The event, which saw the participation of 611 attendees, aimed at setting the tone for the industry in 2024 by retrospectively analyzing 2023 and providing valuable insights into the trends and forecasts that will shape the coming year.

The opening address by Mr. Ade Bajomo, president of the association, highlighted the resilience of the global FinTech landscape in 2023.

He said despite a 48% decrease in global FinTech investment, the spirit of innovation and digital inclusion persevered.

He expressed optimism for 2024, foreseeing advancements in AI, machine learning, and deeper integration with Web3.

Moderated by Yemi Keri, CEO of Heckerbella, the event featured speakers from diverse sectors, including payment, insurance, banking, fintech, and technology. Each speaker provided a unique perspective on the challenges and opportunities faced by the fintech ecosystem.

The first speaker Chinwe Uzoho, regional managing director, Network International, discussed the impact of digital transformation post-COVID, emphasizing intelligent automation, collaboration, and the need for industry players to embrace technology and innovation in 2024.

Olayinka Oni, ED/COO, Sterling Financial Holdings Company, addressed challenges faced in 2023, including uncertainties during elections and the impact of COVID.

He emphasized the importance of digital transformation, financial inclusion, and collaboration between banks and FinTech’s in 2024.

Tomi Badejo, head strategic projects at NowNow, explored the economic challenges of 2023, the impact on the fintech ecosystem, and expectations for 2024. His focus was on open banking, generative AI, customer-centric solutions, and the importance of real financial inclusion.

Oti Iletanhem, Investment Principal at Alitheia, speaking from an investment perspective, analyzed the reasons behind investor pullback in 2023 and predicted an evolving investment landscape in 2024.

He highlighted the importance of fintechs aligning with financial inclusion, compliance, and regulatory aspects to attract investments.

Dr. Funmi Babington-Ashaye, MD/CEO of Risk Analyst Insurance, anticipated a surge in mergers and acquisitions in the insurtech sector in 2024.

She emphasized the role of AI in improving fraud detection and the importance of partnerships and ecosystem collaboration.

Ousseynou Beye, Senior Solutions Architect, Amazon, stressed the significance of understanding which type of AI solution would be useful for business challenges, cautioning that generative AI is not a one-size-fits-all solution.

The Fintech Outlook 2024 event concluded with Dr. Jameelah Sharrieff-Ayedun, Chairman, Connect Committee of FintechNGR & MD/CEO, CreditRegistry giving closing remarks, encouraging participation in the initiatives of Fintech Association of Nigeria, and Dr. Babatunde Obrimah, COO, FintechNGR announcing upcoming events, including the Nigeria Fintech Week scheduled for October 8th – 10th at the Landmark Event Center in Lagos Nigeria.

What you should know:

• FintechNGR is the premier national fintech association in Africa, dedicated to accelerating fintech growth, connecting stakeholders, and advocating for the adoption of regulatory supports and reforms.
• With a diverse membership base spanning various sector. FintechNGR aims to foster an innovation-driven environment and make Nigeria one of the world’s leading markets for fintech innovation and investment.

The hybrid event highlighted the dynamism and potential of the Nigerian fintech sector, addressing critical issues such as resilience in the face of cybersecurity threats, innovation as the lifeblood of the industry, and diversification for long-term sustainability.

In a welcome address, Ade Bajomo, the President of FinTechNGR, explained that the Nigeria Fintech Week emerged as an opportunity to shed light on novel ideas, solutions, thought leadership, and products from Nigeria’s fintech ecosystem. 

The choice of the theme, “FinTechs: Resilience, Innovation, and Diversification,” was particularly fitting in a world marked by rapid socio-economic and political changes.

While Innovation remains the lifeblood of fintech, Ade Bajomo emphasized the programme’s commitment to pushing boundaries and improving customer experiences reflects the sector’s dynamism.

