To further promote financial inclusion in Nigeria, Enhancing Financial Innovation and Access (EFInA) a financial development organization funded by DFID, and Co-creation Hub (CcHub), have called on Fintechs to lead the move by creating solutions that can push the initiative.
At a FinTech Roundtable session with the Lord Mayor of the City of London, Alderman Charles Bowman, EFInA and CcHub stressed the importance of creating new solutions to meet the armies of unbanked and under-banked Nigerians.
EFInA informed that as part of its mission to promote financial inclusion in Nigeria, it desired to improve the existing infrastructure in the financial sector to enable FinTechs play an increasing role in the efficient delivery of financial services to the under-banked in the country.
Furthermore, he said the difficulties associated with access to financial services have led to a large population of unbanked adults, and encouraged FinTechs and financial service providers to develop more innovative financial inclusive products. He also appealed to regulators to take lessons from the United Kingdom’s regulatory principles.
Speaking at the event, the Lord Mayor, Alderman Charles Bowman, highlighted the need to promote bilateral ties between Nigeria and the United Kingdom, and also establish a business of trust between the two countries.“This roundtable session will help to work out different modes of collaboration, provide reassurance for Nigeria as an international FinTech hub of the future, and also identifying the opportunities for growth in our countries.
In addition, we intend to build on this opportunity to support and promote innovation in financial and professional services,” said the Lord Mayor.
During a presentation on, “Financial Inclusion, The Regulatory Landscape and Opportunities for FinTechs to promote Financial Inclusion in Nigeria,” EFInA Electronic Payment Specialist, Folasade Agbejule, said: “EFInA’s mission is to spur growth in the financial development sector by providing grants to financial services operators through the Innovation Fund.
EFInA targets the economically deprived population by sharing risks with Financial Service Providers (FSPs) through its Technical Assistance Grant and the Innovation Grant subsidies to the amount of $250,000 and $2,000,000 respectively.
The Managing Partner, CcHub Growth Capital Fund, Tunji Elesho, said the goal is to explore the immense opportunities for growth in Nigeria’s FinTech ecosystem and that way, allow users improve their lives and take control of their financial situation.
