The FinTech Association of Nigeria has said that it would continue to provide platforms to engage with regulators, shape the future workforce, promote thought leadership and showcase key impacts of the Nigerian FinTech space.
President of the Association, Mr. Ade Bajomo stated this last weekend in his address at the maiden edition of Fintech Platinum Awards held at the Oriental Hotels, Lekki Lagos.
Bajomo said that one way this is achieved is through The Nigeria FinTech Week held annually, noting that the sixth edition of this highly anticipated week will be holding from October 24 – 28, 2022.
He said that the Association was strongly positioned to play strategic, critical and unbiased roles in creating an enabling environment for FinTech to continue to thrive in the country, whilst providing the leadership for FinTech ecosystem evolutions across the continent.
The Fintech Association of Nigeria President said the digitalisation of payments and other services is a phenomenon which once disrupted the way of doing things, but has now become widely accepted to the point of becoming mainstream.
He said Nigerians should be proud of how the country has been positioned within Africa and the global FinTech ecosystem, noting that currently, Africa can boast of ten unicorns out of which seven, namely Jumia, Fluttwerwave, Andela, Chipper Cash, Airtel Africa, OPay and Interswitch are Nigerian.
“In a similar light, Nigerian startups raised $1.37 billion in 2021, out of a total of $4 billion raised in Africa in that year. Of these, the FinTech space alone accounted for about 63% of all total funding, compared with just 25% in the year before (2020).
“The growing investor confidence in African FinTech reflects the continent’s huge potential due to deepening mobile and internet penetration, a youthful population, increasing consumer sophistication and income, amongst many other factors.
“When you think about how far FinTech in Nigeria has come, you should thank the incredible entrepreneurs who envisioned, pioneered and executed strategic moves that have now crystallized into strong and growing companies today,” Bajomo said.
He stated that despite the enormous achievements, there is need to always look back and appreciate how far Nigeria has come as a FinTech ecosystem, pointing out for instance, that FinTechs in Nigeria raised about $600 million in funding between 2014 and 2019, compared with over $1 billion raised in one year alone.
“In the not so distant past, real time payments and digital (quick) loans were more or less impossible. Today, Nigeria is home to about 250 FinTech companies despite huge infrastructural, regulatory and financial challenges.
“The trajectory is not set to slow down by any means; by 2025, Africa will be home to 1.5 billion people, most of whom will have grown up with the internet. The continent’s demographics will include a vast group of digitally literate but underbanked customers who can be tapped by homegrown and foreign FinTechs,” he said.
Bajomo reiterated the three mandates of the FinTech Association of Nigeria (FinTechNGR), which are to accelerate, connect and advocate for the ecosystem.
He implored all to collaborate with the Association as it continues to pursue these mandates through some key initiatives, including but not limited to:
- The Reguvators’ Forum, a platform that brings together Regulators and Innovators to engage and discuss issues that affect the ecosystem.
- The DigiQuip training series (DigiStuds, DigiCorps and DigiSkills), which offers education and capacity building around digitalization and FinTech, aimed at deepening digital/IT skills amongst Nigerian youths who make up the talent pool.
Nigeria’s Minister of Communications and Digital Economy, 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 event.
Speaking specifically about the significant part of the population that are underserved in regards to financial services, the minister stated that fintech players are helping to fill the gap in bridging the wide divide and are deserving of being celebrated.
The FinTech Platinum Recognitions Awards were solely decided by Governing Council (GovCo) members of the Association and had the following categories of recognitions: Legacy, Leadership, Female Fintech Trailblazer, Groundbreaking Achievement, Ecosystem Enabler, Tech Advocacy, and Young Female Entrepreneur Award.
The AFF Connection
Recall that the Africa Fintech Foundry (AFF), one of the promoters of this award, was established to identify and accelerate innovative startups in Africa and to be recognized globally as the foremost technology hub in Africa.
Africa Fintech Foundry (AFF) has continued to scout the start-up ecosystem, conducting open application processes, and leveraging partner networks (global accelerators, financial and technology partners, government, and donor agencies, etc.) to help start-ups scale.
Since inception, the Fintech Foundry has borne the responsibility of introducing and developing innovative solutions to address or solve persistent problems not only in the financial sector but in other economic sectors in Africa such as the educational sector, Real Estate etc.
Powered by Access Bank, the AFF through its core pillars has pushed the Bank’s services and brand across the continent in the several ways such as Acceleration and Incubation, API Economy/Digital Integration capabilities: API Economy & Digital Asset Commercialization, and Innovation and Design.
AFF believes that Innovation is at its heart and therefore, takes pride in co-creating with startups, improving the lives of young Africans, and propelling Africa to the world.
Here is the full list of the awardees across categories:
Fintech Platinum Legacy Award-Individual Category – Dr Segun Aina, 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).