• 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 GOVERNANCE STRUCTURE

The substantive Governance of the Association is made up of seasoned professionals
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Meet some of our amazing members

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Updates from our Newsroom

Navigating the Next Normal – Sustainable Impacts in Fintech, E-Government and Emerging Technologies

October 26, 2022
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 Association of Nigeria (Board of Trustees, Governing Council, Members and Staff) and its many partners bring you this event. The NFW is an opportunity to showcase new thinking, solutions, thought leadership and products by the local Fintech ecosystem. The theme and overarching focus for this year’s meeting is “Navigating the Next Normal – Sustainable Impacts in Fintech, E-Government and Emerging Technologies”. In the current clime, environmental, social, and governance (ESG) discussions are at the top of every executive agenda. So are issues around extreme poverty alleviation, economic growth and digital inclusion. When FintechNGR pursue goals like connect, accelerate and advocate, we do so working with our ecosystem to also place these very important discussions at the center of the next wave of solutioning and innovation. A recent report published by the International Data Corporation (IDC) shows that the global spend on digital transformation, the engine behind Digital Economy, will top $6.8 trillion in the next year, and this figure will increase by 15.5% every year. At the same time, it is expected that 65% of the world’s GDP will be digitalised within the next two years, and this is further propelled following disruptions by the COVID pandemic. You will agree with me that digital transformation without sustainability and consideration of its impact on the wider ecosystem is irrelevant to the dynamics of the 21st century. The Nigerian FinTech industry has been a trailblazer in this digitally transforming world. Coming from infancy barely 6 years ago, it now leads Africa on several fronts – ranging from funding, scope and depth of innovation to providing leadership in payments and driving regulatory alignment to create an environment for growth, jobs and prosperity. The Fintech Ecosystem has also witnessed significant growth in the last five years from foreign direct Investments from barely $53m in 2017 to $1.3b in 2021 (27% of total FDI of $4.8b). Our job as an ecosystem facilitator is to proceed at any length to ensure we achieve the full potential for continuous and exponential growth. Despite significant strides in payments, lending and WealthTech, we are still largely scathing the surface when it comes to deep technology revolution. There is still room for new innovations in these sectors and huge opportunities in AgriTech, InsurTech, EdTech, HealthTech, PropTech and Blockchain adoption. We also need to start deepening the entire ecosystem at a much more fundamental level – building skills and solutions, based on deep research, science and technology to develop and manufacture chips, hardware, operating systems and indeed 4th industrial revolution capabilities such as machine learning, IoT

More Funding Deals Expected in Q3 Globally Despite 23% Drop in Q2 Funding

September 1, 2022
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 compared it to the $141.6 billion that came in as funding globally in Q2 2021, Q2 2022 recorded a marked 23% decrease in funding inflows. This is the largest quarterly percentage drop in almost 10 years, according to data from CB Insights. The drop in funding is accompanied by a concurrent drop in the number of companies that attained unicorn status in Q2 ‘22. Only 85 companies became unicorns compared to the 148 companies that were recorded in Q2 last year. Considering that 148 companies became unicorns in Q2 ‘21 and there was much higher funding ($141.6 billion) recorded, there is a strong connection between the number of new companies which attain unicorn status and the volume of funding that leaves that investors put into startups.   African fintech startups are seeing sustained growth and increased Funding YoY In deals and funding, fintech startups in Africa came in 6th with 129 deals and a total of $0.8 billion, according to data from CB Insight. The US is first with 2,698 deals and $52.9 billion in funding, and Asia is second with 2,630 deals and $27 billion. sEurope is third with 1,705 deals and $22.7 in funding, Latin America and the Caribbean are 4th with 224 deals and $2.3 billion while Canada comes in 5th with 159 deals and $2 billion in funding.  Africa outranks Australia, which comes in seventh place with 106 deals and $0.7 billion. When we compared both quarters, there was an increase in funding and deals all around from Q2 2021 to Q2 2022. In Q2 ‘21, startups received $245 million through 127 deals. There was a slight increase in the number of deals from 127 to 129 QoQ, however, the increase in funding is much more significant as African startups attracted a total of $794 million ($0.8 Billion) in funding. Out of the 129 deals in Q2 2022, 2 were mega-rounds and interestingly, both were secured by startups in Kenya. The two companies are Sun King, a solar provider and Wasoko, a B2B retail and e-commerce platform. Techcrunch reports that Sun King raised $260 million in its Series D round while Wasoko raised $125 million in series B funding.   Deals and funding inflows into Nigeria Nigeria recorded funding of $198M in Q1 2021 while Q2 saw a rather sharp drop in funding. Just $35 million trooped into Africa’s top VC investment destination through a total of 39 deals, according to CB Insights. The country also witnessed a drop in the volume of funding per deal. In Q2 ‘21, just 23 deals

