Enhancing Financial Innovation & Access (EFInA), Nigeria’s leading financial sector development organization and CcHub, hosted a FinTech Roundtable session with the Lord Mayor of the City of London, Alderman Charles Bowman; Financial sector regulators and financial technology (FinTech) companies and other stakeholders on Wednesday, 27 June 2018.

As part of its mission to promote financial inclusion in Nigeria, EFInA desires to improve the existing infrastructure in the financial sector so that  FinTechs can play an increasing role in the efficient delivery of financial services to the un(der)banked in  Nigeria.

Giving the welcome address, EFInA Board Chair, Segun Akerele, emphasized the importance of the company’s partnership with the Department for International Development (DFID) and Bill & Melinda Gates Foundation while identifying foreign collaborations and regulatory principles that can catalyze and accelerate local growth in the financial service sector.

Furthermore, he stated that the difficulties associated with access to financial services has 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 of the City of London, 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’, the Electronic Payment Specialist for EFInA, 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.

Tunji Elesho, Managing Partner, CcHub Growth Capital Fund commenced the roundtable discussion saying “Our goal today 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”

Riby and Flutterwave identified Scale, Funding and current Regulations in the financial sector as some of the current challenges when the Lord Mayor asked about factors hindering growth in the Fintech ecosystem. Tunde Kehinde, Co-Founder of Lidya, focusing on the need for strategic partnership,

British High Commissioner – Paul Arkwright,
Alderman Charles Bowman – Lord Mayor of the City of London,
Laure Beaufils – British Deputy High Commisioner,
Tunji Eleso- Managing partner CcHub Growth Capital Fund

Tunji Eleso- Managing partner CcHub Growth Capital Fund, Tuned Kehinde- co – founder Lidya, Carlos Figueredo – CEO & Founder Open Vector Uk, Adedeji Olowe – Trustee, Open Banking Nigeria

Fola Agbejule – EFInA payment Specialist addressing the team

Alderman Charles Bowman – Lord Mayor of the City of London, Carlos Figueredo – CEO & Founder Open Vector Uk, Adedeji Olowe – Trustee, Open Banking Nigeria

CcHub Co – Founder, Alderman Charles Bowman – Lord Mayor of the City of London

Segun Aina – Chairman of Fintech Association, Alderman Charles Bowman – Lord Mayor of the City of London, British High Commissioner – Paul Arkwright, Laure Beaufils – British Deputy High Commissioner, Bunmi Lawson – Board Director EFInA, Segun Akerele – EFInA Board chair

Adegbola Abudu – CEO of Capricon Digi, Ernest Obi – Head of United Kingdom Business & Global Sales, Flutterwave, Alderman Charles Bowman – Lord Mayor of the City of London, British High Commissioner – Paul Arkwright, Laure Beaufils – British Deputy High Commissioner, Tosin Oluwaleye – Head Growth Operations

Bunmi Lawson – Board Director EFInA ,
Segun Aina – Chairman of Fintech Association,
Tuned Kehinde- co – founder Lidya,
Alderman Charles Bowman – Lord Mayor of the City of London,
Laure Beaufils – British Deputy High Commissioner,
British High Commissioner – Paul Arkwright,
Segun Akerele – EFInA Board chair,
Taiwo Joda – Managing Director of ACCION Micro-finance Bank,
Tunji Eleso- Managing partner CcHub Growth Capital Fund,
Aisha Isa-Olatinwo – CBN

Funmi Adesida – EFInA COO, Fola Agbejule – EFInA Payment Specialist

Adegbola Abudu – CEO of Capricon Digi, Tosin Oluwaleye – Head Growth Operations

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