“Innovation is the lifeline of our ecosystem, probably its very basis for existence, driving financial inclusion, payments, customer experience, scales and competitiveness to unprecedented heights and today, I am really delighted to have so many of our fintech firms showcase their products in some 50 booths”

Diversifying product offerings and exploring strategic partnerships were encouraged to ensure long-term sustainability. Fintech firms looking to expand beyond Nigeria demonstrated the industry’s growth potential.

Despite economic challenges, Nigeria’s fintech sector continues to thrive, attracting substantial foreign investments. Opportunities for financial inclusion remain significant with millions of unbanked individuals.

“Fintech Global Research, as at Q2 2023, Nigeria attracted 42% share of the fintech deals in Africa, making it the most active destination on the continent. There are now some 250 active fintech firms and over 6,000 startups registered with various acceleration/incubation hubs and Financial Services Institutions.”

Exploring new sectors like AgriTech, InsurTech, and Blockchain adoption was encouraged. Nigeria aims to nurture the next generation of unicorns, driving socio-economic development. The vital role fintech played during the cashless period was recognized, ensuring economic stability and providing services to the last mile.

As the world embraces the 5th industrial revolution, Nigeria’s fintech sector is focusing on developing key verticals, addressing talent shortages, and reducing foreign exchange demands.

Philip Ikeazor, Deputy Governor, Financial System Stability (FSS), CBN, acknowledged the promotion of innovation in the fintech sector. However, he also highlighted the need for cautious consideration of regulatory and cybersecurity risks. In his analogy, he compared regulators to the “brake system” of a car, emphasizing the importance of regulatory oversight to ensure the industry’s safety and stability.

Regulation was a central theme of Ikeazor’s speech, reinforcing the critical role it plays in guiding the fintech industry and protecting consumers and the financial system.

Will Stevens, the U.S. Consul General, commended the fintech sector’s vital role in Nigeria’s economy and emphasized the sector’s strong ties to American businesses. Stevens encouraged Nigerian fintech companies to consider themselves as American companies and join the American Business Council, highlighting the advocacy, networking, and access to resources it provides.

Stevens pointed out the immense potential for networking within the fintech sector, drawing parallels between Nigerian fintech firms and major U.S. companies. He emphasized the value of partnership and mutual support between the U.S. and Nigerian fintech sectors, reflecting the Biden administration’s broader goals.

The Consul General also touched on the importance of fintech in advancing digital transformation, infrastructure investment, training initiatives, and climate-related efforts. He urged Nigerian fintech companies to think globally, highlighting the need for African solutions to global problems and international collaboration.

These addresses highlighted the need for a collaborative approach to address global challenges and promote innovation in the fintech sector.

These champions of innovation, each with a rich tapestry of experiences, will gather at the Landmark Event Centre, illuminating discussions with invaluable insights in line with this year’s theme, “Fintech: Resilience, Innovation, and Diversification”.

Funke Opeke – CEO, MainOne

Funke Opeke founded MainOne, the mastermind behind the region’s first open-access submarine cable system.

Her vision transformed MainOne into a significant player, culminating in its acquisition by global titan, Equinix, in 2022.

Will Stevens – U.S Consul General

Mr. Stevens, the current Consul General at the U.S. Consulate General in Lagos, brings a rich tapestry of diplomatic expertise.

Renowned for his impactful work from South Africa to countering Russian propaganda during the Ukraine crisis, Stevens remains a beacon in international diplomacy.

John Obaro – Founder & GMD, SystemSpecs

The maestro behind the revolutionary Remita e-payment solution, John Obaro, with his company SystemSpecs, has fundamentally transformed Nigeria’s fintech landscape, including creating the nation’s inaugural online banking platform at IMB.

Chika Nwosu – CEO, Palmpay

With a legacy of leadership at giants like Huawei Technologies and Transsion Group, Chika Nwosu now helms PalmPay, charting its course through the competitive fintech waters with his Management Science acumen.

Dr. Krish Ranganath – Regional Executive West Africa, Africa Data Centre

With over two decades shaping the ICT sector, Dr. Krish’s vision has birthed networks & data centers across emerging markets, making him a cornerstone in the architectural design of West African telecom infrastructure.

