“The fast growing young population –115 million people below the age of 35, exponential growth of mobile phone lines, huge financial inclusion potential are pertinent indicator of Fintech opportunity.”
This candid observation by Boye Ademola, Partner, KPMG, US, resonated, once again, at the June 20 Akindelano Legal Practitioners, ALP, Seminar Series which held at Oriental Hotel, Lagos.
The ALP annual forum is the law firm’s Corporate Social Responsibility, CSR, “designed to evoke discourse regarding commercial and legal issues facing executives and decision makers and stimulate innovative strategies and outline pragmatic solutions”
Themed “The role of Fintech and digital finance in Nigeria’s economy,” Fintech operators and agents-super and aggregators-in the digital payment and distribution chain, outlined the already known challenges associated with Nigerian thorny business terrains and sought for solutions.
Panelists, made up of seasoned and tested hands unanimously advocated an improved data ecosystem even as Fintech promises better focus on women with a corresponding “innovative service.”
Meanwhile, Fidelity Bank Plc has stated through its Group CEO, Nnamdi Okonkwo that “under the banks’s five-year plan which was crafted in 2017 and commenced on January 1, 2018, we got one of the big four consulting firms to do a full global analysis of Fintechs and how we can collaborate with them.
Part of our engagement strategy is partnership. Through collaborating with a Fintech, we migrated their entire transactions to the cloud. This has worked so efficiently well in the last one and half years without fail,” Okonkwo said.
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