In recognition of the numerous opportunities and potentials in the African FinTech market, KPMG has decided to link up stakeholders with same, with better understanding of how it can help drive growth, efficiencies and productivity.
FinTechs are technology based organisations that develop solutions which position them to compete against or collaborate with Financial Institutions in the delivery of financial services.
Consequently, KPMG is organizing a one-day FinTech Summit with the theme “The FinTech Disruption – Understanding the Value Proposition”, next week in Lagos.
Speaking with journalists in Lagos to announce the upcoming summit Bisi Lamikanra, partner and head, advisory services, KPMG, FinTech is increasingly important area to drive financial services and transactions in non-financial service.
According to Boye Ademola, partner and head, financial services Technology, KPMG, the event will attract a variety of top level participants from across leading FinTech companies, financial service institutions and private equity and venture capital firms amongst other stakeholders with interest in the FinTech space. The Summit comprises conference sessions featuring KPMG and industry thought leaders, demo sessions by FinTechs and networking opportunities.
The Nigerian economy has a relatively high population of unbanked / under-banked people. According to EFInA Access to Financial Services Survey (2014), more than 50 percent of the adult population in Nigeria are financially excluded. Even though the economy is still predominantly cash driven, “we are seeing a rapid adoption of electronic payments with internet and mobile transactions volumes growing at a cumulative annual growth rate (CAGR) of 33 percent and 64 percent respectively between 2011 and 2015 (CBN Data June, 2016)”, Lamikanra said.
Whilst Nigeria’s growth wave is still in a relatively early phase as compared to global counterparts, KPMG believes that the FinTech evolution in Nigeria has the potential to grow exponentially if the various stakeholders within the ecosystem come together to orchestrate the much-needed collaboration and partnerships to drive the industry. The FinTech opportunities in Nigeria are significant and could potentially redefine the financial services landscape over the next few years.
Potential benefits for stakeholders attending the KPMG FinTech summit include gaining insights into the future outlook for financial services from a FinTech perspective; view FinTech presentations from hand-picked startups delivering new and cutting edge innovative solutions, develop an appreciation of some of the key players within the Nigerian FinTech ecosystem; and among others to network and identify business partnerships/ FinTech collaboration opportunities.
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