Ade Bajomo – President, FintechNGR

Having left transformative imprints at the Nigerian Stock Exchange and Access Bank, Ade Bajomo’s influence in finance and tech domains is undeniable. His vision continues to sculpt the financial landscape, particularly in the realm of fintech.

Set amidst an electric atmosphere, the Nigeria Fintech Week – #NFW23 – promises attendees a unique blend of enlightening dialogues, interactive sessions, and unparalleled networking opportunities with the very best in the fintech world.

For comprehensive Nigeria Fintech Week event details, to register, and to familiarize yourself with the entire list of eminent speakers, enthusiasts are encouraged to visit here.

Techeconomy is the official media partner to Nigeria Fintech Week 2023.

Fintech Association of Nigeria (FinTechNGR), saw over 25% growth in membership, with NowNow, Network International and many others joining the Association.

Mr. Ade Bajomo, the President of FinTechNGR, disclosed this in his goodwill message to stakeholders, this week in Lagos.

He said that, as an Association, they are faced with the dire need to galvanize the ecosystem; to respond positively and creatively to the sometimes-gloomy global economic outlook; support the growth of the businesses of the Stakeholders; and assist regulators and the government in creating an enabling environment for innovation, economic growth and employment.

Bajomo also highlighted the effect of “japa syndrome”  on the industry, stressing that this is leading to shortage of human talents coupled with the challenges of the cryptocurrency sector.

Despite the challenges, he said the Nigerian FinTech ecosystem maintained its growth trajectory within the African continent In the year under review, Nigerian FinTech startups raised a whopping $1.2B out of $4.6B total raised by African startups as of December 1, 2022, according to TechNext report.

“Major beneficiaries include Flutterwave ($250m), Interswitch ($100m), Moove ($105m), TeamApt ($50m), and Vendease ($30m).

“Nigeria’s FinTech ecosystem’s stronger and improved brand appeal to global investors shows that Nigeria is an economy positioned for growth, financial inclusion and a narrowing poverty gap.

“Nigeria was ranked as 3rd top crypto trading country in the world by Bloomberg, with 63.8 million active traders”.

This implies Nigerians trading in Crypto is higher than the number of financially inclusive people, which Bajomo said poses a major challenge “for us in the fintech ecosystem and demystifies the issue of illiteracy as a challenge”.

“What is obvious is that people want a return on investments, convenience and a regulated DEFI environment”.

He said FintechNGR must continue to develop robust venture capital and private equity channels to support innovators that have significant growth potential.

“Simplifying and optimizing the process of raising capital would allow more investors to benefit from the growth of these companies and create wealth for the economy.

Without a doubt, FintechNGR played a key role as an enabler of these feats; the Association provided direction and support in various ways such as:

• Holding its first Annual Outlook webinar
• Holding its first Annual Award event “Fintech Platinum Award”
• The second graduation of the DigiStuds project, a Digital Academy Project aimed at equipping 500,000 students of public tertiary institutions in Nigeria with relevant digital skills.
• The sustainability of the Reguvators’ Forum, a platform of interaction between regulators and innovators in Nigeria created to enable the stakeholders to collaborate and co-create solutions for balancing innovation and regulation.
• Deepening collaboration and technical skills through various training and knowledge events such as the Nigeria FinTech Week (NFW), Singapore FinTech Festival (SFF), Intercontinental Webinars and various ad-hoc interventions on regulations.
• FintechNGR Stakeholders engaging with CBN on solutions to improve eNaira adoption.
• MOU with CIBN and FSI on Fintech certification in Nigeria.
• The NFW2022 was a major success and the NFW2023 will be even better.

“Therefore, it is no surprise that FintechNGR Membership grew by 25%, to 343 as we attracted new strategic members such as NowNow and Network International and many others, who are keen to take part in the critical role we play and the impact we have on the ecosystem as an Association.

