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EFInA, CcHub, London Mayor harp on collaboration for financial inclusion

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A snapshot of Startups working at CcHUB, Yaba, Lagos.

A financial sector development organisation- Enhancing Financial Innovation and Access (EFInA) and CcHub have hosted a Financial Technology (FinTech) roundtable with the Lord Mayor of the City of London, Alderman Charles Bowman, in a move to rally collaborative efforts needed to deepen financial inclusion.
 
The event which also attracted financial sector regulators and technology providers, among other stakeholders, companies and other stakeholders, harped on foreign collaborations and regulatory principles that can catalyse and accelerate local growth of the financial services sector.
 
EFInA Chairman, Segun Akerele, said the importance of the company’s partnership with the Department for International Development (DFID) and Bill & Melinda Gates Foundation in its activities cannot be overemphasised.
 
Akerele 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 be more innovative in the development of financial inclusive products.
 
He also appealed to regulators to take lessons from the United Kingdom’s regulatory principles.
   
The Mayor, in his speech, highlighted the need to promote bilateral ties between Nigeria and the United Kingdom, as well as 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 identify 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,” he said.
  
During a presentation on “Financial Inclusion: The Regulatory Landscape and Opportunities for FinTech to Promote Financial Inclusion in Nigeria,” the EFInA Electronic Payment Specialist, 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 through its Technical Assistance Grant and the Innovation Grant subsidies to the amount of $250,000 and $2,000,000 respectively.”
 
Commending the round table discussion, the 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 in that way, allow users improve their lives and take control of their financial situation.”


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