With over $250 million in cumulative funding, and over 200 active fintech ventures operating in the digital retail payments, lending and payments infrastructure spaces, Nigeria’s fintech ecosystem is one of the most active in the world. However, 36.8 percent of Nigerian adults are still excluded from the formal economy and basic financial services, even though they have access to mobile phones. In spite of torrid activity in the fintech space, the adoption of digital financial services is still incipient, and clustered in urban areas, neglecting the majority of the population who earn low incomes and live in rural areas.
On the 18th of April, 2019, the British High Commission to Nigeria and EFInA (Enhancing Financial Innovation & Access) are convening an interactive session that brings fintech operators, investors, policy makers and hubs to explore the ways in which increased funding and enhanced regulatory harmony can grow the Nigerian Fintech ecosystem.
To frame the conversation, EFInA will be presenting a groundbreaking report containing the most recent and most seminal supply side data on Fintech in Nigeria. The report also illustrates the ways in which distributed ledger, biometric and API technologies can play a role to drive financial inclusion, using global case studies.
In addition to the above, EFInA will 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.