“We also experienced the renewal of existing Stakeholders and several upgrades of membership plans to a higher category. For this, I want to say thank you for aiding the improved visibility of the Association. Because of you all, we fostered more strategic alliances and deeper engagements such as more meaningful roundtable discussions with Regulators and wider industry participants.

“I would also like to thank our Board of Trustees, Governing Council, GovCo and the very able management team for providing exemplary leadership and direction in 2022.

“More importantly, was that 2022 was an election year leading to a new crop of GovCo members to steer the Association for the next two years. I do not doubt the quality of people in the newly constituted GovCo and its ability to scale the Association to a new level”.

2023:

The FinTechNGR President expressed optimisms about the new year. He said:

“As we look forward to consolidating our gains and sustaining the momentum as an ecosystem in 2023, I would like to you everyone to leverage the platforms created by the Association in scaling the Nigerian FinTech ecosystem and further increasing our visibility on the global scale, having earned a worthy seat on the table when it comes to advancements in FinTech related matters in our country and beyond. This year, we will continue to drive the relentless growth of innovative solutions and start-ups within our ecosystem and membership network.

“I know we can count on each other to drive our industry to much greater heights in 2023. Let’s make this happen”.

The signing of the agreement was witnessed by representatives and members of FintechNGR CIBN, and FSI, at the Bankers House, Victoria Island, on Thursday, September 1, in Lagos.

The Fintech Certification Programme is intended to sharpen the minds and raise awareness of industry players about the importance of leveraging technology for financial inclusion and growth.

Dr Ken Opara said the alliance was a unique one in the annals of the Institute, “First, this is the first time the institute is collaborating with two partners at once for the provision of a certification.

“Second, this is the first collaboration agreement to be executed during my tenure.

“Third, this initiative is a further step towards the realisation of the mandate of the institute to promote professionalism, whilst enhancing knowledge and competencies in the financial services ecosystem,” he said.

Opara said the role of the Institute was to be the bridge that would engender a positive handshake among all the players (banks, fintechs, and other financial agents) in the financial services industry.

This, he said, would be done through capacity-building programmes, training, content development, advocacy and sound corporate governance policies.

The CIBN president also said his administration would be built on six strategic pillars with the acronym FUTURE.

According to him, the first pillar with the alphabet ‘F’ is Financial Innovation and Transformation.

He said, “under this pillar, we plan to among others, institutionalise Fintech Certification in collaboration with other credible bodies to sharpen the minds and awareness of industry players in optimising technology for financial inclusion and growth.

I am extremely delighted that three months after mounting the saddle of leadership of the Institute, we are taking sure steps towards the achievement of this objective.

Under this Agreement, the three institutions have come together to award Fintech Certification, which offers an excellent opportunity to bridge the tech talent gap and indeed further drive the implementation of the Competency Framework in the banking and finance industry in Nigeria.

Opara appreciated the Bankers Committee and the Central Bank of Nigeria for appointing the institute as the Accreditation Agency for the implementation of the Competency Framework.

He said the institute would not take the appointment for granted, expressing its determination to make a success of the assignment, which would lead not only to more knowledgeable professionals but improved service delivery.

Mr Ade Bajomo, President of FintechNGR, said the partnership was a historic moment for FintechNGR.

“If we cast our minds back a few years, people wondered whether the FinTech disruption would be absolute and traditional banking would become a thing of the past.

Instead, we are experiencing a synergised world of financial services where both Fintech companies and banks not only co-exist but also co-compete and share knowledge. Of course, there will be banks that will be more successful because they’re agile, and there will be Fintechs that will be more successful because of the vast opportunities available for them to tap into. All in all, it would be most essential to develop capacity and capability,” he said.

Bajomo said that banking as a profession was well regulated with strong compliance, a strong culture of capacity building, and knowledge building among others, adding that there was the need to also build the same capacity within the Fintechs in Nigeria.

“Banking as a profession is not only well regulated all over the world, but banks are also known for their strong adherence to compliance standards, as well as their strong culture of building and improving upon capabilities and knowledge.

