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British govt to inaugurate UK-Africa FinTech Investment Group

By: Daniel Ofosu Dwamena
Dr Segun Aina, President, FinTech Assocaition  of Nigeria
Dr Segun Aina, President, FinTech Assocaition of Nigeria

The British government, through UK DFID, has announced the setting up of the UK-Africa Fintech Investment Group at the maiden edition of the Africa Fintech Festival (AFF) slated for December 3- 7, 2018 in Lagos, Nigeria.
The idea behind the UK-Africa Fintech partnership is to connect African entrepreneurs with British fintech investors and business mentors to access the finance and advice needed to start and grow their companies.
According to the President of the Fintech Association of Nigeria, Dr Segun Aina, UK’s Financial Conduct Authority (FCA) would work with its regulatory counterparts in Africa and provide a dedicated fund of up to £2 million to support Nigerian start-ups.

He indicated that it had been agreed that the inaugural meeting of the group and other announcements would be held as part of the Africa Fintech Festival events.
“It has also been agreed that delegates from the Africa Fintech Network attending the festival will be invited to attend the inaugural meeting of the group,” he added.
Dr Aina said that the UK-Africa Fintech Investment Group would be co-chaired by the Lord Mayor of London and Prime Minister Ambassador for Fintech.
 He, therefore, appealed to member states to send their representatives to attend the Africa Fintech Festival come December 3.

Background of the African FinTech Network
Players in the banking and financial technology space met a few months ago in Ghana to form an association to be the voice for the FinTech ecosystem in the country.
With the name, FinTech Association of Ghana (FAG), the association was to serve as a single platform for financial institutions, technology companies, institutions, the media and firms that were interested in FinTech to be an intermediate between the FinTech community and the regulators; provide training and education for both the FinTech companies and their regulators and help inform regulators to better assess any company that brought proposals to provide any financial technology services.
It also brought to light the need to form a similar association for the continent which would bring the various regional associations together for a single course.
An African FinTech Network was, therefore, recommended to be formed at this year’s edition of Africa FinTech Festival, with Ghana being one of the pioneers in the formation.
The network would serve as the parent body where experiences in the FinTech space would be shared among member states.

Programme outline for the AFF
According to a release by the Africa Fintech Limited, the festival would commence with a roundtable and welcome reception on December 3 for all representatives from the African Countries and some foreign delegates from outside of Africa.
The Africa FinTech Network, it said, would then be inaugurated during the opening ceremony on December 4.
It added that a session at the AFF conference would address AFN and collaboration among the Africa fintech ecosystem.
It is expected that several continental and international organisations, including British, Canadian and French Governments, UN ECA, Afreximbank, Ecobank Group, Qatar Development Bank, ORACLE and VISA, would participate in one form or another. — GB