At its annual general meeting on Tuesday, FinTech Association of Nigeria, reported that the nation expected investment of $400 million in the financial technology ecosystem to top $400m this year.
It said that the funding in the fintech ecosystem topped $300m in 2020.
The Chief Operating Officer, FintechNGR, Dr Babatunde Obrimah, said, “Fintechs in the payment and e-commerce sectors experienced growth; there was an increase in the use of digital channels for payment transactions,”
He said the association observed an increase in trading of digital currencies, adding that Nigeria was rated as the second-highest trading country in cryptocurrency with an estimated volume of $500m.
According to him, there is an increase in the agitation for central bank digital currencies.
The membership of the association grew from 56 in 2018 to 130 in 2019, and closed at 209 in 2020.
According to the association, the sectors of the economy represented in the association increased from 15 to 20 within the year.
The President of the association, Ade Bajomo, said, “We have grown together as an association, and this has been possible only through our collective dedication and resourcefulness as an association to common goals of making Nigeria a leading innovation and investment hub in Africa.”
Speaking on the establishment of a Reguvators Forum that hosts representatives of regulatory agencies in Nigeria and innovators for engagement and collaboration as a milestone of the association, Bajomo said,
“We have trained of over 200 insurance practitioners on InsurTech in collaboration with regulators and government on matters such as coordination of ecosystem recommendations to the regulatory agencies such the Central Bank of Nigeria and the Securities and Exchange Commission.
“We are engaging the government, the National Assembly, law enforcement agencies, and judiciary on the cryptocurrency transaction ban circular.
We are members of the CBN FinTech Roadmap Committee of Nigeria, the Presidential National Action Committee on the African Continental Free Trade Area, and the National Information Technology Development Agency committee on the implementation of blockchain technology.
“We are working on establishing a FinTech Roadmap for Nigeria to position the nation as an international finance centre by 2030.”
https://punchng.com/nigerian-fintech-firms-eye-400m-investment-in-2021/