When you look at Fintech companies and, indeed, the nature and age of FinTechs in our country, they are centred on agility and innovation. As the Fintech industry matures, however, there needs to be equal attention being paid to those things that are lacking in terms of compliance and regulations. This must form the foundation if we are to produce scalable, trustworthy financial service providers.

Two things must happen concurrently. The first as I just mentioned, is to build a strong regulatory capacity within the Fintech space. The second thing to be built upon is the capacity within banks to be more agile. In that way, our economy will benefit from the rising tide of superior financial services, which in turn, will have a ripple effect on the rest of Africa and the world at large,” Bajomo said.

Mrs Aituan Kola-Oladejo, Executive Director, FSI, who described CIBN as a “forward-thinking institution,” said the signing of the agreement would sharpen the FinTech industry.

She said, “this agreement will open the gate for more Fintech innovators into the FinTech ecosystem, as what was lacking was trust.”

Seeing as the world gradually anticipates the ‘next normal’ following the COVID-19 pandemic, it is important to have a critical look at the global fintech landscape and draw insights on its possible trajectory in 2022.

Is the global fintech space on track to achieve that valuation? Are African fintechs pulling the needed weight to command a huge chunk of the $324 billion mark? How can the Nigerian fintech ecosystem leverage the trends and data to achieve encompassing growth?

On the 10th of February 2022, the Fintech Association of Nigeria (FintechNGR), would be hosting the Fintech Outlook 2022, an annual intellectual webinar that attempts to take a 360 overview of the global fintech space, what it portends globally and how Nigeria and Africa as a whole are drawing on requisite insights to leapfrog the industry.

In addition to key industry presentations, the webinar would unearth and discuss trends, and forecasts across fintech verticals; lending, payment, mobile money, banking, infrastructure, regulation, partnerships, skillsets, wealthtech, insurtech, cybersecurity, data privacy, open banking, decentralized finance and other areas.

Amidst other considerations, it would also delve into the threats, opportunities, success factors, major drivers, key technology that can significantly shift the industry trajectory in 2022.

The speakers joining us for the Fintech Outlook 2022 includes Ade Bajomo, President FintechNGR, Mitchell Elegbe, CEO, Interswitch Nigeria, Premier Oiwoh, CEO, NIBSS, Odunayo Eweniyi, CEO, Piggyvest, Daniel Awe, Head, Africa Fintech Foundry, Yinka Edu, Partner, UUBO, Dr David Isiavwe, President, ISSAN-Nigeria and Nkebet Mesele, Senior Director (Sub-Saharan Africa), VISA.

Participation

To participate during the webinar you are required to pre-register through the link HERE.

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Also happening at the Fintech Outlook 2022 is the launch of its Startup Marketplace, an innovative platform by FintechNGR that provides startups playing in the fintech ecosystem access to free and heavily discounted services in funding, legal, infrastructure, cybersecurity, data privacy, business development, and a variety of other areas, to accelerate their growth.

Fintech Association of Nigeria (FintechNGR), 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 Global Fintech Hub Federation has been at the fore-front, connecting stakeholders, accelerating fintech growth and impact, promoting and advocating for conducive environment for fintech to thrive and adoption of emerging technologies.

For enquiries or partnerships, send a mail to exec.sec@fintechng.org or call +234 903 000 3013 or visit the website.

During  the year, FintechNGR ‘s work was driven by the need to work with the members and the fintech ecosystem as a whole to leverage the spate of opportunities that came with the ‘new normal’ and translate that into encompassing growth and progress for the entire industry through  activities, projects and programmes listed below: 

Nigeria Fintech Census Mapping Report –This is a report targeted at providing crucial data on fintechs in Nigeria to aid players in the space in making informed decisions and drive comprehensive growth, done in partnership with Ernst & Young was launched in the second quarter.

Membership Growth & Ecosystem Development –FintechNGR saw over 24% growth in membership, with Facebook and Fairmoney joining the Association as strategic members.

