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Fintech industry could create 3m jobs in Nigeria –Experts

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Fintech industry could create 3m jobs in  Nigeria –Experts

Experts in the financial technology (fintech) industry have said that increased collaborations and investment by stakeholders in the industry will lead to economy growth, saying the sub-sector can create three million jobs in Nigeria in the next few years.

They stated this at the maiden Africa FinTech Foundry Disrupt (AFFD) Conference, sponsored by Access Bank Plc in Lagos.

The forum provided a platform for the experts to raise the advocacy with different panel discussions held to address pressing issues concerning the future of fintech.

According to the experts, for Nigerian economy to move forward, there is an urgent need for huge investment in the businesses of the future, which are technology-dependent.

They added that entrepreneurs must also be disruptive for financial technology (FinTech) economic prosperity of the nation.

Speaking at the forum, a former Minister of Communications, Mrs. Omobola Johnson, noted that over $5 billion had been invested in FinTech in 2017 alone with Africa claiming a good percentage of the money.

Omobola, whose presentation was entitled ‘Investing in Tomorrow,’ stressed that with increased investment in the FinTech industry, over three million jobs could be created.

She, however, noted that investment in the FinTech space transcended currencies only, as according to her, there is also the need for investment in time to think through FinTech innovations and broader skills that are capable of attracting local and foreign capitals into the local industry.

Also speaking, Executive Director, SystemSpecs, Mr. Deremi Atanda, urged the government to focus on technology to lead Nigeria to the desired economy that will create jobs and improve socio-economy prosperity of the nation.

He added that the FinTech space particularly would provide the government a unique opportunity to achieve this.

He said: “There should be people who can see FinTech as a unique opportunity in government. To use FinTech to lead Nigeria to the new economy will go beyond just talking and if the citizens are going to make a demand for that, the citizen needs to demand that government should not miss the opportunity.”

“We missed it with oil and now the younger people need to make an advocacy that government needs to look in the space of technology disruption, and this is going to create jobs as well,” he added.

Chairman, Zinox Group, Leo Stan Ekeh, encouraged the Nigerian government to lead others in using platforms such as the AFFD to build a new generation of Nigerians, who can defend their wealth in the current digital age.

“This is an era in which you either disrupt or stand the risk of being disrupted. This reality is much more pronounced in the banking and financial services sector, hence the growing popularity of financial technologies or FinTech, as it is widely known.

“The landmark step taken by Access Bank shows the bank’s readiness for the future of disruption in the sector which is already here with us,” he stated.

Also, Head, African Fintech Foundry (AFF), Mr. Victor Okigbo, said that the Nigerian economy would benefit from the recent collaboration between banks and FinTechs, urging for more partnerships among players.

According to him, the disruptive FinTech industry should not be perceived as a threat by banks; rather it should be used as leverage to bring onboard the unbanked divide of the population.

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