Saraki, others for fintech confab today

Former Senate President Bukola Saraki will today host experts to discuss the untapped economic potentials of financial technologies (fintech).

The event is the third in the monthly series of interactions under the Grow Nigeria Conversation (GNC).

This month’s event which focuses on ‘Using Fintech to Create Opportunities, Employment and Wealth’ will take place at the Co-Creation Hub, Lagos.

The African Politeia Institute (TAPI) and Adopt A Goal for Development Initiative who are the organisers, said, “Interestingly, beyond facilitating core financial transactions and increasing financial inclusion amongst the underbanked and unbanked, fintech is fast evolving into agriculture, transportation, healthcare, education, insurance, asset acquisition, and other basic consumer needs.

Citing data by KPMG, it said fintech investments are rising globally totalling about $165 billion in 2019. It said in Nigeria, some are already projecting fintech as the new oil or digital oil, raising about 439 million in 2020, according to Proshare.

“But, amidst rising poverty and unemployment in Nigeria, emphasis must now be on how to use fintechs to bridge the gap between the rich and the poor in a nation that has sadly remained the global capital of extreme poverty.

“While about 38 million citizens — 36 percent of the adult population — remain completely financially excluded, and short of the 2020 CBN’s 80 percent projection, we must equally address the challenges militating against the Nigerian fintechs ecosystem,” a statement said.