The British High Commission to Nigeria and EFinA (Enhancing Financial Innovation & Access) has put together an interactive session scheduled for the 18th of April. The event will bring fintech operators, investors, policy makers and hubs to explore ways that increased funding and enhanced regulatory harmony can grow the Nigerian Fintech ecosystem.
The Nigerian fintech ecosystem is one of the most active in the world, with over $250 million in cumulative funding and 200 active fintech ventures operating in the digital retail payments, lending and payments infrastructure spaces.
See also: FSD Africa, Equity Bank Congo Partner to Boost Financial Inclusion
Up to 36.8% of Nigerian adults are not active in the formal economy and basic financial services even with their possession of smart phones. The adoption of digital financial services is majorly in the urban areas and a huge population of the rural areas are neglected.
EFInA will present a groundbreaking report that will contain recent and important supply-side data on Fintech in Nigeria. The report will also showcase how distributed ledger, biometric and API technologies can play a role to drive financial inclusion, using global case studies. EFInA will also announce the winners of its $2 million Fintech Challenge Fund. The winners are fintech companies who have built solutions to improve financial inclusion among low-income earners in Nigeria.
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