…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.