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‘Payment System Banks To Boost FDI’



The introduction of payment system banks (PSBs) which are meant to drive financial inclusion in rural areas in Nigeria, by the Central Bank of Nigeria (CBN) would generate a stream of foreign direct investments (FDIs).

According to the chairman, Africa Fintech Summit, Leland Rice, Nigeria’s growth potential would come not from oil but from the digital sector.

He noted that the advent of PSBs provides “an incredibly exciting moment for fintech in Nigeria. The headline capital raises we’ve seen in 2018 show just how well positioned local founders are to scale up across Africa and beyond.

“The central bank’s recently released guidelines on payment services banks underscore an evolving regulatory landscape; and the overall level of investor capital, political will, and collaboration around tech in general reflect a growing awareness that Nigeria’s future will be built not on oil and industry but on digital enterprise.”

More than 50 speakers and 500 finance professionals, tech enthusiasts, investors, and regulators gathered at Africa’s premier fintech event, the Africa Fintech Summit—organised by Dedalus Global—to discuss technologies transforming finance on the continent, debate regulatory policies, compare best practices, and forge new ventures.

The summit featured keynotes and panel discussions on the emerging technologies, payment innovation and regulation, blockchain, investment, lending, and financial inclusion in Africa. 

The summit also featured a roundtable for the Global Startup Virtual Conference 2019, which would air in February 2019 .

Keynote speakers included Yewande Sadiku, executive secretary of the Nigerian Investment Promotion Commission (NIPC); Lanre Osibona, special advisor on ICT to the president of Nigeria; Tayo Oviosu, founder & CEO of Paga, and Ayotunde Coker, managing director, Rack Centre.

Other speakers at the summit included Dr. Andrew S. Neving, chief economist of PwC Nigeria; Temitope Akin-Fadeyi, head of financial inclusion secretariat of the Central Bank of Nigeria (CBN); Iyin Aboyeji, co-founder of Flutterwave; Victor Asemota, co-founder of SwiftaCorp; Ercin Eksin, co-founder of Lidya; Ekechi Nwokah, CEO of Mines.IO, and Emmanuel Quartey, head of growth at Paystack.