The Financial Services Innovation Association (FSI), supported by the Nigeria Inter-Bank Settlement Systems plc (NIBSS), Enhancing Financial Innovation and Access (EFInA) and Flourish (a member of the Omidyar Network), will launch the first Industry Innovation Sandbox in Nigeria.
The conference will take place in Lagos, December 9, at the Eko Hotel and Suites from 8.30am.
The Industry Innovation Sandbox is intended to lower the barriers to innovation in the fintech industry for young innovators across the country in our drive to make Nigeria a global leader in financial services innovation, they say.
As the Nigerian fintech landscape has burgeoned in the last several years, developers have increasingly hankered for a safe environment to test the viability of their ideas and products, rather than immediately launching into protracted integration and licensing discussions with commercial banks and regulators, respectively.
With the innovation, sandbox start-ups will be able to access national infrastructure, national identity, bank and telco APIs from partners like NIBSS.
According to Iyin Aboyeji, chairman of FSI, the developers will be able to test their ideas in the sandbox and then decide whether to be a full-fledged fintech company licensed by the CBN or position themselves for partnership or acquisition by an existing licensed financial services provider.
Whatever their decision the FSI will provide support and guidance that ensures the most innovative products come to life.
Aboyeji further said, “Nigeria has a unique opportunity to transform our challenges in the areas of financial inclusion and access opportunities that make us a global leader in financial services innovation for emerging markets. However, we have to first create the right environment for innovators to succeed and this is what the sandbox will make possible.”
Speaking on the Sandbox, Dayo Ademola, EFInA’s head of innovation, stated, “EFInA is very excited to be part of and to support this laudable project. By providing an opportunity for developers to test their products and engage with regulators we believe that we can dramatically improve the quantity and quality of financial products and services being offered to the Nigerian people. “When you consider that the shortage of adequate and affordable financial products and services is one of the biggest hindrances to financial inclusion this is indeed a good development for us. We thank our donors, the UK Department for International Development (DFID) and the Bill & Melinda Gates Foundation for their support.”
