The Association hosted its members, policymakers and the Nigerian Fintech stakeholders at its maiden Social Meet held on Friday, 27th April 2018 at the Lagos Motor Boat Club. In pursuit of its objectives of Connect, Accelerate and Advocate, participants were engaged on the discussion on policy issues in blockchain and cryptocurrency in Nigeria as the Access Bank announced its desire to host the Social Meet (2) at its African Fintech Foundry premises in Lagos. Membership certificates were issued to new twenty-two (22) members of the Association.
Welcoming participants to the events, Dr. Segun Aina, president of the Association expressed his pleasure on the growth and the impact the of the Association beyond Nigeria as it currently leads the efforts in creating an African Fintech Network – a creation of self regulating National Fintech Associations in African Countries that can coordinate fintech activities through multispectral collaboration, engagements and partnerships among African Fintech hubs and National Fintech Associations to drive indigenous creativity and innovation aimed at proffering timely, tested, affordable and indigenous solutions to Africa’s peculiar real-world challenges.
In his words “ the policy focus the Association is working on, on Blockchain and Cryptocurrency, Artificial Intelligence and Machine Learning, Regulation (RegTech) and Policy Framework, Enabling Financial Inclusion with fintech, Cybersecurity, Open Banking, Data Privacy, and Protection will fast-track the growth of fintech in Nigeria”
The general secretary of the Association, Isa Alade, stated the diversity of membership of the Association as one of its unique strengths in developing the ecosystem as the membership continues to grow in leaps and bounds having attracted forty-two reputable organisations. He also doled out various engagements with the policymakers as advocacy tools including; engagements with the Nigerian Stock Exchange, NSE, invitation from the National Economic Summit Group, invitation from NESG to head/lead its Fintech thematic group, invitation to participate at the 7th Quarterly Presidential Business Forum, participation at the Innovate Finance Global Summit, establishment of African Fintech Network and several other engagements with CBN, NAICOM, SEC, NCC amongst others.
In his word “ the Association aims to attract more members to its fold and engage more with the policymakers to create more opportunities to assist members and the fintech community in accelerating the development of the ecosystem”
Dr. Segun Aina, OFR, President, FintechNGR
Isa Alade, Gen. Secretary, FintechNGR
The lead speaker/moderator of the discussion on policy issues on blockchain and cryptocurrency in Nigeria, Dr. Yinka David-West, introduced the session informing the participants that the Association is seeking inputs into the policy brief on the subject matter it is working on as a lot of issues on blockchain and cryptocurrency are still ambiguous to the players in the financial sector of the economy.
Bolaji Onibudo, Managing Partner, Blockchain Asset Management describes blockchain technology as a cloud-based service that requires information technology infrastructure that must be paid for using tokens or coins as payment tools. He further states that the blockchain technology eliminates the trust issues in traditional currency usage. According to him “the blockchain technology makes transaction cheaper, easier, faster and more secured making regulating the technology a necessity for the policymakers”
Muhammad Inuwa, Compliance Specialist at Bitpesa stated that the regulators need to pay needed attention to policy issues around the blockchain technology. Such regulation must address the perceived illegality around cryptocurrency, consumer protection, and privacy and traditional anti-money laundering tools can be applied. The wallet providers and brokers, exchanges and monitoring of fund transfer must be adequately enhanced. The government needs to engage the blockchain stakeholders to get the right perspectives on the technology.
Dr. Yinka David, Member, FintechNGR GovCo
Bolaji Onibudo, Managing Partner, Blockchain Asset Management
In his words “cryptocurrency has demonstrated a lot of promises within a short time of its existence and must be given right and quality regulatory attention that would not stifle innovation around the blockchain technology.
Lucky Uwakwe, CEO, Blockchain Solutions Ltd reminded members about the recent motion moved on the floor of the House of Representatives on regulating the blockchain technology and internet of things as he said the discussion at the Social Meet is a step in the right direction.
Various issues were raised with contributions from participants which geared towards public enlightenment on the blockchain technology to remove negative perception of the technology as well as advocacy with the policymakers to foster appropriate policy for the technology.
Muhammad Inuwa, Compliance Specialist, Bitpesa
Lucky Uwakwe, CEO, Blockchain Solutions Ltd
In his closing remarks, Ade Bajomo, Executive Director, IT & Operations, Access Bank informed the participants that the event was the first among the series of programme lined up for the year as he announced that the Access Bank will be hosting the FintechNGR members and the Fintech Nigeria stakeholder at the next event to be held in July 2018.
In attendance were representatives of thirty-nine (39) member institutions and representatives of NITDA.
L-R: Oluwole Oyeniran, Member, FintechNGRGovCo/Director, Deloitte, Isa Alade, Gen. Sec, FintechNGR/Partner, Banwo&Ighodalo, Wale Adewumi, Member, FintechNGRGovCo/CEO, Lead Capital PLC, Ade Bajomo, Vice-President, FintechNGR/ Executive Director, Access Bank, Prof Olanike Adeyemo, DVC, University of Ibadan, Dr. Segun Aina, President, FintechNGR, SeyeAwojobi, CEO/Registrar, CIBN, Dr Yinka David-West, Member, FintechNGRGovCo/Director & Senior Fellow, Lagos Business School, Tunji Eleso, Member, FintechNGRGovCo /Managing Partner, CcHub, Olufemi Awoyemi, Member, FintechNGRGovCo/ CEO, Proshare, SeunFolorunso, Executive Secretary, FintechNGR and BoasonOmofaye, Member, FintechNGRGovCo / Head, Business News, Channels TV at the Fintech Association of Nigeria (FintechNGR) Social Meet (1) Event held on Friday, 27th April 2018 at the Lagos Motor Boat Club, Ikoyi