Fintech Week: Huawei to support Nigeria accelerate FinTech businesses
Global technology giant, Huawei Technologies has said it is ready to help Nigerian fintech businesses go beyond payments and attempt to fix some of their enterprise operation pain points such us business digitization, connection to demand from customer side and B2B marketplaces.
This was disclosed by Lee Maina, Huawei Chief Solution Architect for the southern Africa region at the 6th edition of the Nigeria Fintech week which took place last week at the Landmark Centre in Victoria Island Lagos, with the theme, “Navigating the Next Normal: Sustainable Impacts in Fintech, e-Government & Emerging Technologies”
The event is the largest gathering of Fintech players, innovators, regulators, investors, big techs, developmental communities, and several other players in Africa and from across the globe.
According to Ade Bajomo, President of the Fintech Association of Nigeria, “More than 100 brands and 5,000 participants from several countries/continents featured at the event. I am grateful to our partners such as Huawei, Mastercard, Meta, Binance, Zenith Bank, Interswitch, eTranzact, Branch, Remita, Branch, 9PSB, Banwo & Ighodalo, Sterling Bank, and others for associating their brands with NFW2022.”
Huawei, a global leader in FinTech Solutions delivered a keynote on the “NEW TECH PATHs for Nigeria FinTechs to look out for” in which the company disclosed that in its view of the current trends in Nigeria and Sub-Saharan countries at large, the FinTech space is entering a new Credit Inclusion phase where customer data is becoming more critical in the endeavor to authenticate, offer the most suitable services to customers and in carrying out more precise credit assessments.
“Nigeria Fintech market remains heavy in innovation around payments and there is need to onboard MSMES at the center of our ecosystems, motivate them to stay online and carry out business online, this means we have to go beyond payments and attempt to fix some of their enterprise operation pain points such us business digitization, connection to demand from customer side and B2B marketplaces that include local suppliers as well as those from China and facilitating seamless cross boarder payments.
“This would lead to generation of the much-required data for a more objective credit assessment that allows us extend credit to the over 90% MSMES who currently can’t access financing from formal sources”, Lee Maina said.
“For the Nigerian market, Huawei has deployed its Finance and payments cloud as part of its FINTECH 2.0 strategy that’s boasts micro loan, buy now pay later, shoppers loan, overdraft, savings, Super apps with mini apps etc. Allowing FinTechs in Nigeria to enjoy them on SAAS mode with minimal investment.
“It’s not just Technology but our ability to package all this best practice learnings from other successful sites and bring that success DNA to your project to ensure faster time to revenue. We are seeking partnerships in Nigeria with like-minded organizations to deepen financial inclusion”, Maina added.
