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FinTechs are technology-based organisations that develop solutions, which position them to compete against or collaborate with Financial Institutions in the delivery of financial services. FinTechs aim to develop innovative solutions to existing challenges such as financial inclusion, access to credit, and personal finance management, access to insurance among others.
Whilst Nigeria’s growth wave is still in a relatively early phase as compared to global counterparts, the FinTech opportunities in Nigeria are expected to potentially redefine the financial services landscape over the next few years, even as the first wave of FinTech in Nigeria has been focused on innovation in payments.
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In recognition of the numerous opportunities in the FinTech market,
KPMG organised a one-day FinTech Summit with the theme “The FinTech Disruption – Understanding the Value Proposition”, held in Lagos yesterday.
The Partner and Head, Advisory Services, KPMG, Bisi Lamikanra explained that the event enabled stakeholders in the financial industry to gain insights into the future outlook of the sector and have better understanding of how FinTechs can help drive growth, efficiencies and productivity in the industry
She added that FinTech would increasingly boost financial services and transactions in non-financial service.The event attracted top participants from across leading financial service institutions, private equity and venture capital firms. He noted that the Nigerian economy has a relatively high population of unbanked / under-banked people.
