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FintechNGR Social Meet 6.0 as hosted by Udo Udoma and Belo-Osagie

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President of the Fintech Association of Nigeria, Dr. Segun Aina
  • TechEconomy.ng now member of FinTechNGR

The Fintech Association of Nigeria, FinTechNGR has again demonstrated its growing influence in the ecosystem as it held the 6th edition of the flagship program: Social Meet 6.0 recently.

This year’s edition was hosted by a member of the Association, Udo Udoma & Belo-Osagie Law Firm on Thursday, 12th December 2019 at 12 Glover Road, Ikoyi.

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Cross-section of guests

The Social Meet is a platform that brings together members of the Association which includes organizations in Payments, Lending, ICT, Banking, Insurance, Financial Services, Media, Legal and Professional Bodies for learning, networking, and exchanging of ideas.

In his opening remarks at the event, the President of the Fintech Association of Nigeria, Dr. Segun Aina, told stakeholders that through the advocacy role of the Association, regulators and other players are now showing commitment to leveraging digital technology to transform the financial services sector.

He said that the Advocacies will be sustained to ensure members concerns are addressed by the regulators, especially the CBN.

In a keynote address, the Chief Fintech Officer and Director, Payment System Department, Central Bank of Nigeria, Mr. Sam Okojere, gave a brief overview of the various regulatory policies and licensing regimes of the CBN concerning the Fintech industry.

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Senior Associate with Udo Udoma & Belo-Osagie Chambers, Mrs. Tolulope Omoleye Osindero

He also highlighted some of the challenges the CBN is facing as it tries to balance safety stimulating growth and ensuring security in its regulation of the new subsector of the finance industry.

Also speaking, the CEO/Founder of KUDA, Mr. Babs Ogundeyi; Nigeria’s first mobile bank to be licensed by the Central Bank of Nigeria, demonstrated to the gathering how the company’s application works, enumerating its various benefits.

Ogundeyi demonstrated the onboarding process and the benefits of using the platform.

According to him, KUDA also serves as a platform to assist individuals inculcate the culture of savings even as it helps to set up ‘spend’ threshold and other vital features.

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Founder/CEO of Kuda Mobile Bank, Mr. Babs Ogundeyi

This was followed by a question-and-answer session, during which the guests were able to ask various questions concerning the policies and regulatory roles of the CBN.

Nigeria’s Fintech ecosystem requires local investors – Dr. Obrimah

In a brief interview with TechEconomy.ng, the Chief Operating Officer of FinTechNGR, Dr. Babatunde Obrimah, said that members are happy with the capital investments in the fintech starts in the country.

However, he said that the country requires more local investments to maintain economic stability.

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In his words: “The purpose of this gathering is to bring members and non-members together to look at issues that affect the Fintech industry and to network. A lot of issues which concerns the regulators have also been discussed. We don’t want the regulators to be reactive, they have to be proactive in the area of technological development.

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L-R: Senior Associate, Udo Udoma & Belo-Osagie Chambers, Tolulope Omoyele Osindero; COO, Fintech Association of Nigeria, Dr. Babatunde Obrimah; Secretary, Fintech Association of Nigeria, Isa Alade and Founder/CEO, Kuda Mobile Bank,Babs Ogundeyi.

“This year have been exciting for the Fintech industry, for $400 million coming into this space, I mean it can’t be better. Hopefully, next year is going to be a better one. Technology is already changing; things are always happening in Nigeria. And the creativity here is just enormous. All that is needed is that enabling environment that supports that creativity. In 2020, we are looking at developing local funding that will be pivotal to support the Fintech space.

“With $400 million coming from outside, it means it going to go out and it affects our reserves. If we have local funding we won’t be losing some of people who are traveling to Canadana, Dubai etc. The Financial Services Innovators, FSIs, launched a sandbox in partnership with CBN and NIBSS. I think that all regulators should work together and I don’t think we need too many sandboxes, so that collaboration is really needed. That is why I said 2020 is going to be better.

“With that a good development that has occurred, we are going to support it to ensure that people are in boarded through that process. And to resolve issues we have with licensing. Once the regulators are part of the process, I think that’s a good development”, he added.

Some new members were inducted including TechEconomy.ng. Here are some pictures during the certificate presentation:

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Newly-inducted members posing for a group photograph

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Mrs. Bunmi Lawson presenting the certificate to a new member Peter Oluka (representing TechEconomy.ng)

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Academic Director, Lagos Business School, Professor Yinka David West, presenting the certificate to a new member, Frances Obiado (representing AELEX)

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Dr. Babatunde Obrimah presenting the certificate to a new member Mr. Bayo Adesanya (representing Axa Mansard)

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