Fintech Association of Nigeria Engages CBN and NSE on Driving Financial Technology and Financial Inclusion
The Central Bank of Nigeria (CBN) and the Nigerian Stock Exchange (NSE) have commended the Fintech Association of Nigeria for its efforts in bridging the gap between the regulators, government and the active players in the Nigerian Fintech ecosystem
In a separate meeting between the members of the Governing Council of the Association, led by its President, Dr. Segun Aina and Director, Banking and Payment CBN, Mr Dipo Fatokun and the Executive Director, Market Operations and Technology NSE, Mr Ade Bajomo; both the CBN and NSE agreed with the justification for setting up of FintechNGR, adding that its establishment was long overdue for the development of finTech ecosystem in Nigeria.
While emphasizing the importance of the Association, Aina said the Association would leverage on its global network to bring best practices to the finTech initiatives of the CBN thereby assisting the bank to achieve its mandate more effectively and efficiently as the Association serves as the arrowhead for the coordination of the ecosystem
“The joint initiatives of the Association (FintechNGR) and CBN is meant to drive the benefits of financial inclusion down the bottom of the pyramid” says Bunmi Lawson, Vice President, FintechNGR and CEO of Accion Microfinance Bank.
” The Association by its network of membership would serve to remove regulatory bottlenecks that stifle innovation as it bridges the gap between the innovators, government and regulators.” according to Isa Alade, General Secretary, FintechNGR and Associate Partner at Banwo & Ighodalo
Speaking further, Aina said that the establishment of the Association would also engender inter-agency relationship amongst regulators and the government comprising of CBN, SEC, NSE, NAICOM, NDIC, amongst others.
Olufemi Awoyemi, Member, FintechNGR GovCo and founder/CEO of Proshare Ltd also emphasized the need for collaborative efforts within the ecosystem as it would unleash the massive potential in the Nigerian finTech ecosystem, adding that the “Association would serve to bridge information gaps amongst various stakeholders in the finTech ecosystem thereby enabling access to the opportunities that abounds within the space.”
R-L : Mr Olufemi Awoyemi, Member,Govco,Dr Segun Aina,Pres, Govco, Mr Dipo Fatokun,Director, CBN, Mrs Bunmi Lawson, V.Pres, GovCo, Barr. Isa Alade, Gen. Sec, GovCo, Ms Josephine Ajala, Dep Director, CBN, Mr Seun Folorunso, Exec Sec
At the end of the meeting, the CBN promises to incorporate Fintech Association to presentations on finTech Regulation in Nigeria and make available the final draft to the Association for inputs.
FintechNGR will also be involved in the drive to give Digital Banks, otherwise known as Challenger Banks, prominence in Nigeria through fashioning out an appropriate licensing regime working with various departments of the Central Bank.
The meeting also agreed that the CBN will formally inform the Association and will be carried along with regards to the outcome of the sandbox experience initiative currently being undertaken by the central bank in partnership with a global foundation; an engagement for which stakeholder engagement is paramount to the CBN.
Mr. Dipo Fatokun informed the FintechNGR team that the Central Bank of Nigeria through the Banks and Payment System Department will be happy to be a part of the knowledge development and market feedback events organized by the Association and its partners starting with 2nd National Fintech Conference coming up 24th to 26th January 2018; while the NSE executive director, Mr. Ade Bajomo, stated that the NSE, subject to approval of its management, sees this collaborative approach as an extension of its market data, new business development and strategic push for a more integrated securities and financial market and hence will be happy to explore opportunities the planned conference presents with a focus on sector specific sessions at the Conference; and also will consider extending opportunities for the association to participate in focus group sessions on key development areas being worked on by the bourse specifically targeted at creating accessible funding modules for startups through the NSE.
At both meetings, the Association was tasked to ramp up the work in and around issues bothering on Fintech to the attention of the regulators and government with a focus on actual solutions that brings the largely informal markets into the formal/mainstream financial system, expand on the financial inclusion benchmarks and ensure that regulation promotes rather than stifles creative solutions; all of which is better achieved through a collaborative and constructive engagement platform that delivers a comparable benchmark with global standards.
The consistent engagement between the Association, regulators and government would surely promote home made innovative finTech solutions,which would impact positively on the economy and the society at large.