Nigerian FinTech Stakeholders Establishes the FinTech Alliance Coordinating Team (FACT)

Stakeholders in the Nigerian FinTech community have come together to establish the FinTech Alliance Coordinating Team – FACT to ensure a collaborative and proactive approach to policies and regulations of FinTechs in the country. 

The initiative was led by the FinTech Association of Nigeria (FinTechNGR) and the alliance was formed in a meeting which was held on the 15th of June, 2021.

The basis for the alliance stems from the need to be in control of their destiny as innovators considering the reactive initiatives of FinTechs to regulators policies which were often in isolation to each other’s moves.

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 This creates problems and doesn’t ensure proper coordination of positive results. There’s therefore the need to adopt a collaborative and proactive approach to ensuring the growth of the industry and well-being of players. 

The founding members of the FACT are:

• Association of Licensed Mobile Payment Operators (ALMPO)
• Fintech Association of Nigeria (FintechNGR)
• Blockchain Nigeria User Group (BNUG)
• Financial Services Innovators (FSI)
• Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
• Cryptography Development Initiative of Nigeria (CDIN)
• Innovation Support Network – Hubs, (ISN Hubs)

FACT was formed with the objective of engaging the FinTech ecosystem and development of strategies that will help the ecosystem to articulate policies and regulatory issues in a coordinated and proactive manner; to interface and collaborate with regulators and policy makers on issues affecting the Nigerian FinTech industry; to work with regulators and policymakers in ensuring their work do not hinder innovations etc. 

FACT welcomes other relevant bodies to join the alliance and will be meeting every month to ensure the greater growth of the FinTech industry.