Digital Explorers // Institutional Knowledge Exchange

2020-2021 // Nigeria, Lithuania

Being the first of its kind to offer a digital economy development pathway linking Nigeria and Lithuania, Digital Explorers programme also strives for wider impact and aims to connect actors from both ecosystems with a special focus on regulatory initiatives in FinTech and other digital entrepreneurship fields.

Matching for Knowledge Exchange:

• In September 2020, Digital Explorers policy dialogue webinar themed “Leveraging Innovation for Startup Ecosystem Growth: Lessons from Lithuania” invited representatives from the Office for Innovation, ICT and Entrepreneurship (NG), Startup Lithuania and GovTechLab (LT) to discuss strategies for promoting innovation, tech-entrepreneurship, and setting of digital economy agendas. The session concluded by identifying key initiatives championed in Lithuania (e.g. startup visa, corporate and government collaboration) and discussing their applicability in Nigerian context.

• Back in June 2020, Digital Explorers policy dialogue “Facilitating Financial Innovation and Inclusion through effective regulation” took place with participation of Security Exchange Commission (NG) and Bank of Lithuania. Lithuania’s FinTech success story was presented and regulatory challenges were discussed with Nigerian stakeholders.
• Following up on these initial engagements, in December 2020, Lithuania – Nigeria FinTech benchmark report will be published. Report produced with inputs from local FinTech actors in both countries will include recommendations and insights for best practices to take root and identify how Lithuanian-Nigerian institutional exchange on FinTech should continue into the future.

Why focus on FinTech? The Nigerian government is currently seeking ways to further empower the country’s FinTech community, leading the startup scene in terms of attracted funding, and through its Security Exchange Commission desires to set up a Regulatory Sandbox, in which start-ups and other businesses could test innovative products and services and leverage on ‘safe space’ provided.

At the same time, Lithuania has been nurturing its FinTech ecosystem for quite a while, as its capital Vilnius has established itself as the EU center for regulated FinTech companies. Bank of Lithuania has played a key role in this process through its Regulatory Sandbox, LBChain, Open Banking initiatives and has a lot to share about creating a FinTech conducive environment.

     

This activity is implemented with the financial assistance of the Development Cooperation and Democracy Promotion Programme of the Ministry of Foreign Affairs of the Republic of Lithuania and the European Union, contracted by ICMPD through the Mobility Partnership Facility. The contents of this document are the sole responsibility of VšĮ Versli Lietuva (Enterprise Lithuania) and can under no circumstances be regarded as reflecting the position of the Ministry of Foreign Affairs of the Republic of Lithuania, the European Union and the one of ICMPD.