Fintech Festival: Robust DIS will deepen opportunities for innovation – Osinbajo


…says $500m innovation fund in the offing

Vice President Yemi Osinbajo has identified a virile  Digital Identity  System (DIS) with the right legal and cyber security framework and adequate confidentiality as a tool to create avenues for innovation, deepen financial inclusion and provide the much-needed support for the startup ecosystem.

The  Vice President disclosed this at the ongoing third National  Fintech  Conference with the theme “Beyond the hype of Fintech and its Promises’’ in Lagos.

He said the federal government had put together a technology innovation fund to the tune of  N10 billion with the commitment of N2 billion from the Bank of Industry, adding that discussion had commenced on setting up a $500 million innovation fund supported by the  African Development Bank.

Osinbajo, who was represented at  the  event  by  his Senior  Special  Assistant  on  Information  and Communication Technology (ICT),Mr. Lanre Osibona, says  the Federal Government  is working  assiduously  to ensure the digital identification of all citizens which will provide  the much needed  support  for  an all inclusive  access  to finance.

“As leaders, we  have taken it upon ourselves the  burden  of developing  this  country and  the  African  continent at large. However, we  will only be successful  on  effective cooperation with the private  sector. We  will take decisions  that are well thought  out bearing  in mind the importance of resolving  issues in ways that  do not disenfranchise  entrepreneurs  or  spite the spirit  of  entrepreneurship.

“As  a  nation and a continent, our  challenges are many, our  opportunities  are vast, we must strive  to turn every  challenge  to golden  opportunities  for  an  all-inclusive society,’’ he  averred.

On  the  need  to  fast-track  development and   strategic coordination of Fintech  innovations  in Africa and ensure  African  societies  benefit  maximally  from its  abundant   resources,  Chairman, Fintech   Associates, Dr  Segun Aina, says  the impact  of  Fintech  continues  to  permeate  all sectors,  keeping  sectoral incumbents  on  their  toes  as  competitive  advantages give way  to  technological disruption ,innovation and  more customer-centric  offerings.