FintechNGR has held its 5th Annual General Meeting. The President of union disclosed that the association has achieved a 155% Year over Year increase in its total gross revenue. Present at this meeting were members of the Board of Trustees (BoT), and Governing Council (GovCo). Members of the association, and invited stakeholders of the Nigerian Fintech space were also a part of the meeting.
Segun Aina, Chairman of the Board of Trustees, said during his opening remarks that:
“The AGM is strategic and a yearly tradition during which the members of the governing council would provide the efforts of their stewardship as well as get inputs, suggestions, and comments from all members”.
Also, giving a breakdown of the numbers, Mr. Ade Bajomo– the association’s president– said that the association has seen a 155% YoY increase in its total gross revenue. About 28% of revenue were gotten from membership subscriptions. This increased from 209 to 275 between 2020-2021). That’s a 31% membership increment, 32% from other income, and 40% from donations.
FintechNGR’s Current Achievements
He also highlighted many things that the association has achieved. According to him, they have been able to train over 200 insurance practitioners on InsurTech. They have also engaged regulators on various circulars.
What’s more? They also engaged other stakeholders on the National Startup Bill (NSB). These stakeholders are being nominated into the UK/FGN Trade Finance Collaboration Committee. In addition, they are also part of the CBN’s FinTech Strategy Document Committee.
If you ask us, these are very encouraging set of achievements. This is especially because the association also held the 2021 edition of the Nigeria Fintech Festival (NFW). It also hosted the World Fintech Festival (WFF) in Nigeria, in partnership with the Singapore Fintech Festival.
Even with the fact that 2021 was a challenging year for organizations due to Post-COVID effects, the association still pulled through with a good level of progress and new developments as seen in the performance metrics of its annual report. Upon seeing the line-up of events for this year, coupled with the association’s progress rate last year, Mr. Patrick Akinwuntan–a member of the Board of Trustees– congratulated the Governing Council and Board of Trustees Chair. He recognized the association’s progress so far.
Also, the management of the association reported some of the trends observed in the Fintech ecosystem in the last year. They include increased partnership with global institutions, a quadrupled increase of foreign inflow in the Nigerian Fintech space, an increase in P2P crypto trading even despite CBN’s restrictions on crypto, and the establishment of the Fintech Alliance Coordinating Team (FACT), including other regulatory bodies and associations to improve engagements. Also, the running of advanced training under Digistuds Project is likely going to be in the works soon.
Moving Forward,
Mr. Patrick encouraged the executives of the association to keep their focus very intact even with the coming general elections in Nigeria. Also, he talked about challenges that can come up between now and the next annual general meeting and how things can be properly handled so that the association’s goals are met.
The meeting ended with Mr. Bajomo appreciating everyone for coming and assuring them of the Governing Council’s zeal to do their best in making sure the association thrives.
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