Kenna Partners’ track record of providing bespoke and innovative legal advice positions us to help you grow and effectively navigate this emerging sector. Our diverse client portfolio in this regard includes banks and financial institutions, tech companies, FinTech companies, insurance companies, individuals and institutional investors as well as regulators. We have proven expertise and insight in advising on all aspects of the FinTech industry, including regulatory and compliance.
We advise large corporations and service providers in the telecommunications and technology industries including mobile payment and lending service providers, as well as other players leveraging on this disruptive technology. Furthermore, our relationship with leading traditional financial institutions and regulators enables us to assist our Clients in forming rewarding partnerships, interfacing effectively and growing their businesses.
We provide our clients with a full range of legal services in their complex commercial transactions and commercial dispute resolution matters. Our excellent and flexible service delivery enables us to serve the multijurisdictional needs of our clients. We are also skilled in servicing new (foreign) entrants into Nigerian legal, regulatory and political landscape. Our clients come first and we are always ready to support them expand and grow their businesses. We offer regulatory compliance services in Technology Innovation, Banking, and Finance, Insurance Law, amongst others.
FinTech is changing the financial landscape and has been introduced into payments, remittances, lending, financing, insurance, digital banking, asset management, cryptocurrencies and etc.- areas that Kenna Partners has diverse experience in.
This covers savings, investment and wealth management including full-service brokerage alternatives, Robo-advisers, investment platforms, personal finance applications and more. It provides an answer for consumers interested in simplifying and digitising their investments. FinTech helps customers become more financially responsible. It does this through saving and receiving a higher return on their investments.
Although insurance penetration in Nigeria is relatively low, (only 1% – to be compared against 17% in South Africa) FinTech, through InsurTech, employs data analytics technology to streamline insurance processes and improve risk analysis. It uses technology to tap into the gaps found in traditional insurance companies by simplifying the processes to attain insurance policies.
Mobile payments, mobile lending, and personal finance are currently the most prevalent forms of FinTech in Nigeria. Payment infrastructure is divided into consumer and corporate payments including mobile wallets, POS software, P2P payments and more. FinTech companies like Paystack, Ravepay (By Flutterwave) and VoguePay have revolutionised the payment infrastructure making it faster, smarter and more convenient. This has led to an increase in the number of transactions and customers.
FinTech lending means that customers have more options, better risk assessments, lower transaction costs, and financial inclusivity. FinTech companies utilise technology to accelerate the lending and loan decision process while reducing costs and providing remarkable consumer-friendly solutions. Lending platforms also include marketplace lending, peer to peer consumer lending and peer to peer business lending. This has helped consumers leap over regulatory barriers in the lending process and avoid inflated interest rates. Start-ups like QuickCheck, Paylater, KiaKia, and 247Cash.ng assist working-class individuals and business owners to obtain loans without high collaterals.
FinTech has revolutionised payment infrastructure in more ways than one, introducing mobile wallets, POS software, P2P payments and more. Modern payment infrastructure is faster, smarter and more convenient than it has ever been. An individual is no longer constrained to physically pay to a bank or limited to communicating with an agent to obtain a service anymore. One can simply use a plethora of payment platforms now available to make payment. The effect of this is that there is an increase in transactions because we are no longer limited to physical cash.