FintechNGR Holds AGM, Forecasts A Fintech-Driven Digital Economy
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By Rommy IMAH
The 2nd Annual General Meeting (AGM) and Social Meet 4.0 of the Fintech Association of Nigeria (FintechNGR) took place last week in Lagos and was dominated by a review of its 2018 activities.
Hosted by the Nigerian Stock Exchange at the Exchange House, Marina, Lagos, the event witnessed a celebration of the achievements of the Association in 2018, including the facilitation of Fintech Adoption Roadmap in the Capital Markets, participation in the CBN FSS 2020 Strategy Retreat, and a significant membership increase.
It also listed the inauguration of the Africa Fintech Network, partnership and support for the take-off of the UK-Africa Investment Group, an initiative of the UK Government, creation and leadership of the Fintech Sub-Committee of Nigeria Economic Summit Group, NESG amongst others, as its achievements in 2018.
Dr Segun Aina, President of the Association said at the meeting that 2018 was an exciting year for fintech which continues to transform many industries especially the financial services industry in terms of breakthroughs in innovation and investment globally and especially in the African continent.
According to him, “The expected impact of fintech in Africa's development was epitomised by IMF's statement that Fintech could be the critical stepping stone towards a digital economy for Africa.”
Dr Aina who attributed the success of the Association to the quality, commitment and contributions of members said it pursued vigorously its three core objectives of “Connect, Advocate and Accelerate” as their impacts are felt across the length and breadth of the Nigerian and African Fintech ecosystem at large.
Ade Bajomo, Executive Director, IT & Operations, Access Bank and Vice President of the Association, particularly articulated the focus of the Association on breeding young innovators right from their school days saying the Association strongly believes the future of the nation rests on its teeming youths properly playing active roles in digitalizing the economy.
Wole Oyeniran, Director, Technology, Deloitte West-Africa, a member of the Governing Council of the Association while taking participants on the future plans of the Association said that in order to consolidate on the Association's successes, maximize its impacts and value delivery to its diverse members as well as project a future, it has mapped out an audacious roadmap to cover the period 2019 to 2021.
The roadmap according to him, is expected to usher in significant changes in membership categories, growth and value offerings while creating other sustainable revenue sources and strengthening of internal capacity and governance.
“FintechNGR has strategically positioned itself to serve the ecosystem better as well as meeting the enormous expectations that come with the surging growth of the Association while building on the gains of the past two years,” he said.
Olufemi Awoyemi, Founder & CEO, Proshare and member of the Governing Council of the Association informed participants that the Association has set rolling a number of strategic programmes for the year aimed at stimulating more regulatory engagements, attract more investments and equipping young Nigerians with the ability to play actively in the digital age.
Some of the key decisions taken at the meeting were unanimous adoption of the audited financial statements of the Association and approval to implement the outcomes of the 2019-2021 Roadmap as members highly commended the dedication of the distinguished members of the Governing Council of the Association in positioning the Association as a key partner in the Digitalized Africa Agenda and an active player in the economy.
Oscar Onyema, CEO of the Nigerian Stock Exchange, a member of the Association, during his opening remarks at the Social Meet 4.0 said that the Exchange strongly appreciates the roles of Fintechs as he informed the participants that the Exchange has developed a policy aimed at fostering corporate governance, exposed startups to investors and facilitate listing on the Exchange.
Ms Morayo Adekunle, Manager, Domestic Primary Market, Capital Market Division made a presentation on “Growth Funding and Strategic Capital Raise: Extending Financial Inclusiveness through the capital market,” followed by a panel discussions on “Alternative Growth Funding and Strategic Capital Raise.”
The event was well attended by key executives and management staff of member institutions and ecosystem stakeholders including Banks, Consulting, Legal, ICT Venture Capitalists and Investment firms, Research Institute and Tertiary Institutions, Professional bodies, core Fintech firms, Startups, financial services providers, students, the media, regulators, including the Central Bank of Nigeria amongst others.
L-R: Oluwnaseun Adesanya, Group Head, Innovation & Strategy, SystemSpecs, Olufemi Awoyemi, Member, FintechNGR GovCo/Founder & CEO, Proshare, Adedapo Adekoje, President, Chartered Institute of Stockbrokers, Ibrahim Hassan, Deputy Director, Consumer Protection Department, Central Bank of Nigeria, CBN, Dr Segun Aina, President, FintechNGR, Ade Bajomo, Vice-President, FintechNGR/ ED, IT & Operations, Access Bank & Dr Yele Okeremi, President, Institute of Software Professionals Association of Nigeria during the Annual General Meeting & Social Meet 4.0 of the Fintech Association of Nigeria, FintechNGR held at the Exchange House, Marina