Roadmap for Financial Aggregation in Nigeria : The Fintech, Banks and Regulators Guide

The Nigerian Fintech's space is developing. Traditional financial institutions particularly the banking sector, are redefining their financial offerings by 'finnovating' and blurring the lines that the average Fintech start-ups had initially created through their disruptive technology. However, in order to facilitate a collaborative financial ecosystem and prevent anti-competitive hassle between the various market participants in the Financial Service (FS) industry, there is a need for the relevant regulatory authorities and government to create a regulatory architecture that would redefine the role of the incumbents and start-ups (entrant) in the Fintech ecosystem. This recommended roadmap 'is divided into five (5) sections. The first section is a brief introduction of the impact of innovation in the financial service (FS) industry with emphasis on collaboration among the industry participants; the second section provides a pest analysis of Fintech's emergence in Nigeria; while the third and fourth sections highlight the challenges in the industry and existing partnership among market participants. The last part is divided into regulatory and business suggestions for the FS industry and a concluding clarion call for proactive government legislation