ICT

Africa’s achievements in Fintech commended by the United Kingdom

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Laure Beaufils, the Deputy British High Commissioner to Nigeria, while delivering a keynote speech at the third annual Africa Fintech Festival held at the Landmark Event Centre in Lagos, commended Africa’s increasingly impressive achievements in Fintech.

Beaufils noted that the United Kingdom’s plan to be one of the G7 top investors in Africa by the year 2022 would be achieved through investments in the continent’s Fintech industry.

The United Kingdom/Africa Fintech partnership was launched earlier this year by Theresa May during her visit to Africa. The partnership seeks to seed funding for Fintech companies within and across Africa; ensure that the UK’s financial sector authorities work with African regulators to jointly create the right environment for indigenous and international corporations; and improve research knowledge across the continent.

To ensure the smooth running of the partnership, the United Kingdom has put in place some structures, which include the Enhancing Financial Innovation & Access (EFInA), a financial sector development organisation that promotes financial inclusion in Nigeria. The United Kingdom is also a benefactor of the EFInA Fintech fund.

During the Fintech festival, Segun Akerele, the chairman of EFInA Board said “in operating the Innovation Fund, EFInA has provided up to 32 grants to commercial banks, micro-finance banks, mobile money operators, and investment management companies that provide financial products and services to the low income population in Nigeria”.

 

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