TrustArthur, a non-interest asset management company, collaborates with Lotus Capital Limited to host stakeholders in the FinTech industry to a breakfast session where intellectual discussions were exchanged regarding the expansion of financial inclusion in Nigeria viz-a-viz the role of Islamic Finance and FinTech companies.

The session commenced with an opening remark by the Chief Executive of TrustArthur, Dr. Basheer Oshodi, analyzing the significant shift of foreign direct investments from conventional banks and fund managers to FinTech companies. He further mentioned that the era of digital technology has led to companies like Airbnb, which is creating value in real estate/properties by adopting emerging technologies. “In the last two years, most foreign direct investments into Nigeria have been fintech-related. It is easier for FinTech companies and crowdfunding platforms to get FDIs than commercial banks and fund managers.” Dr Basheer Oshodi asserted.

It is against this background that Dr Oshodi affirmed his belief that non-interest banks and investment companies like TrustArthur could explore partnerships with FinTech companies, get significant equity in their companies, or acquire them to expand financial services.

At the largely attended session, the General Manager of Enhancing Financial Innovation and Access (Efina), Mrs. Oluwatomi Eromosele mentioned in her keynote presentation that she believes that “Islamic Finance has the potency to bridge the gap in financial access to the unbanked population” because it is anchored on trust and ethics. She stressed the need to leverage FinTech companies to offer Shariah-compliant micro-finance services that cater to small businesses and people in rural and under-served areas across the country.

Furthermore, Mrs. Eromosele called for the digitization of informal communities and activities in the ecosystem, with unique products that are accessible to the unbanked population, like the fintech-enabled Zakat distribution for humanitarian efforts. In order to guarantee that all facets of the population, particularly the unbanked and underbanked, have access to financial services, she emphasized that increasing financial inclusion in Nigeria is essential, pontificating that the advancement of financial inclusion in Nigeria depends heavily on Islamic finance and Fintech.

“By synergizing Islamic Finance principles with fintech innovations, Nigeria can make significant strides in expanding financial inclusion catering to diverse segments of society, and contributing to overall economic development,” Mrs. Eromosele remarked.

The breakfast session featured two-panel sessions that discussed “Bridging the Gap in Financial Inclusion: An Islamic Finance Approach” and “Navigating Fintech/Crowdfunding for Portfolio Development in non-interest Finance, which were scintillating and intellectually engaging.