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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.

The prospects for a strategic collaboration that will deepen the penetration of technology firms in the Nigerian capital market, received a boost with the recent engagement between the Nigerian Stock Exchange and Fintech Nigeria Association on 21st December 2017 in a session targeted at supporting innovation and fast track Fintech growth. This is coming on the heels of earlier engagements between the Stock Exchange and Fintech Nigeria. Chairman of the Fintech Association of Nigeria, Dr Segun Aina, OFR, FCiB,  in his remarks said the FintechNGR since inception had been focusing on driving emerging technology and supporting innovation in Nigeria through multi sectorial approach. This he said is aimed at coordinating the growth of the ecosystem and influencing policy and regulations towards positioning Nigerian Fintech as the African  Fintech/innovation hub that leads the creation and deployment of indigenous solutions in solving indigenous challenges in the continent. According to Aina,  Fintech Nigeria has been engaging other regulators such as the Central Bank of Nigeria, National Insurance Commission, Securities and Exchange Commission amongst others. The Fintech Nigeria boss revealed that that the Association has a strong membership base covering financial institutions, technology companies, payment vendors, system operators, investors, technology hubs including: Fintech Associates Ltd, Ecobank, Proshare, Accion Microfinance Bank, Lagos Business School, Banwo & Ighodalo, CcHub, Deloitte, Mastercard, Suntrust Bank, Stanbic IBTC, PwC and  others as Founding Members “The Exchange needs to key into the opportunities of leading the next industrial revolution which is anchored on applicable, accessible and affordable indigenous innovation and technology,” Aina said.   L-R: Mr Tunji Eleso, Member GovCo FintechNGR,  Mr Tony Ibeziako, Head, Domestic Primary Markets NSE, Dr Segun Aina, President FintechNGR, Mr Ade Ewuosho, Head, Market Services NSE, Dr Olayinka David  – +West  and Mr Olufemi Awoyemi, Member GovCo FintechNGR  during the Session   Also speaking at the event, a Member, Governing Council Member, Fintech Nigeria,  Mr Tunji Eleso, said, ” Fintech Association is particularly passionate about seeing the Fintech ecosystem achieve its maximum benefits by head on regulation and policy that encourages innovation as its stimulates value based engagement within the ecosystem.” The Acting Divisional Head, Capital Markets, Mr Tony Ibeziako welcomed the engagement with the FINTECHNGR, believing it was a mutual relationship, where Fintech companies can take their business objectives to the next level utilizing the Exchange.  He was of the view that the partnership will showcase the opportunities in the Fintech ecosystem, considering the digitization process that is driving the current fourth industrial revolution. Mr Ibeziako encouraged the FINTECHNGR to leverage the Nigerian Stock Exchange initiatives which will assist in driving corporate governance, visibility for the Fintech companies and boost the entire ecosystem. “The session is strategic for the NSE as it gives the Exchange the opportunity to position itself as the active players in innovation, serving as springboard for budding Fintechs/SMEs to access funding, attain corporate governance and visibility as well as getting listed on the Exchange” As part of the engagement, Team Lead, ICT, Industrial Goods of NSE, Industrial Goods of NSE, Mr Temitayo Buraimoh,

Fintech Association of Nigeria Holds Inaugural Annual General Meeting, Elects New Executive/Governing Council The inaugural annual general meeting of Fintech Association of Nigeria held on 26th January 2018 amongst other things saw the emergence of the new members of the executive/governing council of the Association. The following were elected to stir the ship of the Association for the next two years; Segun AINA OFR             (Chairman, Fintech Associates)                      President Ade BAJOMO               (ED, Access Bank)                                      Vice-President Isa ALADE            (Partner, Banwo & Ighodalo)                             Secretary Stanley JACOBS             (Head, Digital Banking, Ecobank )                  Treasurer Olufemi AWOYEMI   (CEO, Proshare)                                        Member Wole OYENIRAN (Director, Deloitte Nigeria)                                Member John OBARO            (CEO, SystemSpecs)                                             Member Yinka David–West       (Director, Lagos Business School)                     Member Tunji ELESO            (Managing Partner, Co-Creation Hub)          Member Taiwo JODA            (MD/CEO, Accion Microfinance Bank)            Member Wale ADEWUMI       (GMD, Lead Capital) Member Mrs Bunmi LAWSON (Ex MD/CEO, Accion Microfinance Bank)      Ex-officio Boason OMOFAYE          (Head, Business News, Channels TV) Ex-officio The President, Dr. Aina while briefing the members on the activities of the Association highlighted the various engagements and strategic partnership being established with relevant regulatory agencies in furtherance of the Association’s cardinal objective of accelerating and contributing to the development of a robust regulatory and policy framework that drives the innovation and entrepreneurship of Nigerians, particularly within the financial ecosystem. . In particular, the President noted that the Association has held several meetings with the CBN, NAICOM SEC, NCC, NIMC, NSE amongst others and a compelling case is being made for a uniform approach towards the regulation of the Fintech industry. The Association has also had meaningful interactions with the National Assembly and MDAs that have some roles and or interest in Fintech related matters such as the Ministry of Science and Technology, Ministry of Communication and Ministry of Commerce, Trade & Investment. In recognition of its efforts, the Association sounded the closing gong on the trading floor of the Nigerian Stock Exchange on 24th January 2018. The Association hosted Fintech Enablers from six African Countries; South Africa, Ghana, Ethiopia, Kenya, Cameroun, Togo and five from Europe and India in an African Fintech Network Roundtable aimed at unifying and channeling African Fintech initiatives toward creating unique African solutions to peculiar African challenges. The Association also in partnership with Fintech Associates Ltd, FintechStage and Chartered Institute of Bankers of Nigeria Centre for Financial Studies hosted the highly successful National Fintech Conference.   Cross section of African Enablers from six African Countries, 5 from Europe & India from at the African Fintech Network Roundtable held on 24th January 2018   Members in a deliberation during the General Meeting   The President also informed members of the plan to open up the membership of the Association to several other players within the ecosystem who had expressed intentions to join the Association, a decision members unanimously acceded to. Members of the Association were also requested to be more active in the areas of advocacy, assist in identifying