The Federal Government of Nigeria has urged the Nigerian finance industry to take advantage of the opportunities in the African Continental Free Trade Area. The African free trade will create $3.4 trillion opportunity and deepen the financial technology space for the industry.
According to Finance Minister, Zainab Ahmed, an expanding infrastructure and a growing financial technology were also new opportunities which players in the Nigerian finance industry could leverage to boost revenue and multiply jobs.
“In repositioning itself, the finance sector would serve not just as an intermediary for lenders and borrowers but in creating a new ecosystem consisting of platforms where ordinary Africans can buy and sell their locally- made products despite currency disparity as being practiced on the Pan- African Payment and Settlement System (PAPSS), a brainchild of Afrexim Bank,”
The industry could deepen the market and expand product offering to finance Nigeria’s infrastructure and business investment needs while developing strategies to drive insurance penetration in Nigeria.
The industry had an opportunity to deploy innovations in fintech for the extension of financial services to the under-served population while expanding the product space by leveraging the opportunities provided by other digital trading platforms such as warehousing, collateral management and crowd-funding.