FG Leveraging Fintech Innovation To Address Agric, Energy Challenges – Osinbajo

A file photo of the Vice President, Professor Yemi Osinbajo.

 

The Federal Government is leveraging the innovative capacity of Fintechs to accelerate interventions, especially those under its Economic Sustainability Plan (ESP), including programmes on renewable energy, agriculture, improving access to credit and direct cash transfers, among others, the Vice President, Professor Yemi Osinbajo said on Friday.   

Professor Osinbajo stated this at the official launch of the Nigeria Sustainable Development Goals (SDGs) Fintech Hackathon in Abuja.

“This is incredibly powerful for our efforts at resolving the climate crisis, transitioning to cleaner energy, but it also introduces a tremendous opportunity for Fintech companies for payments systems,” he said.

The vice president added, “Being able to manage that whole process, collect monies in some case, and in many cases, payout to owners; I think that there are tremendous opportunities there.

“This is something we are starting now. Of course, several companies have already shown some interest. So, as we address climate concerns, there are major opportunities for Fintech companies and their creativity is going to be very crucial here.”

Speaking about leveraging innovations by Fintechs to address challenges in the agricultural sector, he stressed the need to expand the scope of sustainable farming and farming techniques.

According to him, this has become crucial because the people now realise that with deforestation and all the issues with farmer-herder clashes, it is important to look more closely at how to be more creative with farming techniques, engage and educate farmers, and use more extension workers actively.

Professor Osinbajo noted that this was the case, especially as the government tries to implement an aspect of its Economic sustainability plan.

“So, we have to first find out where these new farmers work and we have to geo-tag them to their farms. But more importantly, we had to get credit to them one way or the other because many of them are in far-flung areas of the country.

“But not just credit, also information that they would need for choosing the right type of fertiliser, and other farm input. There is no question at all that Fin-Tech is crucial and would even be more crucial, especially as we pursue goals of financial inclusion and try to reach hitherto unreachable parts of the country,” he said.

The vice president believes there is no better way to address the issues of poverty and others around the SDGs if the country is unable to reach those who need to be reached with credit.

In ensuring a smooth transition to clean energy, he explained that such a process required those who could facilitate the movement of money quickly – such as the Fintech companies.

Professor Osinbajo, therefore, appealed to young Nigerians to aspire to achieve their dreams and take advantage of the exciting opportunities that abound in the tech systems.

The event was organised by the Financial Centre for Sustainability Lagos (FC4S Lagos), Nigeria Climate Innovation Centre (NCIC), Access Bank and AfricaHacks.

The Naija SDGs Hackathon aims to facilitate the development of Fintech solutions that have a direct impact on the realisation of the SDGs.

Guests at the event included the Senior Special Assistant to the President SDGs, Adejoke Orelope-Adefulire; the Special Adviser to the Lagos State Governor on SDGs, Solape Hammond; and the former Special Adviser to the UK Prime Minister on Social Justice, Young People & Opportunities, Mr Nero Ugwhujabo, among others.

State Of Play: Fintech Industry Stakeholders To Meet In Lagos On Tuesday

 

Stakeholders in the Financial Technology (Fintech) industry in Nigeria will meet on Tuesday in Lagos.

The event, which will take place virtually, is organised by CT Productions, agent for The Economist in West Africa. It will gather all-important movers and shakers in this nascent industry.

“These times of rapid technological, economic, and social change are exciting both in terms of new opportunities and related challenges.

“Now more than ever, events such as ‘Fintech Nigeria: State of Play’, are vital for moving ahead,”  Ms Camelia Oros, the Chairwoman and MD of CT Productions said in a statement.

Global giants are investing in fintech in Nigeria for good reason.

However, between regulatory changes and the incredible rate of developments in everyday life, from ride-sharing apps to the way farmers monitor loans, Nigeria is showing a deep need to forge ahead, and the event will address this and many more.

REGISTER HERE: africaeventsct.com/index.php/event-registration

The event, which is scheduled to kick-off at 9:45am, will be well attended by various experts and heads of leading companies in the industry.

Ms Oros will give the welcome address, while remarks about the findings of the Economist Intelligence Unit (EIU) Fintech research will be presented by the Senior Editor of Thought Leadership division in EMEA, Ms Melanie Noronha.

