THE RISE OF FINTECH STARTUPS IN WEST AFRICA Dr. Segun Aina President, FinTech Association of Nigeria
OBJECTIVE “….To put a microscope on the emerging opportunities in West Africa through which the Fintech startups can optimize under an enabling business environment”
WEST AFRICA……THE REGION OF OPPORTUNITIES � 16 Countries � 400m population (estimated) � Over US$2trillion GDP � 40% Internet Penetration (estimated) � 176m Unique Mobile Subscribers
THE DIVERGENT OF THE OPPORTUNITIES The Rise of FinT ech has been due to the impact of: � Demographic Changes (Millennials) � T echnology Adoption � Innovative Solutions � Policies & Regulations � Partnership � Investment
THE YOUNG SHALL GROW
THE PREVAILING CHALLENGES Despite all the opportunities, there are some hurdles which include: � Regulations � Infrastructure � Capacity Development � Funding � Globalization � Partnership
ABOUT
About Fintech Association of Nigeria � Diverse Membership Base – 81 Corporate Members Vision across all sectors of the economy. To make Nigeria one of the world's leading markets for FinTech Innovation and � Global Affiliation – Member of Global Fintech Hubs Investment. Federation (member institutions across eighty five countries. Serves as a vehicle to access global best Mission practices in Fintech) To foster an ecosystem that supports all � Global Reputation – engaged by IMF, DFID on stakeholders to achieve a thriving and growing Nigerian FinTech industry financial inclusion and open banking initiatives in Nigeria; Global Financial Innovation Network on global sandbox and British Prime Minister/DFID Business Network � Strong Local Presence – organises series of events including National Fintech Conferences in Nigeria with other partners.
FintechNGR Membership Overview BANKS, ICT & FSPs BANKS, ICT & FSPs LEGAL, CONSULTING & MEDIA, EDUCATION & Membership - 81 LEGAL, CONSULTING & MEDIA, EDUCATION & START-UPS VCs VCs START-UPS Ris k An alys t
About Fintech Association of Nigeria Value Creation – Engagements towards Friendly Regulation & Investment • Central Bank of Nigeria - involved in FSS2020 strategic process on Fintech Regulation/Bills • National Insurance Commission – engagements towards insurance inclusion with technology • National Assembly – Proposal of Fintech Regulation Bills amongst others • Capital Market Committee - Proposed, secured approval and chairing the committee on Fintech Adoption in Capital Market • Securities & Exchange Commission – empowerment of staff with Fintech knowledge – Fintech Learning Series • Nigerian Stock Exchange – engagement on exposing budding Fintechs/SMEs to funding opportunities, corporate governance and best practice, potential listing on the Exchange. Judiciary – Fintech Learning Series with the Judges of Federal High Court & Justices of Federal Court of • Appeal.
About Fintech Association of Nigeria Value Creation – Unifying Continental Innovation Value Creation – Knowledge Events Initiated and led the formation of the Africa Fintech Network • National Fintech Conference- the forth edition – Nigeria Fintech Week is scheduled to hold from 28 th October to 1 st November 2019 in Lagos. • Africa Fintech Festival - Championed the commencement of the continental event with 2019 edition scheduled to hold in Kampala, Uganda from 5 th to 6 th November 2019 • Social Meet – a platform of exchange for the Fintech stakeholders in Nigeria. The Nigerian Stock Exchange recently hosted the fourth edition on 11 th April 2019
Continental Ecosystem – Africa Fintech Network Objectives of the Africa Fintech Network; 1. Unify and channel Africa fintech initiatives & foster shared development across the continent 2. Market access across Africa for fintechs and tech-enabled innovative products. 3. Innovative technology transfer and export 4. Multi-national/cross-border fintech policy and regulatory frameworks. 5. Coordinated collaboration with the rest of the world. 6. Support the implementation of African/Global development oriented initiatives such as; � African Continental Free Trade Area � Agenda 2063 20 � Sustainable Development Goal etc (Still counting)
Continental Ecosystem – Africa Fintech Network � Inaugurated on December 4 2018 in Lagos Strategic Partners � Launched on March 24 2019 in 1. Ecobank Group Marrakech, Morocco 2. United Nations Economic Commission Membership for Africa (UNECA) African Union(in � National Fintech Associations view) � Strategic Partners across the Globe 3. Africa Export-Import Bank (in view) Smart Africa (in view) Industry Partners 4. FSD Africa (in view) 1. ASEAN Fintech Network 5. Africa Development Bank (in view) 2. MENA Fintech Association 6. Global Financial Innovation Network 3. Fintech Circle UK (GFIN) in view. 4. Seamless Africa / Terrapin 7. Afrilabs 5. Innovate Finance 6. Africa Pay & ID Expo.
Contact Us http://www.fintechng.org/ exec.sec@fintechng.org +234 903 000 3013, +234 809 219 3000, +234 803 638 4283 @fintechngr https://www.linkedin.com/company/fintechngr
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