New opportunities for African Youths in Fintech Sector
Conference Video link: https://youtu.be/pRum6fGp1_0
The just concluded digital conference on Nigeria Finance is an eye-opener about opportunities, challenges and other issues surrounding Financial Technology sector otherwise known as Fintech. The conference which started 2 March came was concluded Thursday afternoon with expert look at Fintech and innovation in Nigeria by a panel of discussants including Mastercard representatives- Bola Asiru, Divisional Lead Mastercard Advisors, Sub-Saharan Africa (SSA).
The key point pf the session on Fintech is that investing in infrastructure is key to growing Africa's digital economy.
Fintech and Innovation
According to panelists at the conference, Nigeria Fintech space needs collaboration with traditional financial institutions to foster growth. There is about 15M USD investment in the Fintech market in Nigeria which is relatively low and indication that new players are welcome.
Other panelists were Souleymane Ba, Partner, Investment Team-Helios Investment Partners LLP, Aunnie Patton Power, Founder Intelligent Impact and Dr Babatunde Obrimah, Chief Operating Officer-Fintech Association of Nigeria.
However, like rest of the economy, cost of investment is very high in Nigeria. Also, Nigerians are not investing in Fintech as supposed to real estate and other investment that will bring quick returns. There is need for education and value orientation in this regard.
Yet, the challenges of high cost of investment and Capitalisation can be addressed through the following initiatives:
· Infrastructure sharing (reduces entry cost and lower price for the consumer)
· Network sharing/ collaboration
· Bring in non-funds investors from different fields i.e. technical know-how, experience and lessons learned expertise.
· Leverage on existing ecosystems
· Focus on large scale and high impact problems to solve... it makes funds easier to access
· Creating the right product that caters for consumer needs
· Fintech must be able to impact on a large scale that get stakeholders’ buy-in
· Mobilise domestic capital rather than going to foreign market
Capital market access for Fintech?
· Explore Crowd funding
· Create publicly listed vehicle
Overall, experts stress the need for collaboration built around ultimate/common goal that many fintech businesses can align with to solve Major problem
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