Saraki, experts to discuss untapped economic potentials of FinTechs

Former Senate President Bukola Saraki will on Monday host experts to discuss the untapped economic potentials of Financial Technologies (FinTechs).

The event is the third in the monthly series of interactions under the Grow Nigeria Conversation (GNC).

This month’s event which focuses on ‘Using Fintech to Create Opportunities, Employment and Wealth’ will take place at the Co-Creation Hub, Lagos.

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According to organisers of the event, The African Politeia Institute (TAPI) and Adopt A Goal for Development Initiative, the FinTech ecosystem possesses huge potentials that could benefit the Nigerian economy if properly managed.

“Interestingly, beyond facilitating core financial transactions and increasing financial inclusion amongst the underbanked and unbanked, FinTech is fast evolving into agriculture, transportation, healthcare, education, insurance, asset acquisition, and other basic consumer needs.

“While the total value of investments into fintech is on the rise globally totalling about $165 billion in 2019 (KPMG), in Nigeria, some are already projecting FinTech as the new oil or digital oil, raising about 439m in 2020 (Proshare).

“But, amidst rising poverty and unemployment in Nigeria, emphasis must now be on how to use FinTechs to bridge the gap between the rich and the poor in a nation that has sadly remained the global capital of extreme poverty.

“While about 38 million citizens — 36 percent of adult population — remain completely financially excluded, and short of the 2020 CBN’s 80 per cent projection, we must equally address the challenges militating against the Nigerian finTechs ecosystem: from regulations, access to data, cybersecurity concerns to fundraising, competitive issues and high cost of running operations,” the organisers stated in a statement.

Those expected to speak at the event include: Oluwatosin Olasiende (founder, Money Africa), Baki Irmak (co-founder and fund manager at Digital Leaders Fund), Nasir Yammama, (founder of Verdant AgriTech). Others are:  Tola Onayemi (Investment Lawyer at Nigeria’s Office of Trade Negotiation), Eke Eleanya Trump (CEO, Risevest) and Julian Flosbach  (co-founder and CEO of BFREE).