FintechNGR holds 3rd AGM, inaugurates new GovCo

Fintech Association of Nigeria, the umbrella body for Fintechs in Nigeria, pioneer national fintech association in Africa, Founding Member, Africa Fintech Network and member of Global Fintech Hub Federation held its 3rd Annual General Meeting today, Friday, 6th November 2020 online.

The event was well attended by members of BOT, members of outgoing and incoming GovCo, members of the Association and invited stakeholders of the Nigerian Fintech ecosystem presented the Pioneer and outgoing President, Dr Segun Aina the platform to give the scorecard of his three years of leading the Association.

Dr Aina hinged on the success of his tenure on the commitments of the resourceful members of the Governing Council, the management team and its diverse members from fifteen sectors of the economy.

Dr Aina highlighted some of the successes of his tenure as the appointment of a full-time management team of three people headed by a high profile Chief Operating Officer COO, the Strategy Retreat facilitated by PwC on 21st November 2018 that developed Vision 2019-2021 for the Association, establishment of Fintech Learning Series and fintech education, Regulatory advocacy with great impacts especially the Fintech Adoption Roadmap Policy of Securities and Exchange Commission orchestrated by the Association, provision of valuable direct and indirect support to fintech startups and tech innovators, development of a Nigeria Fintech Census in partnership with Ernst & Young EY to aggregate data on fintechs in Nigeria to aid investment, regulatory and other important growth decisions with the report due for launch in late November 2020.

Also the establishment of a Forum for regular formal interactions between regulators, policymakers and innovators in Nigeria called Reguvators Forum, establishment of Fintech Fund Advisory Team created to develop strategies for a local fund for various stages of fintech startups, transition of the pioneer two persons foundational Board of Trustees BOT to a nine-person BOT made up of respected, distinguished and accomplished leaders in the business and professional space and a host of other landmark achievements.

According to him “ the experience, qualifications, network and industry awareness of the incoming GovCo to be led by Ade Bajomo, ED, IT & Operations, Access Bank, the strong financial position of the Association, the strategic growth and impact plans, the acceptance by the regulators and government, commitments of its diverse members and a wide global network of the partnership have positioned the Association for sustained impact” In his presentation of Secretary’s report, Isa Alade, Partner, Banwo & Ighodalo said the appointment of a management team gives shape to the Association and plays a pivotal role in the achievements of the Association in the past one year.

Dr Babatunde Obrimah, COO, FintechNGR while giving the management report detailed the membership growth, increase in global partnerships, expansion in activities and programmes of the Association laying emphasis on the multi-pronged impacts in regulation and development of a strategy for funding and growth of digital skills in Nigeria.

In his speech as the new President, Ade Bajomo, ED, IT & Operations, Access Bank states his belief that the quickest way to jumpstart the economy, empower youths, create jobs, build skills, create sustainable and durable wealth without needing to invest in heavy industry, factories or infrastructure is to invest and build technologies that enable us as a nation to leapfrog traditional stages of development.

“The events of the last few weeks have magnified our society’s demands such as education, jobs, accountability, good governance, technology and weaknesses including poor infrastructure, inadequate security, lack of trust to name a few. I believe that our great Association is a key resource in this course correction journey that our nation is currently on”.

He gave the audacious goals that his leadership would pursue as; Creation of win-win strategies that will enable the Association to drive the implementation of capacity building initiatives that result in solutions to the problems of sponsors and our society at large. Creation of more Nigerian FinTechs that are competitive in the global marketplace will accelerate the growth of the industry and help create job opportunities and wealth.

Advocating for change and immediate elimination of low hanging barriers to entry to the industry as a major priority and the only way the industry can expand rapidly and thrive. Deepening connectivity mandate by (i) providing Nigerian FinTechs more visibility in the global marketplace; (ii) connecting Nigerian FinTechs to local and international funding opportunities;

(iii) deepening the Association’s connection with its members and expand its membership base (iv) enhancing the effectiveness and attractiveness of the GovCo and (v) Partnering with other global Fintech associations to ensure the creation of mutually beneficial relationships and sustain best practice.

Also to drive the advocacy mandate by becoming the galvanizing voice for FinTech related issues in Nigeria. Continuous and active participation in the development of FinTech roadmaps for different units of the Nigerian Government.

Investment in structures that will position FinTechNGR as the primary source of information for Nigeria’s FinTech industry. He commended the steadfast leadership, foresight and mentorship of the immediate past GovCo led by Dr Segun Aina for the remarkable job that was accomplished during the last two years while also welcoming the new GovCo reiterating the immense responsibility and accountability that members of FinTechNGR have bestowed on them.

He went on to seek the support of the members, the Board, past GovCo members and the local and internal partners as a key ingredient in keeping up with the pace of Fintech development as digitalization accelerates.

Aside the inauguration of the new GovCo, some of the key decisions made at the meeting include ratification of the appointment of substantive BOT, dissolution of the outgoing GovCo and the approval of the 2019 financial statements.