EFInA Fintech Forum
Innovation Forum
14 June 2018

Panel Members L-R: Ngozi Dozie; Paylater Co-founder, Segun Akerele; EFInA Board Chair, Tunde Kehinde; Lidya Co-Founder, Nonny Merenu; Unilever; Sustainability manager, and Jude Njugo; CEO Beyond Credit.

L-R: Oladimeji Taiwo;the special assistant to Chairman of Nigerian Electronic Fraud Forum at CBN, Hamad Kamal; Head of Trade and Investment Uk Trade, Topsy Kola-Oyeneyin; Associate Principal, Mckinsey& Company, Segun Akerele; EFInA Board Chairman and Tunde Kehinde; Co-founder; Lidya, Ernest Obi; Flutterwave and Funmi Adesida; EFInA COO at the EFInA Inaugural FinTech Breakfast Forum in Lagos

L-R: Ngozi Dozie; Paylater Cofounder, Segun Akerele; EFInA Board Chair and Ayo Okadimeji; Head financial Inclusion Products Etranzact

Event Summary:

To further promote financial inclusion in Nigeria, Enhancing Financial Innovation and Access (EFInA) organized a FinTech Breakfast forum at Eko Hotel and suites on the 14th of June, 2018.

The essence of the forum is to request information from FinTechs on how EFInA can stimulate innovation targeted at the financially excluded through its grants, advocacy, research, and capacity building. The event had over forty (40) different FinTech companies, regulators like CBN, digital financial service consultants like Mckinsey, IFC, and Department of International Trade attended the forum.

Some of the FinTechs that attended the forum include Flutterwave, Lidya, Paga, Paystack, Paylater,       E-settlement, Sanwo, OyaPay, Spacpointe, Amplify, Afarapartners, Capricon Digi, Cassava and many others.

The event involved a panel session where panelists including Segun Akerele, Tunde Kehinde; Co-Founder Lidya, Ngozi Dozie; Co-founder Paylater/OneFi, Jude Njugo; Beyond Credit CEO and Nonny Merenu; Unilever Sustainability Manager discussed issues relating to: the current state of financial inclusion in Nigeria, the FinTech landscape, the role of the Central Bank of Nigeria in driving financial inclusion in Nigeria as well as the barriers and challenges of the low income population to access financial services.

Overview of the Fintech Ecosystem in Nigeria

Folasade Agbejule,¬†EFInA‚Äôs Programme Specialists presented ‚ÄúPotentials For Driving Financial Inclusion Uptake through FinTechs‚Ä̬†‚Äď payments, stated that:

  • According to the EFInA Access to financials survey of 2016 which covers about 23,000 respondents across Nigeria, 41.6% of adults are financially excluded even though they have access to mobile phones. Also, these adults do not have access to formal and informal financial services.¬† The digital financial service system has a role to play in this situation to reach low-income earners and people in the rural areas.

Topsy Kola Oyeneyin,¬†Associate Principal at Mckinsey also presented on ‚ÄúOpportunities in Digital Financial Inclusion‚ÄĚ and stated that:

  • There is huge potential for digital involvement in Nigeria‚Äôs financial services but this can only be attained if the three required building blocks are put in place. These building blocks are: widespread digital infrastructure, dynamic financial services market and the development of products people prefer to existing alternatives.