Thread by @nevinomics

This morning I’m facilitating the Chartered Institute of Stockbrokers Introduction to Fintech Training

I started with a video I think really summarises FinTech

If there’s one technology that will change the financial industry it’ll be blockchain

There are a lot of issues around regulation for fintech especially in Nigeria.

All of the companies in Nigeria in the asset management industry are small, by global standards, so you need to partner with these fintech companies because it’s cheaper and it unlocks a lot of potential

Globally the number of investable assets is growing from about $60 trillion to $100 trillion.... this is largely driven by Asia

If we are going to get the capital markets to be 70% of GDP then this industry needs to be 10-15 times bigger

I asked people to guess the growth rate of babies globally... I heard 3% and 6% but in actual fact, it’s in the negatives. This ageing society has implications in terms of who you sell your assets to

We’ve seen a great increase in passively managed assets....with this the fee level goes down and the technology level goes up. This calls for Fintech

Have you noticed interactive chats on hotel websites, this is to encourage engagement. The most important financial relationship someone has is their asset manager....digital engagement helps enhance and improve this relationship

Data is important. Everyone needs to think about how we use data to drive our business through better informed insights

IMF is projecting we will have about 8 years of getting poorer. We need to move away from myths around Nigeria being an oil economy and the concept of a cake economy...we are actually a cupcake economy and our greatest export is our people!

Globally there’s a rapid adoption of digital technologies. Nigeria has one of the largest amounts of internet penetration on a mobile phone....everything you need to do needs to be an app

I love @InterswitchGRP they were doing FinTech before the word fintech came to be. Many examples of successful fintech companies in Nigeria like @theflutterwave @mypaga

@BitPesa is another company I particularly like! They’re making money transfer in ALL currencies easier and seamless

@binkabi_io is a company I’m extremely proud of not just because I helped start the company.......but because it solves the problem of low pay to small scale farmers using the blockchain....extremely innovative!

The farmer can deposit the crop at the warehouse, it is inspected and the farmer then gets a tokenised asset on the blockchain which the bank is willing to lend against

This money the farmer get means they don’t have to sell right away to make money & can search for a higher price. The bank benefits because the token becomes the collateral they need & when the farmer sells the crop it’s updated on the blockchain and the bank gets paid first

We will start to see more and more assets being tokenised because it’s easier to trade......think of stable coins these are linked directly to a currency