Nigeria’s Economy To Experience Boost Through Application Of $2m Fintech Challenge Grant

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Nigeria have been named the winner of the $2 Million Fintech Challenge Grant, the Financial sector development organization, through its subdivision, Enhancing Financial Innovation and Access (EFInA), during a session which it held in partnership with the British High Commission in Nigeria, announced the winners of the Fintech Challenge Grant, and they included CredPal, Capricom Digital, RIBY, SmartTeller, ExtraMile Africa and Social Lender.

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The Head, Digital Financial Services, of the Central Bank of Nigeria (CBN), Stephen Ambore, said that the apex bank’s National Financial Inclusion Strategy is intended to create a level-playing field designed to focus on driving collaborative activities among actors to boost the economy.

During an interactive session themed ‘Powering Financial Inclusion through Fintech’, held with other stakeholders in the financial technology (Fintech) industry yesterday in Lagos, Stephen Ambore, called for a stronger collaboration for the creation of innovative financial products and services, discussions were also held on the impact of Nigeria’s $2 million Fintech Challenge Grant on the economy.

“So, with the single goal of ensuring that eight in 10 Nigerians are financially included by 2020, all stakeholders have to play strongly to achieve high impact.

“With the regulatory framework provided by the Central Bank, we also need to facilitate stronger collaboration among stakeholders to create innovative financial products and services,” Ambore added.

Recall that the Fintech Challenge Grant was introduced by EFInA in 2018 to stimulate fintech delivery channels provided by the industry. While unveiling EFInA’s Global and Nigerian Fintech Landscape Survey Report, Dayo Ademola, the Head of Innovation, stressed that the successful Fintech industries across the world mainly focused on factors such as product innovation, strategic partnerships, physical and digital mix, and lowering barriers to services.

“The industry witnessed a big boom in 2015, and while investors were a little skeptical about the market in 2017, we are witnessing a resurgence. Analysing the global market, we realised that to improve the industry in Nigeria, we have to increase access to micro-credit, enact effective regulations, create innovative and effective solutions and also drive more involvement from banks.”

EFInA’s board chairman, Mr. Segun Akerele, highlighted the challenges faced by the industry in Nigeria, as he explained that understanding global market trends and other success factors remain important in improving the national ecosystem.

Congratulating EFInA and winners of the Fintech Challenge grant, the British Deputy High Commissioner to Nigeria, Laure Beaufils, commended the organisation, saying, “Nigeria remains central in United Kingdom’s objectives to accelerate financial inclusion in Africa.”

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