Nigeria FinTech Landscape - Impact Assessment
Despite the progress made in the Nigerian FinTech ecosystem, there are still gaps
that stakeholders need to make concerted efforts to address (6/9)
4 Global
Connect-
ions
Progress
Google Launchpad Accelerator
Programme Currently in its 4th
class, with 4 out of 6 Nigerian
startups in its 4th cohort, being
FinTech
Y combinator- 13 out of 28
African startups in the Y
combinator program over the
last 10 years, have been
Nigerian
7 out of the 10 African startups
in 2017 were Nigerian with
>50% being FinTech
Strategic investments between
Asian and US investors and
Nigerian FinTech
Current gaps
Lack of formal avenues for FinTech to
exchange information:
No formal avenues for FinTech to
navigate regulatory framework of other
jurisdictions
&
No formal cross border avenues to share
crucial learnings between local and
international FinTech which are necessary
for i)FinTech to scale and ii) create
impact along certain dimensions e.g.
Financial inclusion locally
Lack of formal avenues for regulator
alliances:
No formal channels for regulators to
learn from each other and apply key
learnings to local market
Opportunities
CBN to foster collaboration with other regulators and
ecosystems e.g the Global Financial Innovation Council in
order to:
☐
Encourage skill building and development of local FinTech
through teachings via workshops, online courses etc.
Drive knowledge sharing through sharing of experiences
and approaches
Expand capacity by combining resources to work on joint
projects
Reduce costs and improve efficiency for Nigerian FinTech
CBN to play potential lead role in regulator innovation
network of for e.g. African countries innovation network
To share key learnings from the Nigerian FinTech
landscape with other countries
■ To encourage skill building
Coordination of Exchange Programmes:
Founders, entrepreneurs, managers, developers exchange
programmes etc. where they can share experiences &
build skills
Particularly programmes with other countries e.g. India,
Indonesia that have navigated Financial Inclusion in order
to learn and apply key insights
1. Monetary Authority of Singapore 2. Dubai Financial Services Authority
SOURCE: Expert Interviews, Press Search
EFINA
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