FinTech Operators Account For 63% Funding Raised In 2021 – Association—-The FinTech Association of Nigeria says Financial Technology (FinTech) operators accounted for 63 per cent of the 1.37 billion dollars funding raised in Nigeria in 2021.
President of the association, Mr Ade Bajomo said this on Saturday in Lekki, Lagos, at a dinner held at the FinTech Platinum Awards ceremony.
Bajomo noted that Nigeria had been well-positioned in Africa and in the global FinTech ecosystem.
He said that Africa could currently boast of 10 unicorns out of which seven – Jumia, Fluttwerwave, Andela, Chipper Cash, Airtel Africa, OPay and Interswitch – are Nigerian.
“In a similar light, Nigerian start-ups raised 1.37 billion dollars of the four billion dollars raised in Africa in 2021.
“Of these, the FinTech space alone accounted for about 63 per cent of all total funding, compared with just 25 per cent in 2020.
“The growing investor confidence in African FinTech reflects the continent’s huge potential due to deepening mobile and internet penetration, a youthful population, increasing consumer sophistication and income, amongst many other factors.
“When you think about how far FinTech in Nigeria has come, you should thank the incredible entrepreneurs who envisioned, pioneered and executed strategic moves that have now crystallised into strong and growing companies,’’ Bajomo said.
According to him, in spite of the enormous achievements, there is always the need to look back and appreciate how far the FinTech ecosystem has come in the country.
He said FinTech in Nigeria raised about 600 million dollars in funding between 2014 and 2019, compared to more than one billion dollars raised in one year alone.
Bajomo said that few years ago, real time payments and digital (quick) loans were almost impossible.
He added that Nigeria is now home to about 250 FinTech companies, in spite of huge infrastructural, regulatory and financial challenges.
The association’s president said the trajectory was not set to slow down by any means as by 2025, Africa would be home to 1.5 billion people, most of who would have grown up with the internet.
He said that the continent’s demographics would include a vast group of digitally-literate but under-banked customers, who could be tapped by home-grown and foreign FinTechs.
Bajomo said the FinTech Platinum Awards was to create a world class award ceremony which would raise the standard of the top global awards within the sector.
He said the association was strongly positioned to play strategic, critical and unbiased roles in creating an enabling environment for FinTech to continue to thrive in Nigeria.
This, he explained, would be by providing leadership for FinTech ecosystem evolutions in the country and across the continent.
The award for the “Female FinTech Trailblazer’’’ was worn by Ms Odunayo Eweniyi, Co-founder, PiggyVest, for starting something ground-breaking and at the same time, a strong force in the industry.
The award for “Ground-breaking Achievement’’ went to Carbon Microfinance Bank, as one of the first organisations to do something innovative in their space, while adhering to ethical standards.
The “Ecosystem Enabler’’ award was received by Banwo & Ighodalo Firm for providing significant resources and support for the Nigerian FinTech ecosystem.
“Leadership Award’’ (organisation and individual categories) were awarded to the Securities and Exchange Commission (SEC) and Mr Mitchell Elegbe, Group Managing Director of Interswitch.
This is for paving a pathway on how things should be done in the FinTech space and consistently raising the bar.
Mr Iyinoluwa Aboyeji, Founder, Future Africa got the “Tech Advocacy’’ award for being at the forefront of pushing for increased technological advancement in the ecosystem.
He got the award also for fostering opportunities, networks and inclusion to make it a reality
JUST IN: Nigeria Felicitates #OPEC At 63
JUST IN: Nigeria Felicitates #OPEC At 63—Nigeria has congratulated the Organisation of the Petroleum Exporting Countries (OPEC) at 63.
This is contained in a statement made available to the News Agency of Nigeria (NAN) in Abuja, by the Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda .
He said OPEC had made significant strides in energy governance and the transformative impact of petroleum supply worldwide, over the past six decades.
Aduda, who is also Nigeria’s Governor at OPEC, recalled that on September 14, 1960, at the Al-Shaab Hall, in Iraq, heads of delegation from five founding nations, united to establish what is called OPEC today.
He said OPEC had eventually become a formidable force, revolutionising the history of global oil production and exports.
“The resolute actions and unwavering commitment of OPEC have left an indelible mark on history, exemplifying the value of perseverance and the relentless pursuit of results.
“As we celebrate the birth of this remarkable idea and the immense progress made by OPEC over the past 63 years, Nigeria takes great pride in joining the global community in honoring this occasion.