Some of the members like OPay, Flutterwave also gained Unicorn status in 2021.  

In terms of ecosystem representation, FintechNGR was part of various Government and Regulators’ committees set up by African Continental Free Trade Area (AfCFTA), the Nigerian Communications Commission (NCC), the National Information Technology Development Agency (NITDA), and played a major consultative role in the evolution and launch of eNaira by the Central Bank of Nigeria (CBN) and deepening knowledge on Central Bank Digital Currency(CBDC) by various presentations and organisation of training for various organs of the government.

Some of the regulatory contributions made by the Association include: setting up internal working committees that help with thoughts on engaging Regulators across various issues such as the Crypto transaction bans, account freezing, startup bills, and the NITDA bill.

Establishment of FACT – Led by the Fintech Association of Nigeria (FintechNGR) which serves as the secretariat, Fintech Alliance Coordinating Team, FACT, was established in the second quarter to provide a more collaborative approach to policies and regulatory interventions by Fintech stakeholders with Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), Financial Services Innovators (FSI), Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), and, Innovation Support Network – Hubs, (ISN Hubs), as founding members.

DigiStuds Project – The Digital Academy Project aimed at equipping 500,000 students of public tertiary institutions in Nigeria with  relevant digital skills in a bid to serve as a bridge to provide the industry with  innovative individuals, ready to take on the fast-changing world of technology and organisations that require such talents, as well as produce  digital entrepreneurs and startups during the process was formally launched and graduated its maiden cohort of 200 students across Nigerian public universities. 

Reguvators Forum –A Forum of regulators and players in the fintech space to bridge the gap and drive engagement on salient matters pertinent to balancing innovation and regulation and co-create solutions to challenges facing the ecosystem formally took off and held every quarter of the year.

The Forum had representatives from CBN, SEC, NITDA, NAICOM, NCC, NFIU, NDIC, and NIPC.

Events –The 5th edition of the flagship event, Nigeria Fintech Week, organised by FintechNGR and Fintech Associates Limited with the theme “Sustainability and Ecosystem Building” held between October 25 and 29, 2021.

NFW21 had over 8000 participants spread across online and physical attendance from 20 countries, with 72+ Speakers, featuring tech talks such as #CapTech, emerging tech, #Femtech, regulatory engagements, and an Ecosystem Hour with global partners. 

The Intercontinental Webinar themed “Central Bank Digital Currency, CBDC & Cross Border Payment: Interoperability, Technology & Regulation” and supported by Sterling Bank also held, with speakers such as John Rolle, Governor, Central Bank of The Bahamas, Serey Chea, Assistant Governor, National Bank of Cambodia, Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore, Abubakar Suleiman, CEO, Sterling Bank. It also organised webinars on topics like Startup Funding, Cyber Alertness and the New Normal, Business & Financial Recovery Post-COVID, Agriculture & Insurance, with speakers from across different industries- AFEX, NGX, Future Africa, Interswitch, Deloitte and more. 

It is also important to note that FintechNGR partnered with the Singapore Fintech Festival, SFF, to host the well-attended World Fintech Festival in Nigeria on the 13th November 2021.  

In addition, the association’s Social Meet tagged “The Making of Indigenous Unicorns” and the Annual General Meeting, AGM, held in Q1 & Q3 respectively.

Asides from the Intercontinental webinar, there were also four other webinars during the year.

The Association participated in more than 50 events organised by partners across the globe.

Training – The Association deepen digital education across the divides such as Digital 201, a digital insurance training, held in partnership with Nigerian Insurers Association, NIA, training on Anti-Money laundering, Non-Fungible tokens, NFTs and DigiWomen, a digital empowerment training for women in career and business, held in partnership with WIMBIZ, supported by Sterling Bank.

Looking Forward to 2022

Various initiatives are in the pipeline aimed at maximizing FintechNGR’s impacts and breaking new horizons in 2022 as can be seen in its 2022 calendar here.

Your organisation can also be part of the moving train!

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