FintechNGR honours leading Ecosystem Players at Fintech Platinum Awards, FPA

July 4, 2022
On the 2nd of July, 2022, Fintech Association of Nigeria (FintechNGR) held the maiden edition of the Fintech Platinum Awards, FPA, its trademarked initiative designed for awards and recognition in the fintech ecosystem. Giving the opening address, Mr Ade Bajomo opined that there was a need to trace and appreciate the trajectory of the fintech ecosystem from when it ‘formally’ kicked off to the current growth and development shaping the space. He also made reference to the 3-pronged mandate of the Association – ‘Connect’, ‘Advocacy’ and ‘Accelerate’, extending an open invite to the ecosystem to join hands to collaborate with the Fintech Association of Nigeria across a variety of its projects and initiatives. The President shared that the Association intends creating a world-class ceremony which would mirror the standards of the top global awards popular known, “to celebrate the incredible entrepreneurs and pioneers who have envisioned and executed strategic nodes that have now crystalized into strong and growing companies.” Speaking at the FPA, the Minister of Communications and Digital Economy in Nigeria, Dr Isa Ali Pantami, represented by the Acting Director Corporate Planning and Strategy, National Information Technology Development Agency (NITIDA), Dr Aristotle Onumo, expressed his delight to be at the FPA. Touching on the significant part of the population that are underserved in regards to financial services, he stated that fintech players are helping to fill the gap in bridging the wide divide and are deserving of being celebrated. Dr Segun Aina, recipient of the Legacy award – individual category, expressed his delight over the growth and trajectory of fintechs and the ecosystem at large despite the hurdles prevalent in the space, particularly at the onset. He also commended the Securities and Exchange Commission (SEC) for being proactive in their approach to regulating the space. Here is the full list of the awardees across categories: Fintech Platinum Legacy Award-Individual Category – Dr Segun Aina, OFR President, Africa Fintech Network. Fintech Platinum Legacy Award-Corporate Category – Chams Plc. Fintech Platinum Leadership Award-Individual – Mr Mitchell Elegbe, GMD/CEO Interswitch. Fintech Platinum Leadership Award-Regulator – Securities and Exchange Commission (SEC), Nigeria. Fintech Platinum Award – Groundbreaking Category – Carbon Microfinance Bank Fintech Platinum Award – Female Fintech Trailblazer Category – Ms Odunayo Eweniyi, Co-Founder, Piggyvest Fintech Platinum Award – Ecosystem Enabler Category – Banwo & Ighodalo Fintech Platinum Award – Tech Advocacy Category – Mr. Iyin Aboyeji, General Partner, Future Africa. Fintech Platinum Award – Young Female Entrepreneur Category – Mrs. Jennifer Onyebuagu-Jejelaye, COO & Cofounder, VorianCorelli (AgriTech) Receiving the award on behalf of SEC, Mr Temidayo Obisan, Executive Commissioner (Operations), stated that “the recognition was a testament of what collaboration could do”. Further commenting, he expressed the interest of the Commission to work with and bring other stakeholders on board on its progressive regulatory journey, whilst urging the Association to do same. In his own words, “the victory is not in the weakest link of the chain”. Dr. Isa Pantami also received a special award for his role in providing an

Open Banking Explained: How CBN’s New Regulations Affects Consumers and Companies

