EFInA, CcHub Moves to Boost Nigeria’s Financial Inclusion Strategy

Emma Okonji

Enhancing Financial Innovation and Access (EFInA), Nigeria’s leading financial sector development organisation and CcHub, a technology hub, recently hosted a FinTech roundtable session with Lord Mayor of the City of London, Alderman Charles Bowman; Financial sector regulators; Financial Technology (FinTech) companies and other stakeholders to enhance financial inclusion in Nigeria.

As part of its mission to promote financial inclusion in Nigeria EFInA desires to improve the existing infrastructure in the financial sector, to enable FinTechs play an increasing role in the efficient delivery of financial services to the unbanked and
underbanked in Nigeria.

In his welcome address, EFInA Board Chair, Segun Akerele, emphasised the importance of the company’s partnership with the Department for International Development (DFID) and Bill & MelindaGates Foundation while identifying foreign collaborations and regulatory principles that can catalyze and accelerate local growth in the financial service sector.

He further stated that the difficulties associated with access to financial services has led to a large population of unbanked adults and encouraged FinTechs and financial service providers to develop more innovative financial inclusive products. He also appealed to regulators to take lessons from the United Kingdom’s regulatory principles.

Speaking at the event, the Lord Mayor of the City of London, Alderman Charles Bowman, highlighted the need to promote bilateral ties between Nigeria and the United Kingdom and also establish a business of trust between the two countries.

“This roundtable session will help to work out different modes of collaboration, provide reassurance for Nigeria as an international FinTech hub of the future, and also identifying the opportunities for growth in our countries. In addition, we intend to build on this opportunity to support and promote innovation in financial and professional services,” the Lord Mayor said.

During paper presentation on ‘Financial Inclusion, The Regulatory Landscape and Opportunities for FinTechsto promote Financial Inclusion in Nigeria’, the Electronic Payment Specialist for EFInA, Folasade Agbejule, said: “EFInA’s mission is to spur growth in the financial development sector by providing grants to financial services operators through the Innovation Fund. EFInA targets the economically deprived.

population by sharing risks with Financial Service Providers (FSPs) through its Technical Assistance Grant and the Innovation Grant subsidies to the amount of $250,000 and $2,000,000 respectively.”

Managing Partner, CcHub Growth Capital Fund, Tunji Elesho, said: “Our goal today is to explore the immense opportunities for growth in Nigeria’s FinTech ecosystem and that way, allow users improve their lives and take control of their financial situation.”

Director of EFInA and former MD of ACCION Microfinance Bank, Bunmi Lawson, encouraged all stakeholders to work closely for the greater good of the country’s digital economy.