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UK lauds Africa’s fintech growth

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Deputy British High Commissioner to Nigeria, Laure Beaufils, yesterday commended Africa’s increasingly impressive achievements in Fintech.

In a  keynote speech at the third annual Africa Fintech Festival held at the Landmark Event Centre, Lagos, Beaufils said the United Kingdom’s plan to be one of the G7 top investors in Africa by the year 2022 would be achieved through investments in the continent’s Fintech industry.

The UK/Africa Fintech partnership was launched by the British Prime Minister, Theresa May, during her visit to Africa earlier this year with the aim of achieving the following: seed funding for Fintech companies within and across Africa; the UK’s financial sector authorities to work with African regulators to jointly create the right environment for indigenous and international corporations; and improving research knowledge across the continent.

Some of the structures the UK put in place include the Enhancing Financial Innovation & Access (EFInA), a financial sector development organisation that promotes financial inclusion in Nigeria. The UK is also a benefactor of the EFInA Fintech fund.

At the festival, the chairman, EFInA Board, Segun Akerele said: “In operating the Innovation Fund, EFInA has provided up to 32 grants to commercial banks, micro-finance banks, mobile money operators, and investment management companies that provide financial products and services to the low income population in Nigeria.”

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