FinTech: NITRA to host multi-sectoral forum - ITREALMS

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The Nigeria Information Technology Reporters Association (NITRA), has announced its upcoming event, tagged NITRA Financial Technology (FINTECH) Forum 2023, slated to hold on Thursday, October 26, 2023 at CitiHeight Hotel, Ikeja, Lagos.

The event, which will gather industry stakeholders in the financial technology sector, and the ICT industry as a whole, both from the public and private sectors, will discuss and find ways of accelerating growth in the Fintech sector as a means of achieving laudable federal government set targets and policies.

The NITRA FinTech Forum with its Theme as: “Harnessing Nigeria’s Fintech Potentials: Challenges And Opportunities”, will also discuss issues around policy documents and regulations.

According to the Chairman of NITRA, Mr. Chike Onwuegbuchi, over the years Financial Technology has gradually become a part of daily lives of Nigerians, but not without its challenges and misconceptions.

He noted that some of the challenges being experienced in the Fintech sector have contributed to the slow pace of acceptability and trust from consumers.

“What are we doing right, and what needs to change? Are our policies and regulatory blueprints right? What is the level of consumer consideration in implementing Fintech policies and guidelines? What is the level of collaboration between governments and the private sector in the quest to grow Fintech in Nigeria?,” he queried.

The event will feature Panel Discussion sessions that will dwell on “Building Infrastructure To Grow Fintech In Nigeria: The Collaborative Point” and “Fintech And The Place Of Regulatory Engagement”.

The event will x-ray some federal government targets and policies, including the CBN Sandbox Operations Framework; The Payment and Settlement Systems Act, 2007; The Prevention of Money Laundering Act, 2002; The Consumer Protection Act, 2019, and The Foreign Exchange Management Act (FEMA), 1999, among others.

Others include policy documents such as NITDA’s Strategic Roadmap and Action Plan (SRAP 2021-2024); the National Policy for the Promotion of Indigenous Content (NPPIC); The National Telecommunications Policy; National Digital Economy Policy and Strategy (NDEPS), among others in the ICT sphere.

While looking at the benefits of developing a robust Fintech ecosystem in Nigeria, stakeholders will also discuss the challenges that hamper or may hamper this drive – these will include the roles of infrastructure, funding, policies and collaboration; and seek ways of tackling these challenges effectively.

Expected to be at the event include the Honourable Minister of Communications and Digital Economy; The Governor of the Central Bank of Nigeria (CBN), the Executive Vice Chairman, Nigerian Communications Commission (NCC); Chief Executive Officer of the Federal Competition And Consumer Protection Commission (FCCPC); CEOs of other government and private ICT companies, the Media, including the full membership of NITRA and other stakeholders in the industry, including COOs, CIOs, CFOs, CROs and CCOs.

According to the Secretary General of NITRA, Mr. Chidiebere Nwankwo, industry associations will also make their inputs. They include Africa Fintech Foundries (AFF), FintechNGR, ALTON, ATCON, ISPON, and NiRA, among others.