News
Lagos to host Biannual Africa Fintech Summit for the first time in November
Africa’s premier fintech event, the Africa Fintech Summit, will be held for the first time in Lagos, Nigeria, on November 8-9, 2018. This event comes on the heels of the earlier edition in Washington D.C. which featured leading policy makers, c-suite business executives, start-ups, and investors.
The Summit, organized by Dedalus Global, gathers innovators, investors, policy makers and other key stakeholders in the Fintech sector to discuss technologies transforming finance on the continent, debate regulatory policies, compare best practices, and forge new ventures.
Speaking on the decision to bring the Summit to Lagos, the Chairman of the Summit, Leland Rice, said, “Lagos is an ideal host city; it’s an epicenter of Africa’s fintech revolution and the driving force behind the continent’s entrepreneurial spirit. The successes of companies such as Paga, Flutterwave, Mines.io, and Paystack have strategically positioned Lagos as the destination of choice for investors.”
“The first edition of the Summit in D.C. was a launch pad for several milestone fintech deals struck among its delegates in the months after the event. We plan to build on these successes in Lagos, with a focus on bringing innovators and policy makers together to move the needle on fintech regulation and bringing founders and investors together to facilitate further capital raises,” added Leland.
The two-day event will feature investor missions from the US, UK, and UAE, an Alpha Expo featuring the most exciting startups and entrepreneurs in Nigeria, a half-day blockchain masterclass, and an awards ceremony.
Reacting to the decision to host the Summit in Lagos, the Senior Special Assistant to the President on Technology, Lanre Osibona, stated, “This reflects the progress Nigeria is making in the areas of technology and financial services. The event is very important as it comes at the heels of the Vice President Osinbajo’s trip to Silicon Valley to promote Nigeria’s tech sector. We look forward to collaborating with the organizing committee and to a successful event in Lagos.”
In similar vein, Tayo Oviosu, the founder of Paga—a payment company that recently raised $10 million in Series B2 funding—said that “the Africa Fintech Summit in Washington D.C. provided valuable insights into the fintech space and connected me with key players in the industry. I look forward to the Lagos edition.”
Speakers lined up for the event include Chief Economist of PwC Nigeria, Dr. Andrew S. Nevin; Managing General Partner of EchoVC, Eghosa Omoigui; CEO of Diamond Bank, Uzoma Dozie; Founder of Flutterwave, Iyinoluwa Aboyeji; and CEO of PayStack, Shola Akinlade, whose company recently raised $8 million Series A funding
Former Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has extended warm felicitations to Barrister Sarafadeen Ali, the Senator representing Oyo South Senatorial district, on the occasion of his 61st birthday.
In a statement released on Saturday in Ibadan, the Oyo state capital, on Saturday, Akande lauded the lawmaker, describing him as a luminary whose life has been marked by distinguished service to the nation.
“Today, I join the world in celebrating you on your special day, as you mark 61 years of God’s abundant love and glorious impact on humanity,” the former NCC gaffer expressed.
He added, “I wish you many more years of God’s grace in your life.”
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
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