“On behalf of President Bola Tinubu, and the wonderful people of our beloved nation, Nigeria, I extend heartfelt congratulations to management and members of OPEC on this auspicious commemoration of OPEC’s 63 years of progress,” Aduda said.
Continuing, he said “Undoubtedly, our nation stands proudly alongside OPEC, acknowledging the significant strides made in energy governance and the transformative impact of petroleum supply worldwide over the past six decades.
“On this momentous occasion, we, the people of Nigeria, join our OPEC counterparts and the global community in fervent prayer, echoing the sentiments of the OPEC Secretariat, for even greater prosperity and success in the days and years ahead”.
Aduda said OPEC, and non members had maintained a commendable status as an intergovernmental organisation at the United Nations and worldwide.
“Alongside our fellow members and non-OPEC countries, OPEC has consistently championed lofty ideals and objectives aimed at advancing sustainable development goals through energy provision and environmental preservation.
“Through extensive cooperation with non-OPEC oil-producing nations, OPEC has continued to make informed decisions in fostering market stability within the global energy sector,” he said.
JUST IN: Appeal Court Nullifies Sale Of Intercontinental Hotel, Orders Return To Milan Group
JUST IN: Appeal Court Nullifies Sale Of Intercontinental Hotel, Orders Return To Milan Group—The Court of Appeal Lagos Division has nullified the sale of Intercontinental Hotels, Lagos by Polaris Bank and Asset Management Corporation of Nigeria, and ordered a return of the facility to the original owner, the Milan Industries Ltd.
In a unanimous judgment in suit No CA/LAG/CV/476/2021 delivered by three Justices of the Appeal Court: Jimi Olukayode Bada, who read the lead judgment; Muhammad Ibrahim Sirajo and Peter Oyinkenimiemi Affen, the appellate court ruled that Milan Industries Ltd had fully paid the bank the Two Billion Naira (N2Billion) mortgage facility it secured from Polaris Bank before the hotel was taken over and sold by AMCON and the bank.
The bank, which was then known as Skye Bank had put the management of the five-star hotel under the receivership of Mr. Kunle Ogunba, an arrangement that was nullified by a Federal High Court in Lagos. Despite this, the bank went ahead and sold the hotel to another company, 11 PLC, a move that was challenged at the Appeal Court by the lawyers to Milan Industries Ltd, Messrs Ahmed Raji SAN and Tunde Kasunmu of Prof A.B Kasunmu SAN chambers.
It will be recalled that Milan Industries Ltd had taken a facility from Skye Bank to part finance the five-star hotel located in Victoria Island, Lagos and managed by IHG.
The Milan Group, has up till 2021 to pay back the facility but in a curious move, the bank obtained an interim order to take over the management of the hotel, an order that was vacated when the suit was struck out by the court on March 20th 2018. According to the Certified True Copy of the judgment signed and released on Wednesday by the Senior Registrar of the court, A. G. Balogun, the appellate court held that the two issues Milan Industries as Appellant/Cross Respondent was contesting were resolved in its favour.
According to the lead judgment by Justice Jimi Bada, “With the resolution of Issues No. 1 and 2 in favour of the Cross Respondent and against the Cross Appellants (Polaris Bank, AMCON and 11 PLC), it is my view that this cross appeal lacks merit and it is hereby dismissed.” While agreeing with the lead judgment, another member of the appeal court panel, Justice Ibrahim Sirajo stated that “the appellant insisted that it had paid over Two Billion Naira in liquidating the facility and that as at the time the 1st respondent (Polaris Bank) entered into agreement to sell the appellant’s secured asset to the 2nd respondent (AMCON), there was no collaterized and secured asset to sell to the 2nd respondent.
It was also the case of the appellant that at the time the 2nd respondent sold the appellant’s Intercontinental Hotel to the 3rd respondent, the appellant had discharged its obligation under the legal mortgage by paying the amount secured by the property.”
To buttress his position, Justice Sirajo ruled that “I adopt his lordship’s reasoning and conclusion in the leading judgment as mine in also allowing the appeal. I abide by all the orders made in the leading judgment including that of the costs.
” While also concurring with the lead judgment by Justice Bada, the third member of the appeal panel, Justice Peter Affen said “the judicial reasoning and conclusions reached on the issues raised accord with mine, and I hereby affirm my agreement with the leading judgment which allowed the main appeal and dismissed the cross appeal. I equally abide by the orders on the costs.”
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