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Fintechs Set Sights on Digitalising African Economy

President, Fintech Association of Nigeria, Dr Segun Aina

Financial technology companies are making strategic plans to digitalise African economy .

The companies under the aegis of Fintech Association of Nigeria said the innovations and increased investment in technology would disrupt industries and drive economic growth at the second Annual General Meeting and Social Meet 4.0 of the association.

The President of the association, Dr Segun Aina, told the audience at the meeting hosted by the Nigerian Stock Exchange, that 2018 was an exciting year for fintechs, which continued to transform many industries especially the financial services industry in terms of breakthroughs in innovation and investment globally, especially in Africa.

A statement quoted him as saying, “The expected impact of fintech in Africa’s development was epitomised by International Monetary Fund’s statement that fintech could be the critical stepping stone towards a digital economy for Africa.”

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Aina,who attributed the success of the association during the year to the quality, commitment and contributions of members, said the association pursued vigorously its three core objectives to connect, advocate and accelerate as its impacts were felt across the country and the African fintech ecosystem.

The Vice- President of the Association, Ade Bajomo, articulated the focus of the association on breeding young innovators right from school.

He said the association strongly believed the future of the nation rested on its teeming youths that were playing active roles in digitalising the economy.

The Director, Technology, Deloitte, West-Africa, Wole Oyeniran, who is also a member of the Governing Council of the association, while informing participants on the future plans said that in order to consolidate on the association’s successes, maximise its impacts and value delivery to its diverse members as well project a future, the FintechNGR had mapped out an audacious roadmap to cover the period 2019 to 2021.

According to him, the roadmap is expected to usher in significant changes in membership categories, growth and value offerings while creating other more 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 added.

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The Founder and Chief Executive Officer, Proshare and member of the Governing Council of the association, Olufemi Awoyemi, informed participants that the association had 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.

According to the statement, 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 to 2021 roadmap as members highly commended the dedication of the distinguished members of the governing council of the association in positioning it as a key partner in the digitalised Africa agenda and an active player in the economy.

The CEO, NSE, Oscar Onyema, who is also a member of the association during his opening remarks at the Social Meet 4.0 said that the exchange strongly appreciated the roles of fintechs in the industry.

He informed the participants that the exchange had developed a policy aimed at fostering corporate governance, exposing start-ups to investors and facilitating listing on the exchange.

The event featured a presentation by the Manager – Domestic Primary Market, Capital Market Division, Ms Morayo Adekunle,  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 statement said the association inducted and presented membership certificates to its fourteen new members at the AGM.