Dear FinTechNGR Stakeholders, Firstly, let me congratulate every single one of us for making it through 2021, despite the hurdles and challenges faced both individually and collectively, and wish you a prosperous 2022. As an Association, we were faced with the dire need to galvanize our ecosystem; to respond positively and creatively to the sometimes gloomy global economic outlook; support the growth of the businesses of our members; and assist regulators and the government in

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FintechNGR: 2021 in Retrospect In 2021, our three-pronged mission; Accelerate, Advocacy, Connect, found deeper expression and thrived as we needed to help the ecosystem recover speedily from the damaging effects of Covid-19 During  the year, our work was driven by the need to work with our members and the fintech ecosystem as a whole to leverage the spate of opportunities that came with the ‘new normal’ and translate that into encompassing growth and progress for

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On 11th of November 2021, the Fintech Association of Nigeria, (FintechNGR), hosted the World Fintech Festival (WFF), Nigeria, in partnership with the Singapore Fintech Festival (SFF). The event was one of the breakout events held by key FinTech hubs across the globe and was themed, TechSpark 3.0; Leveraging Emerging Technology for Digital Economy. Giving the opening address, Ade Bajomo, President, FintechNGR, emphasized the essence of the theme and its potential to scale the fintech ecosystem

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In an era of increasing use of financial technology (FinTech), innovators are constantly applying FinTech to provide solutions, but are often not proactive enough to shape the policies and regulations affecting them. And when they react, it is often in silos. On the other hand, regulators find themselves constantly trying to balance regulation with innovation in a bid to ensure the safety of the market. This sometimes ends up creating negative impacts on businesses. And

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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

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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

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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

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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

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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

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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

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