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FintechNGR’s 2022 Fintech Outlook: Experts Share Key Trends, Forecasts

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Fintech Outlook 2022

Industry stakeholders in the Financial sector and more gathered at FintechNGR (Fintech Association of Nigeria) Fintech Outlook 2022 to prepare and educate the ecosystem, unearth and discuss trends, forecasts major drivers, key technology and growth indices that can spur industry players to leapfrog and maximize impact in the year.

Citing the whooping $4.65bn in disclosed funding received by African startups, as shown from available statistics, with over 1.37bn of that amount coming to Nigeria and fintechs in the country taking up a huge 73%, Ade Bajomo, FintechNGR’s President, opined that there are indeed “many opportunities to leverage to achieve unparalleled transformation in the fintech landscape”.

A major reason Bajomo highlighted for the spate of funding African fintechs received in the past year, as well as the astronomic growth rate of payments was the increasingly mobile and tech-savvy youth population.

The speakers present at the event were- Mitchell Elegbe, Founder/GMD, Interswitch, Olufemi Sojinrin, CIO, NIBSS, Odunayo Eweniyi, CEO, Piggyvest, Tosin Eniolorunda, CEO, TeamApt, Nkebet Mesele, Senior Director, Sub-Saharan Africa, VISA, Dr David Isiavwe, President ISSAN & GM, Ecobank, Laurin Hainy, CEO, Fairmoney, Daniel Awe, Head Africa Fintech Foundry, Yinka Edu, Partner, UUBO and the moderator, Adeyinka Adeyemi, CEO, Intermarc Consulting.

Fintechngr 2022 Fintech Outlook event

Speakers at Fintechngr 2022 Fintech Outlook event

Here are some insights they shared across different fintech verticals;

  • Savings and Investments as we have always known will not be staying the same for much longer. There is a growing share of millennials who do not seem interested in maintaining the status quo of traditional investment methods like pensions and static interest rates.
  • Users are demanding out of the box innovation and a 360 degrees financial sector that takes into account varying needs, differing lifestyles, on-demand flexibility, personalized services, individual preferences that they can plug into in real-time
  • The future of money is largely digital, from embedded finance to contactless payments, open banking and others, and there is a need to actively start thinking about that future and equipping the ecosystem to deliver requisite values.
  • Cybersecurity issues keep going on an alarming high as well as its attendant costs and organisations need to move from just defence readiness to agile resilience in light of the speed of transformation the fintech landscape and technology are seeing globally
  • Some of the major drivers for the growth in the fintech space this year and even beyond include big-tech, embedded finance, Open Banking, contactless payments, data aggregation, while some trends that will gain a firmer foothold are BNPLs, more blockchain use cases, retail wealthtech, DeFis & non-traditional assets, amongst others.
Fintechngr 2022 Fintech Outlook event

Mitchell Elegbe, Founder/CEO, Interswitch, speaking at Fintechngr 2022 Fintech Outlook event

Mitchell Elegbe, Founder/CEO, Interswitch, also touched on the need to consider other verticals if payments in Nigeria would reach the untapped 80% market.

In his words, “Payments require an entire value chain and for the sector to grow, every part of the chain has to be contributing. We need to look critically at verticals like transportation, agriculture, healthcare, and ask ourselves what sort of infrastructure would be required for anybody to transact electronically and for digital payments to be embedded Same goes for retail, government and several others. What sort of infrastructure needs to be put in place for payments to take off across such touchpoints?”

The growing interest and inflow of funds into the African and Nigerian fintech space cannot be denied, albeit there is a need for collaboration if we are to leap over the 20% market threshold payments have seen in Nigeria.

Although more and more fintechs are springing up and with innovative products/services, in addition to incumbents setting up fintech coy, Odunayo Eweniyi’s closing remarks on whether “we would rather have many small fintechs or few very successful large fintechs” is something the ecosystem might want to chew on.

The startup marketplace was also launched at the event – an innovative platform by FintechNGR that leverages technology to connect providers and startups in real-time. Some of its features include reduced rates to zero fees, ensuring transparency and integrity with requisite monitoring tools, increased visibility for startups and service providers amongst others.

If you missed it, go here to catch a replay here.

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