FG urged to invest more, harness full potentials of Fintech
Tolulope Iluyomade
The Federal Government has been urged to invest more in Financial technology space in the country so as to assist investors in bringing innovation and growth to the sector.
Director of Affairs, Cloudbank, Tolulope Iluyomade, gave the advice during the opening of the Abuja Liaison Office of the firm at the weekend.
Stressing the need for government to ensure that opportunities in FinTechs were properly harnessed, Iluyomade regretted that a large number of the citizens in Nigeria are not well informed about the potential of Fintech.
He said: “99 per cent of the investment in the FinTech space is from mostly US, China or Europe. In terms of diversity of investment from local funding, it’s still very poor in Nigeria, because people are not so well educated in what FinTech business is all about or what we’re doing. So they tend to be dicey a bit about what to do.
“What we are trying to do now is to probably create an interface so people can even understand what we do, and build trust and eventually be able to get partnership and investment locally.
“My advice to government therefore is to create platform to better understand what we’re doing and understand that we’re obviously moving fast and quick.
“Government should also understand that the industry is evolving, and they need to make operators stakeholders in regulation, not operating from the back because at the end of the day we will always be at the forefront”
Describing Cloudbank as a smart digital bank with a focus on offering convenient banking features to their customers, he said the firm was well positioned to carry out instant payments processing, liquidity warehousing, lending, POS terminal services, trading and card services.
Speaking on the new edifice, Iluyomade explained: “So what we’re doing is to create a kind of physical experience for customers that want to walk in probably to know about what we’re doing and want to participate or partner with us.
“We’re not trying to differentiate ourselves from other Fintechs or Microfinance banks, what we are trying to do is to be an accelerator for financial products.
