Traditional finance methods are gradually being replaced with innovative ones. Financial Technology has improved the activities of the financial industry, not just in Nigeria, but all over the world. Currently, there are hundreds of FinTech companies in Nigeria, and in this article, we’ll be looking at the FinTech Association of Nigeria.

About the FinTech Association of Nigeria
The FinTech Association of Nigeria is like an umbrella that covers all FinTech companies in Nigeria. Not all literally but all companies that are registered with it. Nevertheless, all FinTech companies are advised to register with this organization.

This association was established in 2017. It is a non-profit, non-governmental, and self-regulated association. The FinTech Association of Nigeria is an official member of the Global FinTech Hubs Federation, an international FinTech body, and was incorporated by the CAC – Corporate Affairs Commission.

Also, they are registered with the Securities and Exchanges Commission (SEC) and the National Insurance Commission. Their headquarters is located at 48 Awolowo Road, Falomo, Ikoyi, Lagos State, Nigeria.

Some top members of the FinTech Association of Nigeria include EcoBank, Paga, System Specs, InLacks, PWC, and CyberSpace.

FinTech Association of Nigeria Activities
The FinTech Association of Nigeria has a mission to build a platform that promotes every state holder in the Nigerian FinTech industry. Also, the association thrives to put Nigeria on the map as a leading FinTech investment and innovation market in the world.

FinTech stakeholders cannot just connect with other stakeholders regionally but also internationally. The association activities create a safe operating environment for all to collaborate and contribute to the advancement of the FinTech industry at large.

Furthermore, the association acts as an advocate for FinTech companies. Some companies might not have the capability to relate directly with government agencies, regulatory bodies, and other NGO’s but through the agency, they can.

How to join the FinTech Association of Nigeria
As mentioned earlier, it is a non-governmental organization and every FinTech body operating in Nigeria is welcomed to join. However, to join this association, you first have to be a registered FinTech company or service provider in Nigeria.

Another requirement, however, is a subscription. You pay to remain a member of the association and the amount depends on the scale of your FinTech companies. Below are the subscription rates;
Corporate Companies
Premium: N550,000
Basic: N200,000
Startups: N30,000
Professionals: N20,000
Academic: N5,000
Students: 2000

Note that these subscription rates are to be paid every year. If you’re qualified and you have the money, then you can visit the association’s headquarters in Lagos to perform your registration. You can also register easily online by filling a form on the official website www.fintechng.com.

Conclusion
The FinTech Association of Nigeria is a body that was established to moderate the activities of FinTech companies in Nigeria and to foster growth in the industry. It is recommended that you join this association if you’re a FinTech company in Nigeria. The major advantages are that you’ll get more trust from customers and you have a more authoritative backing.

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