Nigeria: stakeholders in the fintech space launches FACT

Fintech industry stakeholders introduces FACT to create better alignment in the Fintech space

Inclusion Times
Inclusion Times

Stakeholders in Nigeria's fintech space have introduced Fintech Alliance Coordinating Team (FACT) to protect the interest of Fintechs in the country.
The alliance, which was led by the Fintech Association of Nigeria (FintechNGR), include other stakeholders like

  1. Association of Licensed Mobile Payment Operators (ALMPO).
  2. Blockchain Nigeria User Group (BNUG)
  3. Cryptography Development Initiative of Nigeria (CDIN)
  4. Financial Services Innovators (FSI)
  5. Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
  6. Innovation Support Network – Hubs, (ISN Hubs)

Speaking of objectives, some of the objectives of the newly formed FACT include:

  1. To engage the FinTech ecosystem and develop strategies that will help the ecosystem to articulate policy and regulatory issues in a coordinated and proactive manner;
  2. To unite the different associations and bodies in the FinTech landscape in order to harmonize various interests towards speaking with one voice;
  3. To interface with relevant regulators concerning policy and regulatory matters towards ensuring that regulation does not stifle innovation; and
  4. To collaborate with policymakers and regulators on any matter affecting the FinTech industry in Nigeria.
    The group - FACTS, meets monthly and look forward to greater cohesion in the FinTech space.

Nigeria in focus

GDP: $448.12 billion compared to Zambia's $23.31 billion in 2019

Population: 200,963,599 compared to Zambia's 17,861,030 in 2019

GDP per capita: $2,229 compared to Zambia's $1,305 in 2019

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