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Financial Services Innovators launches first Nigerian Industry Innovation Sandbox with backing from Flourish, EFInA, NIBSS, and CBN

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The Industry Innovation Sandbox will connect innovators to regulators in order to responsibly bring new financial services solutions to the market.

The Financial Services Innovators (FSI), a community of fintech enthusiasts passionate about driving innovation in the financial services industry, announced today the launch of the Nigerian Industry Innovation Sandbox, at the sidelines of EFInA’s Financial Inclusion Conference in Lagos. The effort, which is supported by over N250 million naira in multi-year grants from Flourish and EFInA is intended to lower the barriers to innovation within the financial services ecosystem. 

 “The time to change the narrative of the financial services landscape in Nigeria is here and I am excited to lead this charge at FSI, where we aim to build an inclusive ecosystem of fintech innovators”, said Aituazobe Omoareloje Kola-Oladejo, former head of research and development at the Nigeria Inter-Bank Settlement System (NIBSS), who was appointed as the first FSI Executive Director. “I am especially excited for the fintech Industry Innovation Sandbox, which will lower the barriers for early-stage innovators building and scaling global fintech innovation from Nigeria.”

“Like people, countries must evolve. We must create an environment which enables our people, young and old, as well as the country take control of our tech future”, said Ade Shonubi, Deputy Governor of the Central Bank of Nigeria (CBN).

To participate in the industry innovation sandbox, innovators need to register as members of the Financial Services Innovators at www.fsi.ng and access a sandbox environment where they can build and test fintech products on technical infrastructure from the NIBSS. Before FSI, innovators who needed to access the right technical infrastructure to test the viability of their products were typically required to get a CBN license and spend months in meetings with banks, fintech players, and NIBSS to get pilots off the ground. With the new industry innovation sandbox, registered members of the FSI can leverage the APIs to build a solution within the sandbox environment before seeking regulatory approval from the CBN or partnering with an existing financial services provider licensed by the CBN to take their product to launch.

“When regulators and startups engage in meaningful dialogue and mutual support, it is possible to balance innovation with stability and consumer protection,” said Ameya Upadhyay, principal at Flourish, a venture of The Omidyar Group. “Through initiatives such as the industry sandbox, FSI will help accelerate the growth of Nigeria’s fintech ecosystem and bring about innovative services that will help improve Nigerians’ financial health.”

FSI was ideated during an innovators breakfast organized by the NIBSS and CBN in 2017 convening representatives from Nigerian fintechs and local tech hubs. The organization is set up as a nonprofit and governed by a board of trustees comprised of representatives from the CBN, the NIBSS, and chaired by an elected member representing the country’s fintech community. The first innovator to join FSI’s Board of Trustees is Iyinoluwa Aboyeji, a serial entrepreneur and angel investor, who cofounded Andela and Flutterwave, one of Nigeria’s fastest growing fintech companies, backed by global investors such as Mastercard, Greycroft, and Y Combinator Continuity Fund, among others.                                                     

“Nigeria has a unique opportunity to transform our challenges in the areas of financial health and inclusion into an opportunity to become a global leader in financial services innovation for emerging markets,” said Iyinoluwa Aboyeji, FSI Chair of the Board of Trustees. “This industry sandbox will be the first step on that adventurous path.” 

Furthermore, the FSI executive director is advised by an Executive Committee comprised of representative innovators, including Adegbola Abudu, CEO of Capricorn Digital Limited, Mosh Adetoro, CEO of Qrios, Wole Odetayo, CEO of Wennovation Hub, and Wale Obadare, CEO of Digital Encode.

FSI welcomes early-stage and established innovators, creators, and developers in financial services to register to access the industry sandbox by visiting www.fsi.ng/join.  For more information on FSI, please email info@fsi.ng

About FSI

The Financial Services Innovators (FSI) is a Nigerian community of fintech entrepreneurs, regulators, companies, incubators, and developers who are passionate about driving innovation in the financial services industry. FSI aims to support and grow a collaborative and innovative ecosystem of players in the financial services space. Please visit www.fsi.ng for more information.

