By Gabriel Olawale
KPMG, a global network of professional firms providing Audit, Tax and Advisory services has tasked stakeholders to take advantage of increasing penetration of mobile phones to drive innovative delivery of financial services to the country’s population.
Speaking in Lagos ahead of FinTech Summit tagged, “The FinTech Disruption– Understanding the Value Proposition”, bid to hold on 22 November 2016, in Lagos, KPMG, Partner & Head, Financial Services Technology, Boye Ademola, said that in contrast to the poor level of financial inclusion, mobile phone penetration is currently over 83 percent with about 150 million active phone lines with increasing access to affordable data services.
“The increasing penetration of mobile phones in comparison with the relatively low level of financial inclusion is the gap that presents a huge opportunity to utilize technology to drive innovative delivery of financial services to the country’s population.
“The emergence of FinTechs in Nigeria can be attributed to a surge in e-commerce, smartphone penetration and strong affinity for technology adoption within the teeming youth population. We are seeing an emergence of FinTech players especially in the areas of payments, lending and crowd funding solutions. More recently, we have also seen some growing interest in insurance and blockchain.”
On the upcoming event, Ademola said that KPMG Global FinTech Co-lead, Warren Mead will be addressing the topic, “How FinTechs Create Value for Financial Service Institutions”.
“The Summit will attract a variety of stakeholders includingFinTech companies, incubators, accelerators, banks, insurance companies, other financial service institutions, regulators, government, private equity and venture capital firms with interest in the Nigerian FinTech space. It will also feature KPMG and industry thought leaders sharing insights as well as demo sessions by hand-picked local and international FinTechs. Focus areas for the summit are next generation payments, lending and financing, financial inclusion, wealth management & personal finance, insurance, blockchain, and cyber security,” he added.