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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

    NIGERIAN SEC REGULATES DIGITAL ASSETS

    October 19, 2020
    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 securities unless proven otherwise. However the burden of proving that the crypto assets proposed to be offered are not securities and therefore not under the jurisdiction of the SEC, is placed on the issuer or sponsor of the said assets, otherwise the issuer or sponsor will be required to register the digital asset with the Commission.   Digital Assets Token Offering (DATOs), Initial Coin Offerings (ICOs), Security Token ICOs and other Blockchain-based offers of digital assets within Nigeria or by Nigerian issuers or sponsors or foreign issuers targeting Nigerian investors.   Existing digital assets offerings operating in Nigeria prior to the implementation of these new regulations will have three months to register with the Commission. Who will be regulated? Any person, (individual or corporate) whose activities involve any aspect of Blockchain-related and virtual digital asset services. Such services include, but are not limited to reception, transmission and execution of orders on behalf of other persons, dealers on own account, portfolio management, investment advice, custodian or nominee services. Issuers or sponsors (start-ups or existing corporations) of virtual digital assets. The Statement also adds that the Commission may require Foreign or non-residential issuers or sponsors to establish a branch office within Nigeria. However foreign issuers or sponsors will be recognized by the Commission where the foreign issuer or sponsor is a member of the International Organization of Securities Commissions (IOSCO), and or a reciprocal agreement exists between Nigeria and the country of the foreign issuer or sponsor. Registration Process Initial Assessment filing- to satisfy the burden of proving that the virtual assets do not constitute securities. Registration of virtual assets either made directly by the issuer or sponsor or where the burden of proof is not satisfied. The Statement further classified cryptocurrencies and utility tokens as commodities, security tokens as securities, and derivatives and investment funds as “specified investments.” The Commission will also be responsible for overseeing utility token spot trading and transactions where conducted on a Recognized Investment Exchange.   For more on this, kindly send an email to [email protected] Tonbofa Law Practice is a law firm registered in Nigeria and the United Kingdom and is focused on developing Africa through her laws. Our key objective is to simplify access to quality legal representation for organizations investing in Africa or with business operations in Africa. Please visit our website at www.tonbofa.com for more information about us. You can reach us via email on [email protected]

    FintechNGR Partners with NICArB, Trains Lawyers and Arbitrators on Digital Skills 101

    June 15, 2020
    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 the right dose of digital skills to be able to fit well in the digital economy. In introducing the session, Seun Folorunso, Resource Manager of FintechNGR says the partnership with NICArB is a testament to the positioning of the Association as a leader in digital literacy and education as the Association would soon be launching its digital and fintech certification programmes in partnership with relevant institutions from across the globe. While welcoming the participants to the session, Shola John-Oshodi, Registrar, NICArB says the training was packaged at this critical time to make sure that lawyers and arbitrators compete favourably with professionals from other sectors of the economy and ensure they are not limited in availing themselves the myriad of opportunities that come with the digital economy. The training facilitated by Wole Oyeniran, Technology & Digital leader, Deloitte & Touche – West Africa and member, FintechNGR GovCo, and his team took the participants which included the six (6) judges of State High Courts amongst other eminent participants through intricacies of Internet and the World Wide Web, tools for Keeping up with partners and clients in the digital economy, the necessity of the Digital Court, implications and importance of Social Media and Information Security and the practical illustration anchored by Derin Fagbure, Founding Partner, In Black and White LP. According to Wole, to build an inclusive digital society where all and sundry participates meaningfully in the Digital Economy, professionals including lawyers and arbitrators must be equipped with the necessary tools and skills to thrive, and use technology In his words “going digital saves time and money, ensures work-life balance, improves health and enhances the speed of delivery as speed is a form of justice, although it comes with security issues, professionals must learn to discover and handle. The training was the first in the series of digital education programmes the Association and NICArB have in the pipeline as they look to launching specific and focused digital training programmes soon.

