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COVID-19: Nigerian Fintech body engages with Key Stakeholders

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The COVID-19 pandemic has caused a great deal of damage to the financial system in Nigeria in recent months. 

Businesses have lost millions of naira with growing uncertainty within the financial markets in Africa most populous nation. 

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In a bid to offer support and key strategies, the Fintech Association of Nigeria (FAN) recently engaged in strategic discussions with 15 sectors within its membership base. 

The sectors which cut across banking, insurance, blockchain and investment got together to discuss the way forward during this period of financial crisis. 

The meeting which was done across nine zoom sessions aimed to create engagements within the sectors to offer workable solutions and air the difficulties currently faced within each sector.

According to the president of FAN the engagement was a success and brought about relevant issues that would help members for post COVID-19 challenges and opportunities. 

One of the major highlights was the participation of two key regulatory bodies who received feedback regarding the current situation faced by Fintech companies. 

COVID-19 exposed lack of digital innovation in Nigeria

One critical point raised by participants was the lack of adoption of digital practices within the country. Some stakeholders believe that the pandemic exposed the lack of digital readiness within the economy. 

Another issue raised was the problems of logistics with some participants identifying underlying issues such as poor infrastructure, high cost of data and the lack of structured data within the Fintech industry. 

The group listed some key strategies that could help provide quick post COVID-19 recoveries among it members. This includes better interactions among stakeholders, synergy within business as well as better funding support systems. 

Also there was a general advocacy towards establishement of a centralized Fintech database and educational programs for professionals. 

Regulatory agencies were also urged to create engagements and partnerships within the sector through the drafting of industry-friendly policies. 

They also reiterated the need for better KYC policies and making them flexible to meet growing technological advancement within the industry. 

There was also calls for regulators to Foster progressive interaction within the sector. FAN president further added that member stakeholders must cooperate and collaborate to make the sector succeed. 

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