EFInA hosted the event for the dissemination of the key findings from the Global and Nigerian Fintech Landscape survey conducted at the end of 2018. The forum provided key takeaways from the survey on the fintech ecosystem, investments in fintech globally, key success factors for fintech companies to thrive, and ways identified to improve financial inclusion through the Fintechs. In addition, EFInA provided important insights from the survey that highlighted the trends, challenges and opportunities for providing fintech services to low income population in Nigeria. EFInA had several prominent speakers that facilitated the forum:
EFInA’s Board Chairman, Mr. Segun Akerele gave a brief context setting speech and welcomed all participants to the event, and EFInA’s CEO, Mr. Esaie Diei spoke about the general strategy of EFInA’s Fintech objectives and emphasised that the Fintech Challenge Fund recently launched by EFInA will be used to support the development of innovative financial products & services for the low-income population with a focus on women, youth and Northern Nigeria. The objectives of the EFInA Fintech Challenge Fund are to provide financial services that are accessible to everyone especially the low-income segment and increase the adoption of financial services with reliable and affordable products.
Mr. Stephen Ambore, Head, Digital Financial Services for the Central Bank of Nigeria (CBN), gave a presentation on the National Financial Inclusion Strategy 2.0 and an overview of the Sochi Accord on Fintech for Financial Inclusion. Similarly, Mrs. Dayo Ademola (Head of Innovation, EFInA) presented the key findings from the Global and Nigerian Fintech Landscape Survey commissioned by EFInA in collaboration with the Boston Consulting Group (BCG).
Mrs. Laure Beaufils, British Deputy High Commissioner to Nigeria gave a speech on funding for fintechs in Nigeria to drive financial inclusion by the UK Government and strengthen the UK-Africa fintech partnership. As she said at the event, “Fintech is clearly part of the solution to Nigeria’s low levels of financial inclusion. But it should also be the basis of rich partnership between Nigerian firms, suppliers and investors and their counterparts in the UK. That’s why as well as providing grants and incubation support, we are sending grantees to UK fintech week later this month. EFInA’s excellent work to promote the sector in Nigeria is good for the grantees, good for Nigeria and good for the UK. A well run grant scheme with worthy grantees is a great start – but it can only do so much. EFInA and its partners will now have to work hard with firms and regulators to create the safest, strongest and most enabling environment for good ideas to flourish”.
The forum was an interactive session for participants with lightning talks by a few major fintech players in the industry, Eghosa Omoigui (Founder & Managing General Partner, EchoVC), Adia Sowho (MD, Mines.io), Yele Badamosi (Founding Partner, Microtraction) sharing cutting edge ideas on how fintech can enhance financial inclusion in Nigeria. Lastly, EFInA unveiled the awardees of its $2 Million Fintech Challenge Grant.
The event was wrapped up with closing remarks from Mr. Richard Sandall, Private Sector Development Adviser, DFID Nigeria. Participants at the Workshop included Fintechs, Regulators, Deposit Money Banks, Technology Providers, Innovation Hubs, Venture Capital firms and other financial services providers.