Nigeria FinTech Landscape - Impact Assessment
Recommendations
There are 5 key imperatives for stakeholders in order to capture the potential
opportunity in the Nigerian FinTech ecosystem
Innovative
01 Regulatory
Environment
Foster regulations that support
innovation
Establish regulatory sandbox
that allows FinTech test ideas in
a controlled environment
Set up helpdesk to help
FinTechs navigate regulations
Set up innovation office/team to
update regulations based on
sandbox outcomes
Targeted efforts towards solving
industry wide issues (e.g. "99
paint points Hackathon")
Provide access to standardized
APIs
Key stakeholders
CBN, NIBSS,SEC, NAICOM,
PENCOM, NCC etc.
02 Digital ID
03
Credit
Infrastructure
04
Digital
Infrastructure
Create pull for digital identity e.g.
BVN, NIN, Voters ID etc.
■
Encourage digital ID registration
as a prerequisite for receiving
donor benefit (e.g. cash transfers,
health, food programs etc.)
Expand access to infrastructure
required for enrollment
Accelerate the harmonization of
various digital ID systems (NIN,
BVN, Voters ID etc.) into
centralized system
Key stakeholders
Development organizations/ Foundations
CBN, Partner agencies e.g. Ministries,
SANEF, NIBSS, hospitals, schools,
Develop central credit
infrastructure
Enforce reporting
compliance to Credit
Bureau for all Lenders
Task central body to
provide data for alternative
credit scoring (e.g.
payment transaction data)
to stimulate MSME lending
Key stakeholders
Credit Bureaus, Commercial
Banks, Lenders, NIBSS
1. Global Standing Instruction will allow lenders to collect default loan repayments from an individual's or company's from any bank across the country
Some states have started reviewing the Row charges in the wake of COVID 19
2.
Accelerate the deployment of
digital infrastructure
■ Cost effective digital access to
all customers (e.g. explore the
modalities of inclusive pricing
for USSD)
Drive down cost of smart feature
phones by developing
partnerships to assemble low
cost phones in free-trade zones
Drive down cost of data by
promoting transparency of
regulatory fees around Right of
Way (ROW) permits and reduce
build-out cost by encouraging
infrastructure sharing²
Key stakeholders
NCC, MOF, Local and State
Governments, Telcos
05
Talent
Pipeline
Grow the talent pipeline
Scale up developer training
programs through standard
curriculum and delivery
partnerships with Universities
or independent training
centers situated close to
University campuses
Develop apprenticeship
programs at scale by
partnering with various
stakeholders to absorb talent
for internships from trained
pool
Build central talent database
of trained developers and
promote widely to connect
demand with qualified supply
Key stakeholders
Development organizations/ Foundations,
Federal, State and Local Governments,
Industry players, Investors
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