June 4, 2022
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 a third-party platform to perform key banking transactions such as making withdrawals, transfers or receiving payments. How does Open Banking work? To fully facilitate access to a customer’s account by more than one party simultaneously, financial platforms need software that can connect them to banks. This software is known as Banking Application Programming Interfaces (Banking API). In the concept of banking, APIs allow a bank to give 3rd party access to a set of custom services. For instance, Bank A can have a dedicated set of APIs that allow an external company B to access the account information and transaction history of its client AA. Open Banking functions on APIs, a fact which is also recognized by the Central Bank of Nigeria in its new Open Banking regulations. The CBN will continue to regulate the Open Banking ecosystem through the Open Banking Registry (OBR). Through the registry, the apex bank will provide regulatory oversight on participants, ensure transparency and see to it that only registered institutions operate within the open banking ecosystem. How Open Banking impacts businesses Overall, the new operational guidelines for Open banking are expected to drive competition and improve people’s accessibility to banking and payments services. The regulations will extend to every organization that has access to the data of customers which can be exchanged with other organizations for the purpose of providing financial services to the customer in Nigeria. With the CBN championing the cause of open banking, companies will have more ground for competition because there is now an approved guideline for accessing the data of customers from 3rd party companies. Ultimately, this is expected to result in better financial services at competitive prices for the customers. As a result of the CBN’s new regulation, open banking recognises the ownership and control of data by customers of financial and non-financial services, and their right to grant authorisations to service providers to access innovative financial products and services. Are there risks associated with Open Banking? Although 3rd party organizations that make use of the consumer’s data are required to have a data ethics framework in place, there are still risks associated with open banking. The sharing of data between the API consumer and the API provider makes the financial system more vulnerable to cybersecurity issues. These issues include Fraud, Denial of Service (DDoS), Man-in-the-Middle, Phishing, Malware and Cross-site Scripting. In addition, there is also the risk that the customer information that is provided by an organization is incomplete or inaccurate as it is being shared across different IT systems. Other risks

Why is the Nigerian SEC Regulating Digital Assets? – Harold Balogun LF

May 23, 2022
Why is the Nigerian SEC Regulating Digital Assets? What Do Fintechs Need to Know? The Securities & Exchange Commission (the “SEC”) has an inherent economic role of facilitating capital formation. This means that from an economic standpoint, the SEC is also partly responsible for finding and regulating new and innovative ways by which members of the public can pool capital together to invest in and promote economic activity. Within that context, the SEC’s decision to regulate the investments by members of the public in the purchase of digital assets[1] is highly commendable. The Digital Asset Regulation also formalizes another route for tech startups and fintechs to raise venture capital outside of institutional venture capital. This is generally a good development for innovative technology companies and fintechs. The following summarizes our thoughts on some of the questions that have arisen following the issuance of the Digital Asset Regulations: 1.Why is the SEC regulating the sale of Digital Assets/Tokens? Because, the primary duty of the SEC is to protect members of the public who invest in the securities of public companies. If indeed more Nigerians are now investing in digital assets[2], it does makes sense for the SEC to take steps to protect such Nigerians from fraudulent, naive or incompetent actors. With the Digital Asset Regulations, the SEC is essentially putting a process in place to ensure that only the most reputable and credible actors sell digital assets to Nigerians. 2.What is the SEC’s Strategy for Regulating the Sale of Digital Assets to members of the Public? The SEC’s strategy requires any local or foreign company (referred to as the “Issuer”) who intends to sell digital assets to Nigerians to first submit a white paper to the SEC for review and approval. Within 35 days of submitting a white paper, the SEC will notify the Issuer of its decision on whether or not the digital asset proposed to be offered, is a security. The implication of this step in the process is that, if the SEC decides that the digital asset being offered is not a security, there would be no obligation on an Issuer to register the digital assets with the SEC as securities. However, where the SEC determines that a digital asset is a security, the SEC will then formally register the digital asset offering. The strategy also requires that the directors and senior management of an Issuer must, in aggregate, own at least 50% of an Issuer at the time they offer the digital assets to the public. A lock-in period is also imposed on the shares of directors and senior management of the Issuer, in that, they can’t sell more than 50% of their individual shares until the project for which the monies were raised is completed. The SEC limits the amount Issuers can raise in an offering within a 12-month period to N10,000,000,000 (Ten Billion Naira). The commission limits the amount of digital assets that retail investors can purchase in a public offering, within a 12-month period