FINTECH OUTLOOK 2022; Trends, Insights & Technology

Executive Summary

FintechNGR (Fintech Association of Nigeria) held its Fintech Outlook 2022 on Thursday, February 10, 2022, an annual event held at the beginning of every year to prepare and educate the ecosystem, unearth, and discuss trends, forecasts major drivers, key technology and growth indices that can spur the industry players to leapfrog and maximize impact in the year. Emergence of more unicorns, putting consumer first, leveraging data for personalization, adequate infrastructure, regulations and others are forecast to drive the growth and scale of the ecosystem.

The event featured presentations from speakers across the Payment, Lending, Infrastructure, Mobile Money, Banking, Wealthtech, Funding, Digital skills, Partnerships, Emerging Tech, Cybersecurity and Data Privacy verticals as it pertains to the fintech industry.

Key Takeaways from the event were as follows:

1.????More attention should be paid to Research & Development to push out startups to compete on a global scale

2.????Savings and Investments as it has always been known will not be staying the same for much longer. Wealthtech, especially retail investment, is changing the landscape

3.????There is a need for collaboration across the entire ecosystem if the industry will leap over the 20% payments threshold in record time as opposed to going the route of building every technology, system or innovation from the ground-up

4.????There is increased interest in Africa fintechs as well as a huge inflow of investment

5.????Funding into the Nigerian fintech space needs to be diversified into other verticals to accelerate growth across board

6.????Competition has taken on a new meaning in the financial technology world to include unorthodox collaboration, technology sharing, open APIs, Open Banking and more

7.????The challenge of talent is global, and beyond the ‘Great Resignation’, there are also issues around financial and retirement benefits for employees that needs to be addressed, and wealthtech can play a significant role in getting around that curve

8.????Consumers are demanding out of the box innovation and a 360-degree financial sector that takes into account varying needs, differing lifestyles, on-demand flexibility, personalized services, individual preferences that they can plug into in real-time

9.????There is a growing number of millennials who do not seem interested in maintaining the status quo of traditional investment methods

10.?The future of money is largely digital, from embedded finance to contactless payments, open banking and others, and there is a need to actively start thinking about that future and equipping the ecosystem to deliver requisite values

11.?Cybersecurity issues keep going on an alarming high as well as its attendant cost. And with the speed of transformation the fintech landscape and technology is seeing globally, organisations need to learn to develop resilience.

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