Fintech players, regulators reaffirm commitment to agency banking

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The Central Bank of Nigeria’s (CBN) Deputy Governor in charge of Financial Systems Stability, Aishah Ahmad, has reiterated the apex bank’s commitment to the successful implementation of agent banking in Nigeria. She emphasized that the CBN’s commitment is geared towards the reduction of the current financial exclusion rate to 20 percent, and the achievement of the FSS 2020 goal.

Ahmad, who was represented at the recent 7thedition of PoS innovation summit by Sam Okojere, director, payment system management at the CBN, said that initiatives such as the PoS innovation summit provide the opportunity for ideation and development of groundbreaking notions that solve problems in the financial technology industry.

Also speaking, Tunde Ogungbade, managing director of Global Accelerex, said that access to financial services to the underserved and most vulnerable in society will help them step out of poverty and reduce inequality in the society. He reminded delegates that it is not the obligation of government alone to help bring about financial inclusion, but is also the responsibility of every entrepreneur and business entity, whose participation is critical in creating that desired change in the cashless ecosystem.

The theme of the PoS innovation summit, “agent banking deployment to reach the last mile,” provided the appropriate discussion platform for keynote speakers and the general audience. From several deliberations, it remained obvious to all delegates that collaboration in the sector is a key success factor for the topic above.

During the live demonstration of Accelerex Agent Network Platform (ANP), a product developed for agency banking business by Global Accelerex, Niyi Ajao, the deputy managing director of Nigeria Interbank Settlement System (NIBSS), applauded Global Accelerex for promoting financial inclusion with the innovative platform.

“With the security, flexibility and management features on the platform, Agent Banking business will be easier … Read More...

United Capital partners Africa Fintech Foundry to foster fintech innovation

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In its bid to drive growth and innovation within the fintech industry, United Capital Plc, a leading African financial and investment services Group has partnered with Africa Fintech Foundry, one of the continent’s premier tech startup accelerators for the AFF Disrupt 2019 conference.

The conference which holds on Thursday, May 16 in Lagos, will engender interaction about fintech through panel discussions, masterclasses and the main conference itself. Speakers are expected from the length and breadth of the local and international fintech community, including leaders of top banking, telecommunications and technology organizations around the country and continent.

According to Peter Ashade, Group Chief Executive Officer of United Capital,  “as an industry leader in finance and an organization committed to financial inclusion across the continent, we are very aware that fintech is the future of finance. Consequently, we are also very interested in the conversation on innovating and shaping the future of fintech itself as a tool for driving our purpose.”

Ashade said, the firm’s participation at Disrupt 2019 aligns with its group strategy of leveraging technology to better empower its clients with bespoke financial services. “We are aware that eight out of the top ten global brands are Fintech companies and what better way to show our involvement than to be part of this conference. During the conference, visitors can come to our stand to learn more about United Capital various offerings as well as set up an Investnow account among others”. he added

United Capital Plc is a leading financial services group in Africa focused on leveraging technology to empower businesses, individuals and governments with excellent financial services, while contributing to economic growth and prosperity across Africa by supporting financial inclusion.



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SEC challenges Fintech firms to disrupt capital market with innovation

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The Director-General of Securities and Exchange Commission (SEC), Mary Etuk, has challenged the Fintech firms in Nigeria to come up with innovative products that would disrupt the capital market.

“We urge innovators to identify areas of concern or practices and this could be addressed or improved with technology. We need to collaborate”, she said this while speaking at the Lagos Fintech Week in a paper titled Enabling Inclusive Fintech in the Nigerian Capital Market: A Regulator’s Perspective.

Lagos Fintech Week is an invigorating week of distinct Fintech events that delivers exciting discussions, stimulating demos and insightful debates.

Etuk listed steps taken by SEC to prepare it for the Fintech regulation and these include recognizing the potentials of Fintech and the attendant benefits it can bring to the Nigerian capital market.

The apex regulator of the capital market said the commission has whole-heartedly embraced the Fintech concept and have rolled out series of initiatives to ensure the market maximizes the full potentials of the fast-paced innovation.

Some of the actions taken by the commission involved the setting up of internal Fintech working and advisory group as well as market-wide committee to draw a Fintech roadmap for the Nigerian capital market.

According to her, the commission has also established a Fintech division, which would serve as an innovation office; set up internal capacity development in the area of Fintech and emerging innovations, and the development of a sandbox assessment form.

The commission has reviewed the existing legal framework to identify its sufficiency and propose amendments and “We are interacting with the Nigerian Fintech community to grow the industry within the Nigerian capital market as well as review ICOs and white papers to ensure they comply with existing laws”, she said.

Specifically, she solicited the support of the Fintech … Read More...