FinTech Association of Nigeria

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FinTech Association of Nigeria known as FintechNGR is a Nigeria based self-regulatory, nonprofit and non-partisan organization focused on accelerating the growth of financial technology, facilitate investments and create enabling financial technological environment for innovation in Nigeria. Incorporated by Corporate Affairs Commission in 2017, FintechNGR interfaces with Nigeria financial regulators including the Central Bank of Nigeria, Securities and Exchange Commission, [1] National Insurance Commission and the government to achieving its stated objectives. FintechNGR is a member of Global Fintech Hubs Federation and the Africa Fintech Network. [2] [3] [4] [5]

Contents

History

The idea for the establishment of FinTech Association of Nigeria was conceived at the 2017 inaugural Nigeria Fintech Week by Segun Aina, chairman of Fintech Associates Ltd who then held discussions with some stakeholders including Ecobank, Proshare, Banwo and Ighodalo. The discussion culminated in the establish of the organization. On 10 July 2017, FintechNGR was formally incorporated by the Corporate Affairs Commission and the pioneering governing council was established. [6] In 2018, the governing council was expanded to include 13 members and increased to 17 in 2020 and the board established. [6]

Governance

The organization is governed by a board of trustees and an executive council headed by president, vice president and general secretary and supported by a chief operating officer (COO) who oversees the secretariat of the organization. [5]

Operations

FintechNGR stated objective is to accelerate the growth of financial technology, facilitate investments and create enabling financial technological environment for innovation in Nigeria. It serves as a platform for exchange of ideas in the fintech industry and as the representative of fintech entities in Nigeria. [5] Though a self-regulatory organization, it works with financial and national data regulators including the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission, Nigeria Deposit Insurance Corporation, Nigerian Financial Intelligence Unit, Nigeria Inter-Bank Settlement System, Nigerian Communications Commission and National Data Protection Bureau. [5]

As of April 2024, it has 464 members. In 2021, FintechNGR reported increased adoption of financial technology in Nigeria stating that 63 per cent of the 1.37 billion dollars capital funding raised in Nigeria in the fiscal year went to fintech industry compared to 25 per cent recorded in 2020. In the first quarter of 2023, cashless transactions across fintech entities in Nigeria grew by 44.84 per cent amounting to a total of N126.73 trillion naira up from N87.73 trillion naira in the corresponding period of 2022. [7] [3] But the growth of fintech has also led to increased cyber-attacks against fintech entities. In December 2023, FintechNGR launched a framework to combat rising cases of fraud in the electronic payment system in Nigeria. [8] [9]

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References

  1. ↑ "Fintech Association of Nigeria kicks off Fintech Learning Series with SEC". Vanguard. September 18, 2018. Retrieved May 20, 2024.
  2. ↑ Akintaro, Samson (2023-12-29). "Fintech Association moves to address e-payment fraud in Nigeria". Nairametrics. Retrieved 2024-05-20.
  3. 1 2 "FinTechs got 63% of total funds raised by Nigerian start-ups in 2021 – Association". Premium Times. July 3, 2022. Retrieved May 20, 2024.
  4. ↑ "Nigeria Fintech Week Opens Today, Promises Tech Innovation, Diversification". This Day. Retrieved 2024-05-20.
  5. 1 2 3 4 "FinTech the future of Nigeria —Aina". Nigerian Tribune. December 3, 2018. Retrieved 20 May 2024.
  6. 1 2 John, Janet (2021-05-31). "How fintech Nigeria is fostering better collaboration between regulators and players". Nairametrics. Retrieved 2024-05-20.
  7. ↑ Jaiyeola, Temitayo (2023-12-30). "Fintechs to launch framework against rising fraud cases". Punch Newspapers. Retrieved 2024-05-20.
  8. ↑ Jaiyeola, Temitayo (2023-12-30). "Fintechs to launch framework against rising fraud cases". Punch Newspapers. Retrieved 2024-05-20.
  9. ↑ Onwuegbuchi, Chike (2024-02-21). "PalmPay's Efforts at Curtailing Cyber Fraud: Two Sides of the Same Coin". www.nigeriacommunicationsweek.com.ng. Retrieved 2024-05-20.
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