The Fintech Association of Nigeria (FintechNGR) recently held its 5th Annual General Meeting with members of the Board of Directors (BoT), Board of Directors (GovCo), association members and invited stakeholders from the Nigerian Fintech ecosystem.
In the opening speech, Dr. Segun Aina, President of the BoT, thanked everyone for coming to the meeting, emphasizing that “…the AGM was strategic and an annual tradition in which Board members would provide their stewardship efforts and receive input, suggestions and feedback from all members”.
In his report, Mr. Ade Bajomo, the President of the association, said the Association had seen a 155% year-on-year increase in total gross revenue, with approximately 28% of revenue coming from membership dues, 32% from other income, 40% from donations in addition to a 31% increase in revenue. membership from 209 to 275 (2020 to 2021).
He also mentioned several steps taken by the Association and the growth of certain indices, in particular;
- Training of more than 200 insurers on InsurTech
- Engagement with regulators on various circulars
- Engagement with other stakeholders on the National Startup Bill (NSB)
- Participation of the Association in the committee of the FinTech strategy document of the CBN (Central Bank of Nigeria)
- Appointment to the UK/FGN Trade Finance collaboration committee
Conduct and organization of the Regulators Forum, created to engage regulators in resolving issues and improving the fintech ecosystem, once per quarter of 2021.
Dr. Aina said that although 2021 was a difficult year due to organizations focusing on post-COVID reconsolidation, he was happy to see the progress and new developments in performance metrics in the annual report.
He also went on to say that despite the war in Ukraine and current trends in the global economy, there will always be opportunities for growth that the Association should take advantage of.
The association’s leadership also presented a brief report and noted the trends it had observed in the fintech ecosystem over the past year.
Some of the highlights of his report were; increased partnerships with global institutions, the creation of FACT (the Coordination of the Fintech Alliance Crew) with other associations and bodies to improve regulatory commitments, in addition to getting the ball rolling to organize advanced training under the DigiStuds project. It was also noted that the foreign influx into the Nigerian fintech industry has quadrupled and there is an increase in P2P crypto trading despite the restriction by the CBN (Central Bank of Nigeria).
Commenting on the progress of the AGM and the planned activities for 2022, Mr. Patrick Akinwuntan, Member of the Board of Directors, congratulated the Board of Directors and the President of the BoT for the steady progress made by the association.
He also urged the leaders to remain highly focused, in light of the upcoming general elections in Nigeria and the likely challenges that would ensue between the present and the next AGM, to ensure that they can continue to effectively carry out the objectives of the Association.
Closing the meeting, Mr. Bajomo expressed his gratitude to all participants, conveying the willingness of the Board of Directors to do whatever is necessary to keep the Association moving forward.
To read the annual report for the year 2021 in sight as well as the approved audited accounts, follow this link.
If you are interested in working with the Fintech Association of Nigeria or being part of the advocacy, accelerating and connecting roles it plays within the wider ecosystem, visit the website.
FintechNGR’s Fintech Platinum Awards are held on July 2, 2022
FintechNGR’ Fintech Platinum Awards – a celebration and recognition of major Fintech icons and brands
FintechNGR recently announced that it will host the fintech ecosystem on July 2, 2022 to celebrate and recognize the players, enablers and icons who have made significant achievements in the fintech industry during the first edition of the Fintech Platinum Awards, FPA.
We cannot talk about the growth, development and rise of the Nigerian fintech industry without referring to the individuals, brands and institutions that have paved the way and are striving to shape the space.
It is to this end that FintechNGR has launched the Fintech Platinum Awards, a registered initiative of the Association, designed to reward and recognize the ecosystem.
In the words of the President of the Association, Ade Bajomo, “the event aims to celebrate the best of the ecosystem to deepen collaboration between actors using innovation to solve national challenges, create jobs and place Nigeria at the center of innovation in Africa.”
As part of the FPA awards activities, there will be an awards ceremony, dinner, networking and keynote speeches.
The Fintech Association of Nigeria (FintechNGR) is the pioneering national fintech association in Africa and a founding member of Africa Fintech Network (a network of thirty-four (34) national fintech associations in Africa), a member of the Global Fintech Hub Federation and has been at the forefront, promoting and advocating for proper regulation and investment as key enablers of innovation in financial technology (Fintech).