To address some of the challenges innovators/fintechs face in Nigeria, FintechNGR inaugurated the Fintech Fund Advisory Team and the Nigerian Reguvators’ Forum, Monday, 7th September, 2020.
The Fintech Fund Advisory Team was set up to develop a strategy to harness, harmonise and harvest various funding initiatives in Nigeria towards the take-off of an indigenous fintech fund for startups.
The members of the Team are made up of selected seasoned experts from sectors such as investment, legal, incubation and acceleration, education, global development agencies and regulatory bodies.
The Team is put together to determine the need for a Fintech Fund, the appropriate vehicles to be used for the Fund, the eligibility of Fintechs that can access the funds, the market opportunities for the Fund, the anticipated financial returns to investors and the economy.
To also develop an understanding of the business, market and industry trends, provide a framework for the execution of the establishment of the Fund and encourage and support the exploration of new ideas for the Fintech Fund Act as a resource for executives of the Association.
The President, Fintech Association, Dr Segun Aina, while inaugurating the Team and the Forum says “we need to create a local funding solution that addresses our peculiar challenges, we need to use our talent and resources to create wealth for our people through funding for innovations at various stages”.
According to CEO, Heckerbella, Yemi Keri, while making a presentation at the inauguration on the state of Fintech and funding in Nigeria says “Evolution of technology redefines fintech services and products but what makes a difference is adequate funding as the key enabler”
The Founder, Andela, Flutterwave and e-Africa, Iyin Aboyeji, says “The Team is being set up at the time when the right strategy to support funding of startups and progressive policies has become critical enablers”
The Nigerian Reguvators Forum was set up as the platform for progressive interactions between all the Regulators and Innovators to co-learn & co-create solutions toward advancing Fintech growth in Nigeria.
Members of the Forum are made up of representatives of CBN (Banking, FS Regulator), SEC (Investment Regulator), NAICOM (Insurance Regulator), NCC (Communications Regulator), NITDA (IT & Data Regulator), NIPC ((Importation Regulator), NFIU (Financial Intelligence Regulator) and NDIC (Deposit Insurance Regulator) at the directorate level.
And selected representatives each of the 15 sectors subdivisions of FintechNGR membership. The Forum aims to foster a platform of continuous and progressive engagement between Regulators and Innovators in Nigeria, ensures Regulators and Innovators in Nigeria are collaborating, co-learning, and co-creating solutions inter-regulatory approaches to issues that bother on Fintech in Nigeria, thus, eliminating re-inventing the wheel and removing cross-regulatory glitches and to further protect consumer interests through differing lenses.
In his words, Akeem Lawal, Sectional CEO, Interswitch Group while making a presentation on the State of Fintech and Regulation in Nigeria says “collaboration and innovation hold the solutions to the myriad of challenges facing Nigeria”
According to the National Coordinator, Office for ICT Innovation and Entrepreneurship (OIIE)/NITDA, Dr Amina Sambo, says “A Forum of this nature would create direct access to fintech and create visibility for activities of the government and the regulatory agencies”
Also speaking, the Founder, Sparkle Nigeria, Uzoma Dozie, says “the Forum is a great initiative, that can create a level playing field and foster diversified thinking”.
The Forum appointed the President of the Association as the Chair; the CEO, Xpress Payments, Dr Markie Idowu and the National Coordinator, Office for ICT Innovation and Entrepreneurship (OIIE)/NITDA, Dr Amina Sambo, as the co-chairs.
The Fintech Fund Advisory Team and the Nigerian Fintech Reguvators’ Forum are being positioned to champion creativity by instilling a culture of innovation in the country that can generate employment, make life easier for the consumers and grow the economy of Nigeria.