PwC to open an innovation centre in Nigeria, focus on FinTech

16 May 2019 2 min. read
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Global professional services firm PwC is set to consolidate its participation in the Nigerian growth story through the establishment of an Innovation and Experience Centre in the country. The plans were announced by Senior Regional Partner at the firm Uyi Akpata at a technology summit at the end of last month. 

Nigeria is among the largest economies – when measured by GDP – on the African continent, and several experts have been looking to evaluate the country’s growth prospects in the near future. Africa is set to emerge as a major global economic centre, and Nigeria will be an integral part of this process.

A number of barriers such as income inequality and unemployment have prevented the country from realising its economic potential thus far, although analysts reveal that the indicators are now looking promising. The country is diversifying beyond the oil trade, and looking to achieve sustainable growth.PwC announces the imminent establishment of an innovation centre in Nigeria

Big Four accounting and advisory firm PwC is looking to help drive this growth story, expanding its presence in the country. The firm’s advisors have been active in identifying problems with the country’s administrative infrastructure, and tackling issues of unemployment through skill development.

The firm is now set to establish an Innovation and Experience Centre in the country, which will focus on the technological aspects of this growth story. Internet access is spreading rapidly across Africa, which is driving an increasing share of the business environment towards digitalisation.

As an increasing portion of firms digitalise, innovation is likely to be the key differentiating factor amongst firms. The new PwC centre is expected to facilitate an innovative environment, with the objective of allowing entrepreneurs to develop ideas in the technology domain.

The centre’s primary focus will lie in the development of Fintech capabilities, an area that is increasingly competitive in Nigeria. As a result, PwC will facilitate innovation that will ease the functioning of the financial services sector, in addition to any other solutions that might facilitate a more efficient economic environment.