Financial technology (Fintech) is a new tech that seeks to improve and automate the delivery and use of financial services against tradition ones. fintech is utilized to help manage financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.
When referring to fintech, Africa is far from adopting it fully in its daily activities
In an interview with coinnewsextra, BabatundeOghenobruche Obrimah – the chief operating officer of fintech Nigeria – talked about why Africa needs fintech and the role fintech will play in Africa.
The role of Fintech associations – FINTECHNGR
Fintech Association of Nigeria is a self-regulatory, not-for-profit and non-political organisation incorporated in Nigeria by the corporate affairs commission CAC and a member of the global fintech hubs federation. The association was established to serve as a platform for the development of the financial technology industry in Nigeria and to be a forum for the exchange of ideas and dissemination of information by and between various stakeholders in the Nigeria financial technology services industry.
“Basically our mission is to foster an ecosystem that supports all stakeholders to achieve a driving and growing fintech industry in Nigeria. Our vision is to make Nigeria one of the world-leading markets for fintech innovation and investment.”
Babatunde added that to achieve this goal, they plan to;
- Connect: Bring everybody (low firms, consulting firms, Blockchain firms, lending companies, banks, microfinance institutions, academia – universities and media houses) and people with a solution to problems within the fintech ecosystem together. Anyone with ideas and solutions on how to solve challenges can join the community.
- Accelerate: Champion technological development, invention and creativity.
- Advocate: work with all the regulators which include CEM, SEC and NAICOM to ensure that policies that are coming up support creative and the fintech ecosystem.
Benefits to members
Just like a traditional financial ecosystem, the payment sector is foundational for the fintech ecosystem to survive or flourish. If you are doing the lending, people will have to pay back and if you are in agriculture people will also have to pay back.
Members of the ecosystem will have a network of people within the ecosystem to connect with. It will be easy for you to get solutions rather than spending millions of dollars to buy a solution when somebody locally can provide this solution for you.
By joining the ecosystem, Babatunde said that “Accelerate” will create capacity development fora.
“On a monthly basis, we will run a webinar that speaks about something within the fintech ecosystem. We do a quarterly social meet when people come together to talk together, to share ideas and see how things can improve.
“We are about to start a breakfast session the breakfast sections are for industries. One of the things we want to do is to be able to work with various industry. Each group will define their standard and we can take them back to the regulatory bodies.”
“Benefit to the people is the fact they have the opportunity to network and grow their business. We are hoping that we will be able to build a knowledge platform where you could be able to resource for information within the fintech space possibility of certification,” said Babatunde
The fintech roadmap
Last year the fintech committee launched fintech roadmap which will describe how regulators will treat Blockchain and other related technology.
“The report was launched last year during the Nigeria fintech by the security and exchange commission. The implementation committee is working on coming up with policies that will drive some the things in that report,” said Babatunde.
Click to watch the interview video