The Fintech Association of Nigeria (FintechNGR) recently held its 5th Annual General Meeting with members of the Board of Trustees (BoT), Governing Council (GovCo), members of the Association, and invited stakeholders of the Nigerian Fintech ecosystem in attendance.
Giving the opening remarks, Dr Segun Aina, the BoT Chair, thanked everyone for making it to the meeting, pointing out that “…the AGM was strategic and a yearly tradition during which the members of the governing council would provide the efforts of their stewardship as well as get inputs, suggestions and comments from all members”.
In his report, Mr Ade Bajomo, the Association’s president, stated that the Association had seen a 155% Y-o-Y increase in total gross revenue with about 28% of the revenue from membership subscription, 32% from other income, 40% from donations in addition to a 31% increase in membership from 209 to 275 (2020 to 2021).
He also touched on several milestones the Association had achieved and growth across certain indices which amongst others included;
- Training of over 200 insurance practitioners on InsurTech
- Engagement with regulators on various circulars
- Engagement with other stakeholders on the National Startup Bill (NSB)
- Participation of the Association in the CBN (Central Bank of Nigeria) FinTech Strategy document committee
- Nomination into the UK/FGN Trade Finance collaboration committee
Holding the 2021 edition of its flagship event, the Nigeria Fintech Week (NFW), and hosting the World Fintech Festival (WFF) in Nigeria in partnership with the Singapore Fintech Festival (SFF)
Held and organized the Reguvators Forum, established to engage regulators towards resolving issues and improving the fintech ecosystem, once every Quarter of 2021.
Dr Aina stated that though the year 2021 was challenging due to organizations focusing on reconsolidating post-COVID, he was glad to see the progress and new developments from the performance metrics in the annual report.
He also further went on to say that despite the Ukrainian War and the current trends in the global economy, there would always be opportunities to grow which the Association should leverage.
The Management of the Association also gave a brief report and noted trends it had observed in the fintech ecosystem over the last year.
Some of the highlights of its report were; increased partnerships with global institutions, the establishment of FACT (the Fintech Alliance Coordinating Team) with other associations and bodies for improved regulatory engagements, in addition to setting the ball in motion for running an advanced training under the DigiStuds project. It was also noted that the foreign inflow into the Nigerian fintech industry had quadrupled and that there was an increase in P2P crypto trading despite the restriction by the CBN (Central Bank of Nigeria).
Commenting on the proceedings of the AGM and activities lined up for 2022, Mr Patrick Akinwuntan, a member of the Board of Trustees, congratulated the Governing Council and BoT Chair for the steady progress the Association had made.
He also urged the executives to keep their focus very sharp, in light of the upcoming general elections in Nigeria and likely challenges that would ensue between the now and the next AGM, to ensure they can continue to effectively drive the Association’s goals.
Bringing the meeting to a close, Mr Bajomo expressed his appreciation to everyone in attendance, communicating the willingness of the Governing Council to do all that was required to continue to move the Association forward.
To read the annual report for the year 2021 in view as well as the approved audited accounts, follow this link.
If you would like to work with the Fintech Association of Nigeria or be a part of the Advocacy, Accelerate and Connect roles it plays within the larger ecosystem, visit the website.
FintechNGR’s Fintech Platinum Awards Holds 2nd July 2022
FintechNGR’ Fintech Platinum Awards – a celebration and Recognition of Great Fintech Icons & Brands
FintechNGR has recently announced it is set to host the fintech ecosystem on the 2nd of July 2022 to celebrate and recognize players, enablers and icons who have made significant achievements in the fintech industry at the maiden edition of the Fintech Platinum Awards, FPA.
We cannot talk about the growth, development and rise of the Nigerian Fintech Industry without reference to individuals, brands and institutions who have paved the way and are putting in the work to shape the space.
It is to this end that FintechNGR launched the Fintech Platinum Awards, a trademarked initiative of the Association, designed for awards and recognition in the ecosystem.
In the words of the Association’s President, Ade Bajomo, “the event is targeted at celebrating the best in the ecosystem to deepen collaboration amongst players using innovation to solve national challenges, creating employment, and putting Nigeria at the centre of innovation in Africa.”
As part of the FPA awards activities, there will be an award ceremony, a dinner, networking and keynote addresses.
The Fintech Association of Nigeria (FintechNGR) is the pioneer national fintech association in Africa and founding member of Africa Fintech Network (A Network of thirty-four (34)National Fintech Associations in Africa), member of the Global Fintech Hub Federation and has been at the forefront, promoting and advocating for right regulation and investment as the key enablers of innovation in financial technology (Fintech).
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