Aligning to speak with one voice in the Financial Technology (FinTech) space, seven industry associations have come together to form a Fintech Alliance Coordinating Team (FACT), TechEconomy.ng can report.
Fintech Alliance Coordinating Team (FACT) was formed on June 16, 2021 after the meeting involving the founding members;
- Association of Licensed Mobile Payment Operators (ALMPO)
- Blockchain Nigeria User Group (BNUG)
- Cryptography Development Initiative of Nigeria (CDIN)
- Financial Services Innovators (FSI)
- Fintech Association of Nigeria (FintechNGR)
- Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
- Innovation Support Network – Hubs, (ISN Hubs)
In a communiqué issued at the end of the meeting, FACT believes that in an era of increasing use of financial technology (FinTech), innovators are constantly applying FinTech to provide solutions, but are often not proactive enough to shape the policies and regulations affecting them.
“And when they react, it is often in silos. On the other hand, regulators find themselves constantly trying to balance regulation with innovation in a bid to ensure the safety of the market. This sometimes ends up creating negative impacts on businesses.
“And this is where the need for a more collaborative and proactive approach to policies and regulations by FinTech stakeholders comes in”, the group said.
“FinTech industry stakeholders, led by the Fintech Association of Nigeria (FintechNGR), recently decided to form an alliance in the best interest of all stakeholders in Nigeria’s FinTech space.
“At the 16th June 2021 meeting of Fintech industry stakeholders, the Fintech Alliance Coordinating Team (FACT) was finally established.
Objectives of FACT
FACT which has thrown its doors open to welcoming other relevant associations and bodies, has as its objectives as:
- To engage the FinTech ecosystem and develop strategies that will help the ecosystem to articulate policy and regulatory issues in a coordinated and proactive manner;
- To unite the different associations and bodies in the FinTech landscape in order to harmonize various interests towards speaking with one voice;
- To interface with relevant regulators concerning policy and regulatory matters towards ensuring that regulation does not stifle innovation; and
- To collaborate with policymakers and regulators on any matter affecting the FinTech industry in Nigeria.
Officers of FACT
- Carbon represented by Chisom Orakwusi, the Chairperson (FintechNGR);
- SiBAN represented by Senator Ihenyen, the Secretary;
- Members: Chimezie Chuta (BNUG), Qudirat Akanji (FSI), Adeolu Fadele (CDIN), Tunde Olaleke (ALMPO) and Nneka Ukay (ISN Hubs).
Fintech Alliance Coordinating Team (FACT), which meets monthly, looks forward to greater alignment in the FinTech space.