03/08/2020 by Future of Finance 0 Comments
THE NIGERIAN FINTECH OPPORTUNITY
A FUTURE OF FINANCE WEBINAR ON FINTECH OPPORTUNITIES IN NIGERIA
A SERIES OF OF FOUR WEBINARS TO TAKE PLACE FROM SEPTEMBER 2020 TO NOVEMBER 2020
Lagos is not the obvious location for a thriving FinTech sector, but it certainly has one. London-based Asoko Insight has counted 60 FinTechs in Nigeria, most of them based in the commercial capital. With a population of more than 200 million people, half of them living in urban areas, and 160 million mobile telephones, and a Nigerian diaspora estimated at a further 15 million people, there is a predictable concentration on mobile phone-based payment and remittance services.
New and newish companies in the sector include Cellulant (a sub-Saharan African business which owns the Tingg mobile payment app in Nigeria), Interswitch, Paga, Flutterwave, SureRemit and Paystack, all of which have raised capital and launched payments services. But there are also SME financing (Lidya) and savings (Piggyvest and Cowrywise) apps, an agricultural sponsorship and advisory service (FarmCrowdy) and a training, education and recruitment service (Workforce) that is channelling local digital technology talent into local and multinational businesses active in Nigeria.
Democracy is increasingly well-entrenched (more than 20 years have passed since the last military regime stood down) and the economy is embarked on a transition away from its longstanding reliance on oil and gas. As a one of the most youthful countries on Earth- – more than 40 per cent of the population is under 14 years of age, according to the World Bank – Nigeria is also naturally well-placed for the digital age, provided it can fix its educational shortcomings.
In a series of four webinars held fortnightly throughout September and October 2020, Future of Finance will explore the Nigerian FinTech opportunity. The webinars will look at how new payments and savings apps are transforming consumer banking in Nigeria; how new cross-border payments services are reducing the transaction costs of remittances from abroad; the market for tech talent in Nigeria; the growing appetite of issuers and investors for utility coins and the emergence of assets tokenisation platforms, starting with real estate.
The full programme is as follows:
The Nigerian FinTech Opportunity: A review of the Nigerian FinTech industry, featuring leaders of established FinTechs, entrepreneurial start-ups, and their partners among established industrial and commercial companies and high net worth investors Wednesday 23 September 2020
Payments and remittances: How established banks are responding to new entrants from inside and outside Nigeria through partnerships and by developing competing products and services, and the opportunities this is creating for corporate acquirers and investors Wednesday 7 October 2020
The market for technology talent: Despite the well-documented shortcomings of the Nigerian education system, Lagos is host to a developer community every bit as lively as those of San Francisco or Shoreditch, and they are supporting start-ups as well as large local companies and multinationals Wednesday 21 October 2020
Digital asset tokenisation: One measure of the economic and cultural change taking place in Nigeria is the interest of wealthy individuals in digitising the less liquid parts of their investment portfolios, and the willingness of younger retail investors to buy not only tokens but a raft of locally issued of utility coins as well Wednesday 11 November 2020
For further information and details of how you can be involved contact
Tel: +44 7725 160903