Paylater, Firstbank, Remita, Wema ALAT , Rack Centre and Mainone have thrown their weight behind BusinessDay’s annual FinTech summit taking place tomorrow.
The summit comes at a time when financial technology (FinTech) is increasingly dominating the financial space and attracting more funds than e-commerce, which used to be the glamour sector for tech investors.
Data from YS Research shows that investments in Fintech hit US$1.8 billion in the first six months of 2017 led by by Paytm’s $1.4 billion in funding from SoftBank in May. This is compared to US$1.5 billion raised by e-commerce in the same period.
FinTech is seen as disrupting traditional banking practices, as more wealth is transferred from the older generation used to traditional banking into the hands of the younger generations or millennials, who are used to doing their banking on and through digital channels.
A research in the US shows that 64 percent of high net worth individuals under the age of 40 expect to access their accounts via a website and 54 percent expect to use digital channels such as mobile applications, social media, or video.
The BusinessDay Fintech Summit 2017 themed ‘Harnessing the Power of Disruptive Innovation in Fintech,’ will hold on Friday, 21 July, 2017 at the Landmark Event Centre.
Nigeria has not been immune from the changes in the financial services industry globally, as FinTech firms are redrawing the competitive landscape and blurring the lines that define players in the sector.
The financial services industry in Nigeria is undergoing a transformation, driven by trends in consumer behaviour and changes in the financial landscape. Subsequently, innovation and technology have brought about a radical change in traditional financial services.
According to Frank Aigbogun, chief executive officer of BusinessDay Media, “The BusinessDay Fintech Summit is an opportunity for players in the financial services and financial technology sector, to meet and address the issues that have arisen as result of the unprecedented growth being witnessed in FinTech.
“Fintech represents an opportunity for big and small businesses in Nigeria. Many researchers have also shown how harnessing the growth in the industry will improve the country’s GDP, hence the BusinessDay FinTech summit is an opportunity for all players to size up the opportunities in the sector, as well as learn how to navigate the risks and challenges.
To achieve the set objectives of the Summit, the discussions will focus on key areas such as current and future trends in the sector, such as next generation payments, people-to-people lending, blockchain technology, security and biometrics, bank-in-box, and robo-advisory.
There will also be discussions on new and existing regulations to keep up with the rapidly evolving FinTech landscape, as well as the overall development of the regulatory environment to support FinTech in Nigeria.
Panelists will also review the FinTech entrepreneurial landscape in Nigeria, as well as exploring tenable business models to sustain existing start-ups, as well as foster and attract new FinTechs into the growing industry.
There will also be opportunity to address facilitating and improving the FinTech ecosystem in Nigeria, through meaningful collaboration and engagement with financial institutions, universities, research institutions, technology experts and government institutions, to facilitate growth and innovation in the sector.
A comparative analysis of Nigeria in relation to the growth drivers and benchmarks set by key global ecosystems, as well as how to tackle cyber security threats in Nigeria and exploring counter measures to attain a cyber ecosystem will be undertaken by notable experts.
Sponsors of the BusinessDay Fintech Summit include Paylater, First Bank Limited, Remita, Wema ALAT, Rack Centre, Banwo & Ighodalo, MainOne and Paga.
FRANK ELEANYA
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