FinTech has potential to create 3 million jobs - former Nigerian minister

The industry in Nigeria is being held back by the lack of sound regulation

Omobola Johnson, former Minister of Communication Technology & Senior Partner, TLcom Capital, Nigeria, said that despite the vast potential of FinTech in terms of jobs creation and revenue generation, the industry in Nigeria was being held back by the lack of sound regulation.

 

She was delivering a presentation entitled Investing in Tomorrow at Access Bank’s Africa Fintech Foundry Disrupt Conference 2017, which highlighted lack of policy and funding as major issues facing startups in the sector.

 

The event was jointly organised by the bank in collaboration with PwC, KPMG, Accenture, Google, among other partners, last week in Lagos.

 

Omobola said: “This year alone, $5 million was invested in FinTech worldwide; the adoption of FinTech in Nigeria could lead to 46 million new innovations, three million new jobs and $35 million new deposits by 2025. So, the potential is significant.”

 

Calling on the Central Bank of Nigeria and the Nigeria Communication Commission to intervene, she said: “We need an appropriate policy environment to skillfully and appropriately guide operators in the industry like we have in the telecom industry.

 

“Appropriate policy and regulation are the bedrock of a successful FinTech industry and it will attract both domestic and international capital,” she added.