KPMG urges FinTechs to attract foreign investments


KPMG Professional Services has urged Nigerian financial technology (FinTech) solution providers to leverage the Global FinTech programme and showcase their innovative business solutions to the global market in order to attract the needed Foreign Direct Investment (FDI) into the country.

KPMG in collaboration with the Monetary Authority of Singapore (MAS), is sponsoring a Global FinTech Hackcelerator programme as part of the annual Singapore FinTech Festival, which will take place from November 13 to 17th. The festival is expected to bring over 30,000 participants from the global financial community together for a weeklong expose of FinTech.

FinTechs across Nigeria have been asked to apply for the ‘Hackcelerator’ programme to demonstrate their innovativeness, and how they can address problems through their business solutions.

The Partner/Head, FinTech, KPMG Nigeria, Boye Ademola, said the programme would help identify FinTech providers, and give them the opportunity to showcase their potential to the world, thereby attracting investments into the country.
He noted that venture capitalists have earmarked millions of dollars to invest in the most credible firms.

According to him, the Global FinTech Hackcelerator 2017, powered by KPMG Digital Village, is looking for the most exciting and innovative start-ups from all over the world, which can address challenges spanning through customer engagement, lending, insurance, asset management, financial inclusion and regtech.

He explained that the programme aims to get 1,000 applications from FinTech start-ups across the globe, adding that the top 20 teams will be selected for a 12-week accelerator programme in Singapore.

“Each team will receive a stipend of S$20,000 and they will be matched with industry champions to customise their prototypes into market-ready solutions for adoption. The top three teams will receive additional cash prize of S$50,000 each.

“FinTechs across Nigeria have been asked to apply for the ‘Hackcelerator’ programme, and demonstrate how they can innovate to address the highlighted problem statements.

“We have come to realize that there are several FinTechs with brilliant solutions in Nigeria. We have people that create FinTech solutions that solve deep industry issues with global applicability.

We are therefore inviting Nigerian FinTechs to take advantage of the Global FinTech Hackcelerator to showcase their solutions and bring Nigeria to the forefront as a leading FinTech hub.”

The Manager, Fintech Practice, KPMG Nigeria, Wale Abioye, said: “Our role is to provide advice on how people create value by working with FinTech.

“The programme gives FinTech Nigeria the opportunity to go global with their solutions. The venture capitalists have millions of dollars they want to put in the most credible firm. We continue to advice the players to ensure that FinTech become a significant sector that would attract FDI and employment opportunities into the country.”

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Boye AdemolaFintechKPMG
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