    FintechNGR Appoints Board of Trustees

    June 11, 2020
    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 Secretariat, appointing a Board of Trustees and establishing new and sustainable funding sources for the Association and the Fintech industry. To achieve these objectives, the following eminent Nigerians have been appointed to the Board of Trustees: Dr Segun Aina OFR, currently President, Fintech Association of Nigeria, Africa Fintech Network and Chairman, Odua Investment Co Ltd. Dr. Tunde Lemo OFR– Chairman, Flutterwave Ltd, Lambert Capital Ltd and former Deputy Governor of the Central Bank of Nigeria. Mr. Kyari Bukar – Chairman, SUNU Assurances Nigeria Plc and former Chairman, Nigeria Economic Summit Group. Ms. Mary Uduk – Ag. Director-General, Securities & Exchange Commission SEC. Ms. Funke Opeke – Managing Director/CEO, Main One Cable Co, Mr. John Obaro – Managing Director/CEO, SystemSpecs Remita Limited and currently a member of Governing Council of Fintech Association of Nigeria. Mrs. Bola Adesola – Snr. Vice-Chairman, Africa, Standard Chartered Bank and co Vice-Chair, United Nations Global Compact The Board of Trustees will provide necessary oversight, guidance and support and work with the Governing Council towards the attainment of the objectives of the Association. According to the President of the Association, Dr Segun Aina “FintechNGR which I have been privileged to promote and nurture with others has in its 3 years of existence made tremendous impact and contributions to Nigeria and Africa fintech ecosystem and the national economies focusing on its three main objectives to Accelerate, Advocate and Connect. The addition of these eminent and accomplished personalities and industry leaders will no doubt propel the growth and increased relevance of the Association. With this development, John Obaro and I will be leaving the Governing Council as Member and President of the Association respectively at the next Annual General Meeting coming up later in the year as we will not be presenting ourselves for reelection to the Governing Council”. Funke Opeke remarked that ” I am honoured to serve as a member of the Board of Trustees of the Fintech Association of Nigeria and look forward to the opportunity to add value to the organization along with other distinguished professionals of high repute”. Bukar Kyari also commented that ” I am pleased to accept my nomination to the Board of Trustees of the Association and I am looking forward to being able to contribute to the growth of fintech in the country” Another prominent member Mr Tunde Lemo remarked that “I will bring to bear my knowledge, expertise and experience in the discharge of my duties and look forward to working with other members of the Board towards the growth and development of our

    Agriculture Risk Review Journal by Cellulant

    May 22, 2020
    Download the AgriKore Risk Review titled – Smart Farming: A Solution To Prevailing Hunger In Africa, A publication by Cellulant. Issue 1

    FintechNGR Strategises Post-COVID-19 Intervention, Engages Sectors of its Membership

    May 5, 2020
    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 and Acceleration, lending, Consulting, ICT, Blockchain, Investment and Venture Capital, Legal, Media, Education and Professional Bodies.The engagement was done through nine zoom sessions with each session hosting members from particular sectors. The immense acceptance and partnership the Association fosters with  Regulators came to fore as the two (2) of the foremost financial services Regulatory Agencies in Nigeria also participated in the engagements. Mr. Sunday Thomas, Commissioner for Insurance, Mr. Pius Agboola, Director, Policy and Regulation, and Mr. Abiodun Aribike, Head, IT, National Insurance Commission (NAICOM) participated in the engagement with the Insurance Sector while Mr. Taiwo Oladimeji, Deputy Director, Payments System Policy and Oversight, Central Bank of Nigeria participated in the engagement with members from the Payment, Lending and Financial Services space. The occasion presented the stakeholders of the Association the opportunities to assess the impact of COVID-19 on their businesses, take holistic views on what should be done to mitigate the impact of the pandemic and sustain the growth of the sector. The participants across the board believe that the country is still far away in the digital adoption journey as  COVID-19 pandemic has exposed the lack of digital readiness of the economy. Participants identified some of the challenges the sector faces as poor infrastructure (power supply and telecoms services), high cost of data and internet tariff, low volume of transactions, low productivity of workers, insecurity, increase in cyber threats and frauds, lack of structured data necessary for making an informed decision amongst others. The need for synergy and more focused interactions amongst stakeholders, business, professional and indigenous funding support for startups, capacity building, digital education and literacy programmes for professionals, advocacy programme, the establishment of centralized fintech database, ecosystem cybersecurity strategy amongst others are some of the survival strategies participants proposed. Participants also seized the occasion to task the Regulators in the country to deepen engagement with the sector through partnership on research, early involvement of operators in the process of drafting policies, review of KYC policies to make them more flexible to meet dynamic business needs, digitization and streamlining of licensing processes, ensure flexibility of licensing and capitalization cost, the establishment of a centralized database for lending and foster progressive interaction with the sector. According to Dr. Segun Aina in drawing the curtain on the engagements; “stakeholders must cooperate, co-create, collaborate and compete to make the sector more vibrant”