In light of recent developments aimed at strengthening Nigeria’s fintech sector, Ade Bajomo, President of FintechNGR, led a team from the Association’s Governing Council in an engagement with the Central Bank of Nigeria (CBN) to chart the way forward. Receiving the team at the CBN headquarters in Abuja, Philip Ikeazor, Deputy Governor, Financial System Stability, commended FintechNGR’s active advocacy efforts that have significantly improved the fintech ecosystem. The Central Bank emphasized the need for the
As defined by the World Bank, financial inclusion is the enabling of individuals and businesses to access useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered responsibly and sustainably. In Sub-Saharan Africa, mobile money is one of the biggest drivers of financial inclusion, particularly for women. It has achieved this feat by enabling simple account opening which then facilitates mobile payments, savings, and borrowing.
In a bid to deepen its impacts on the policy landscape and make innovation more entrenched in Nigeria, FintechNGR has partnered with the National Insurance Commission (NAICOM) to develop a Fintech Adoption Roadmap Policy for the Insurance Sector, a feat it achieved in 2019 when it collaborated with SEC to develop The Fintech Adoption Roadmap Policy in the Capital Market Similarly, FintechNGR is partnering with Galaxy Backbone, an agency of the Federal Government in charge
Distinguished Ladies and Gentlemen, Thank you for being here with us today – both onsite and online – at the 6th edition of the Nigeria Fintech Week (NFW), the first to be held physically since the Covid-19 pandemic. I hope we are all charged up this morning, excited to learn, share ideas and visions, and develop strategies for the progression of both the Nigerian and global FinTech ecosystem. It is with great pleasure that FinTech
Since the year 2022 started, there has been consistent growth in the funding attracted by fintech startups from investors. In its State of Venture report on global funding inflows for Q2 2022, CB Insights states that startups recorded a total of $108.5 billion in funding in Q2 2022. But the story is only just beginning. Even though the funding raised is impressive, it is less than its 2021 counterpart for the same quarter. When we
In a move that fosters innovation in the fintech ecosystem, the Central Bank of Nigeria recently released the Nigerian Regulatory Framework for Open Banking to help organizations embrace a more competitive way of providing financial services in Nigeria. Open banking is a system of banking which enables a customer to grant third-party financial platforms access to his/her bank account information, account balances, investment history, payments and transactions. Through Open Banking, a customer can also authorize