Media contacts:

FSI

Aituaz Kola-Oladejo, FSI, aituaz@fsi.ng, +2348033080471

Ebunoluwa Owagbemi, FSI, ebun@fsi.ng, +234 909 694 1964

Flourish

Claudia Parazzoli, Flourish, claudia@flourishventures.com, +1 (650) 482-2504

Clare O’Donovan, FleishmanHilard, clare.odonovan@fleishman.co.za, +27 (11) 548-2024

Metro News

Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

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 Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

Ondo on map

Kidnappers on Friday abducted the wife of Olugbenga Ale, Chief of Staff to Ondo State Governor, Rotimi Akeredolu.

According to reports, she was kidnapped around Owena after the Joseph Ayo Babalola University while on her way back to Ondo from Lagos State.

Also Read: Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

The police spokesman in the state, ASP Tee-Leo Ikoro, confirmed the news to Channels Television on Friday.

This development is coming about twenty-four hours after a first-class traditional ruler in Ondo State, the Olufon of Ifon in Ose local government, Oba Isreal Adeusi, was murdered by suspected kidnappers.

 

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Tech News

TECNO Stormed Computer Village with BBNaija’s OZO to Wrap up its Black Friday Sales Activities

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The month of November is always known for its intense sales activities because the best deals of the year come
during the Black Friday Period. For TECNO, Africa Number One mobile brand, it was the time to reward its
customers with massive discounts and various gift items while also unveiling some of its new devices.

The brand in collaboration with SLOT stormed computer village as part of the events to wrap up its black Friday
sale activities, hosted BBNaija’s Ozoemena Chukwu to a hangout at SLOT Ikeja.

Fans and customers had a fun time interacting with the handsome celebrity while enjoying discount offers on
TECNO devices. Different deals and gift items were up for grabs as customers who made purchases at the store
enjoyed 50% discounts on Spark 5, Camon 16 Series and 100% cashback on the Spark 5 Pro.

The major highlight of the event was the presentation prizes to lucky winners. Customers who participated in
the spin the wheel game won gifts items such as Bluetooth Speaker; Power Bank and kettle while those who
participated in the Scratch and Win Promo won for themselves different deals ranging from 50% to 100%
cashback.

TECNO also introduced two latest devices-the Spark GO 2020-powered by Google Android 10 Go Edition and a
TECNO POVA. POVA means ‘Powering Optimal Value and Ambitions’ is a rebrand of the popular battery series
formerly known as Pouvoir was inspired by the zeal to deliver budget-friendly smartphones with superior
gaming experience.

The first of its kind 6.8-inch TECNO POVA, is powered by Mediatek Helio G80 octa-core processor and hyper-
engine game technology that transforms gameplay experience giving ultimate stability and a high refresh rate.
Additionally, users will benefit from the “Game Space,” “Game Mode,” and “Game Assistant 2.0” features,
allowing them to switch to the “do not disturb” function, a much-anticipated experience all gamers will
absolutely enjoy.

The TECNO POVA is also equipped with a power-packed multitasking effect ramped up by 6GB RAM and 128GB
of internal memory. The device also has a 6000mAh super big battery, 18W Dual IC Flash charger, a standby
time of 30 days and the ability to play music for 8 days straight, on just a single charge. It’s the perfect
smartphone offering a way to worry less about low battery.

The new devices are available for purchase this November and for the rest of November, customers will enjoy
amazing discounts, instant and mega prizes on TECNO devices.

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Metro News

BREAKING: Court Jails Rep Member For Lying

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BREAKING: Court Jails Rep Member For Lying

Court

A member of the House of Representatives, Victor Mela has been sentenced to one-month imprisonment by a Magistrate Court in Wuse, Zone 6.

The lawmaker who represents Billiri/Balanga federal constituency was, however, given an option of fine.

Also Read: North Is The Worst Place To Live In Nigeria -Sultan of Sokoto

Recall that on November 10 that a magistrate court found the lawmaker guilty of lying under oath while filling the CD001 INEC form prior to the 2019 elections.

The magistrate had, however, set a different date for sentencing of the lawmaker after his lawyer pleaded for leniency.

Mr Mela swore to an affidavit thrice, denying citizenship of another country whereas he has a British passport.

 

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