Ms Gail Warrander, the Economic Development Team Leader of Foreign, Commonwealth and Development Office (FCDO) Nigeria, is also expected to deliver the keynote address.

The event will feature two panels where experts will discuss the progress made so far in Nigeria and the opportunities available in the Fintech sector of the economy.

The first session will focus on the Economic Outlook for Nigeria and growth in the industry, with five experts as panelists.

They include Dr Armstrong Takang who is the Special Adviser on ICT to the Minister of Finance, Mr Deoye Ojuroye – the Chief Financial Officer of Providus Bank, and the President of the Lagos Chamber of Commerce and Industry, Ms Toki Mabogunje.

Others are Dr Babatunde Obrimah – the Chief Operating Officer of Fintech Association of Nigeria, and Mr Jamelino Akogbeto, a Digital Financial Services Specialist at the Africa Digital Financial Inclusion Facility of the African Development Bank (AfDB).

During this session, the panelists will discuss the demographic and macro-economic factors driving the growth and competitiveness of the Nigerian economy, among others.

While the discussion is expected to last about 55 minutes, the second session entitled ‘Full Speed Ahead: Opportunities in Fintech in Nigeria’ and ‘Fostering Fintech: Assessing the enabling environment for Fintech in Nigeria.

The four panelists listed include the General Manager of MTN Mobile Financial Services, Mr Usoro Usoro, and Ms Ngosi who is the Senior Vice President of Digital Partnerships at the Middle East and Africa Mastercard.

Others are Mr Musa Jimoh – the Director of Payment System Management at the Central Bank of Nigeria, and Mr Patrick Akinwuntan, the Managing Director of Ecobank.

The event is sponsored by MTN, Mastercard, Providus Bank, and Ecobank, among others, while Channels Television and some other media outfits are partners.

5th Africa CEO Forum To Kickoff March 20 In Geneva

5th Africa CEO Forum To Kickoff March 20 In GenevaHaving cemented its status as the foremost business personalities meeting dedicated to the development of the African private sector, the Africa CEO Forum is set to kick off its 5th edition, themed: “re-thinking Africa’s business model”.

The 2017 edition, set to take place in Geneva, would focus on how to succeed in this new economic cycle on the continent.

Slated to hold between March 20 and 21, the programme would bring together more than 1000 personalities, key decision makers in industry, finance and politics from the African continent and around the globe.

The Africa CEO forum 2017 would open the debate with the economic boom of the 2000s, the context of economic growth in Africa and the critical decisions that must be taken to reach rapid and sustainable growth.

Other themes to be discussed include: Unleashing innovation and the entrepreneurial potential of youth and women, making Africa more attractive for international investors, turning African stock exchanges into competitive powerhouses and creating the next generation of African exporters.

Find out more about the programme

The forum would also offer 20 sessions for debate and reflection, allowing participants to hit strategic topics for driving African corporate growth including: digital transformation, fintech, agri-business, private equity, emerging African champions, electricity and innovation.

Some of the African and international personalities slated to take part in the discussion and debate include:

President, African Development Bank, Akinwumi Adesina, CEO Unilever, Paul Polman, President, Mo Ibrahim Foundation, Mo Ibrahim, CEO, OTMT Investments, Naguib Sawiris, Chairperson, MTN, Phuthuma Nhleko, Co-Founder and Group Executive Director, Sahara Group, Tonye Cole, CEO, United Capital, Oluwatoyin Sanni, Chairperson, Firstbank, Ibukun Awosika, CEO, Mohammed Enterprises, Mohammed Dewji, CEO, Africa and Middle East, Orange, Bruno Mettling, CEO, MSC, Diego Aponte, CEO, Afreximbank, Benedict Oramah, CEO, Rougier, Marie-Yvonne Charlemagne, CEO, Stanbic IBTC Holdings, Sola David-Borha, CEO, Uchumi Supermarkets, Julius Kipng’etich, CEO, Cevital, Issad Rebrab, CEO, Casablanca Finance City Authority, Saïd Ibrahimi, CEO, NSIA, Jean Kacou Diagou.

For more information, visit the African CEO Forum website.