification across the board. The meeting then went into an interactive and discussion session where it was concluded that to fast-track the adoption of Blockchain Technology in Nigeria, more advocacy and hand-holding needs to be done with the regulators and government apparatus to enable them to come up with the policy for its adoption. In attendance were representatives of Fintech Associates Ltd, Alliance LP, Fast Credit Ltd, G. Elias & Co, Spa Ajibade & Co, Bitpesa, Esusu Planet, and Chris Oyeniyi, Director, Accounts & Audit, Santhosh Palavest, Global Chief Innovation & Digital Officer & Victor Evoh, Director, Operations & Marketing of Belfrics.