The Fintech Association of Nigeria (FintechNGR), the umbrella body for fintechs in Nigeria and founding member of Africa Fintech Network held its 4th Annual General Meeting (AGM) on Tuesday, 9th June 2021 online. In his speech, the President, Ade Bajomo stated that it was the first AGM address he would be giving in his capacity at the helm of affairs of the Association and expressed his heartfelt gratitude to be leading the three-prong mandate of the
Central Bank of Nigeria (CBN) issued a circular some years back advising banks and other financial institutions to take note of its stance as regards the trade of cryptocurrency. In that circular, dated January 12, 2017, the CBN seemed to have recognized the emergence of Virtual Currency Payment Products and Services (VCPPS), its interaction with New Payment Products and Services (NPPS) and the rise of Virtual Currency Exchangers. Also contained in that circular were a
The Central Bank of Nigeria (CBN) on 9 December 2020 published the Circular on New License Categorizations for the Nigerian Payment Systems (NLC Circular), which has made it easier to identify the licenses that apply to the Nigerian Payments System. Under the NLC Circular payments system licensing has been streamlined into four: Switching and Processing; Mobile Money Operations (MMOs); Payment Solution Services (PSSs); and Regulatory Sandbox. The following include the permissible activities for each licensing
2020 has been an intriguing year with the effect of COVID-19 and its multifaceted impact on all spheres of life, both positively and negatively. While the negative impacts of COVID-19 cannot be underplayed, it has also played out positively in accelerating digital adoption journey across divides, fostering re-thinking of business models to serve the insatiable taste of consumers. Above all, brings to fore the resilience spirit in all of us, hence, we all survived the
We had our Social Meet 7.0 event in Lagos which had in attendance notable speakers across the finance and technology sectors. The event explored the topic “Strategic Readiness for 2021” and was an opportunity for stakeholders and industry players to discuss the developments in the fintech ecosystem, the impact of COVID-19, and what would shape developments in 2021. Our President, Mr. Ade Bajomo, gave the opening remarks. He stated that the timing for Fintech Social
In line with the powers conferred on the Securities and Exchange Commission “SEC” “the Commission” by Section 13 of the Investment and Securities Act, 2007, the Commission recently issued a Statement on Digital Assets And Their Classification and Treatment “the Statement” to now regulate crypto-token or crypto-coin investments when the character of the investments qualifies as securities transactions. What will be regulated? Virtual crypto assets: The effect of the Statement is that virtual crypto assets are classified as
In furtherance of its fintech educational goals titled – Fintech Learning Series, the Fintech Association of Nigeria in partnership with the Nigerian Institute of Chartered Arbitrators trained lawyers and arbitrators in Nigeria on Digital Skills 101 through Zoom on Saturday, 30th May 2020. The “New Normal” occasioned by COVID-19 pandemic and the role the digital would play in the Fourth Industrial Revolution, 4IR couple with changing future of work makes it imperative for all professionals to acquire
Fintech Association of Nigeria was established in 2017 to foster an ecosystem that supports all stakeholders to achieve a thriving and growing Nigerian FinTech industry and to make Nigeria one of the world’s leading markets for FinTech Innovation and Investment. The Association continue to implement its three (3) year strategic plan (2019 – 2021) aimed at strengthening its capacity to be of great relevance to all its stakeholders. These involved among others restructuring of its
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The President of Fintech Association of Nigeria, Dr. Segun Aina and the Management led by Dr. Babatunde Obrimah in a bid to support its members and the ecosystem to weather the storm of economic and business impacts of COVID-19 and prepare them for post COVID-19 challenges and opportunities, engaged in strategic discussions with the fifteen (15) sectors that make up its one hundred and twenty-six (126) member institutions: Banks, Startups, Insurance, Financial Services, Payment, Incubation