FinTech Nigeria (FintechNGR) the umbrella body of financial technology services providers in Nigeria is seeking more investors who see the long-term value of Africa.

Mr. Ade Bajomo, President, FinTechNGR, stated this in his opening remarks at the 7th Nigeria Fintech Week in Lagos.

“Also, we need regulators who foster a supportive environment for innovation. And most importantly, we need a generation of talented fintech entrepreneurs who are passionate about making a difference,” he said.

This is coming against the backdrop of dwindling investments in Fintechs in the continent. Mr. Ade Bajomo, quoting Elevandi report in the first half of 202: “investments in the fintech sector in Africa declined significantly, dropping 77% to US$186 million from US$826 million in 1H 2023. The number of deals decreased 30% year-on-year and average deal size fell to US$4 million in 1H 2024 from US$10.5 million in 1H 2023.

“Nigeria, Cote d’Ivoire, and South Africa remained the primary recipients of FinTech funding, with their combined contribution of 76% in Q2 2024”.

According to him, “As an industry, we still have several growth opportunities and must up the game in identifying and delivering these, diversifying from payments which have and continue to play a critical role in driving financial inclusion, into broader areas where technology can drive inclusive growth such as InsureTech, InvestTech, AgriTech, EdTech & HealthTech to name a few.

“Of course, with great opportunity comes great responsibility. Challenges posed by inadequate infrastructure, such as limited internet connectivity and unreliable power supply, the need for skilled talent in the fintech industry, exponential rate of increase in electronic fraud (N43bn in Q2 2024), identity theft and with 40 million Nigerians (and 350 million Africans) still financially excluded leave numerous opportunities for our ecosystem to exploit for inclusive growth. Imagine the resulting socio-economic upside of resolving these challenges?

“Though we are facing a period of investment drought and cost of living challenges, we must stay focused on our goals to leverage fintech as a tool for socio-economic development and exploit every opportunity that innovation, technology and leadership can deliver to improve governance, processes, and scale.

“As Peter Drucker said, results are gained by exploiting opportunities. The time is here to exploit the opportunities of the moment and gain the thrust to drive the growth of our fintech ecosystem.

“At FinTechNGR, we have and will continue to play our part in connecting, accelerating the growth of and advocating for Fintechs and in this respect we will continue to:

◦ Deepen relationships with regulators to co-develop policies and address issues that impact the Fintech ecosystem pro-actively.

◦ Enhance our feedback system to understand how best to assist members with regulators and advocate for them as appropriate

◦ Drive the adoption of the Fintech Certification Program, which was developed in collaboration with the Chartered Institute of Bankers in October 2023 to address the acute skills gap in the ecosystem and strengthen governance structures,” he stated.

As part of initiatives towards increasing efficiency in revenue collection in Anambra State, leading financial institution, Fidelity Bank Plc, has donated 10 units of tax booths to the Anambra State Internal Revenue Service (AIRS).

Commenting on the donation, the Regional Bank Head, Awka, Fidelity Bank Plc, Dr. Nosa Orumwense, explained that the donation is borne out of the bank’s devotion to creating solutions for its customers.

“For nearly four decades, Fidelity Bank has been dedicated to meeting the banking needs of Nigerians with customized solutions. Whether through thoughtfully designed products or exceptional services, we have established ourselves as the preferred bank for individuals looking to grow, businesses interested in prospering and economies that want to prosper.

“Today’s donation to AIRS is a first-of-its-kind initiative in Nigeria and would go a long way in smoothening the experience with tax payment and collection for individuals and the Anambra State government respectively. We are grateful for the opportunity to partner with the government on this project and commit to do more”, explained Dr. Orumwense.

Named the “Fidelity Bank AIRS Small-Tax Hubs,” these booths are customized, secure, and user-friendly self-service terminals designed for efficient banking transactions. They are equipped with both mains and solar power sources to ensure continuous operation, and they connect to the internet for real-time transaction processing.

At the commissioning ceremony, Chairman of Anambra State Internal Revenue Service, Dr. Greg Ezeilo, FCA expressed gratitude for the donation, calling the gesture “a dream come true.” An elated Dr Ezeilo praised Fidelity Bank for the groundbreaking support while promising that the hubs would be utilized effectively.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Central Bank of Nigeria (CBN) has assured Nigerians not to panic as it has put in place policies to ensure that all monies deposited in financial institutions across the country are secured.

The development comes following a fresh uproar across the country on Monday, warning customers of certain banks to immediately withdraw their deposits.

A statement by Hakama Ali, the apex bank’s acting director, Corporate Communications,on Tuesday, reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.

The statement said, “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.

“In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.

“The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector.”

Furthermore, the CBN said it has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located.

“This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.

“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” the statement added.