Saraki, others renew calls for job creation using fintech

Stakeholders have canvassed the use of utilising the financial technology (fintech) sector in creating opportunities, good jobs and great wealth in Nigeria.

According to them, the economic potential for fintech in Nigeria are huge and the prospect for growth in the industry is promising, notwithstanding the challenges posed by the COVID-19 pandemic.

They added that, beyond facilitating core financial transactions and increasing financial inclusion among the underbanked and unbanked, fintech is fast devolving into agriculture, transportation, healthcare, education, insurance, asset acquisition and other basic consumer needs.

Speaking at the third edition of the Grow Nigeria Conversation (GNC) in Lagos, with the theme “‘Using fintech to create opportunities, employment and wealth,” former Senate President, Dr Abubakar Bukola Saraki, patron of GNC, said, with over 33.3 per cent or 23 million of Nigeria’s working-age population out of work, there is need for government to begin to look into how it can create more job opportunities for more young Nigerians using fintech.

“We must discuss the strategic interventions that the government and the private sector can embark on to enable financial technologies expansion across the country,” he said.

According to Saraki, Nigeria must learn what other countries are doing as regards fintech.

“We must look at how fintech companies in Asia-Pacific pulled in $2.35 billion in investment during the first three months of this year alone, more than the total amount raised in the first half of 2020,” he said.

Corroborating him, Tola Onayemi, an investment lawyer at Nigeria’s Office of Trade Negotiation, said that government needs to do less of throwing money on not-so-pressing issues and look more at underwriting risks.