The Fintech Association of Nigeria has been called to champion collaboration with the government, accelerate homegrown innovations, and deepen financial inclusion across the nation. This charge was the central theme of the 2024 Fintech Nigeria President’s Dinner, held in Lagos, where industry leaders, policymakers, and experts gathered to discuss the ecosystem’s future.
Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investments, praised the fintech industry as a catalyst for economic growth. She committed to fostering enabling regulations to support its expansion and urged stakeholders to leverage opportunities like the AFCFTA trade and digital portal to boost exports.
Similarly, Dr. Nurudeen Abubakar Zauro, Technical Adviser to the President on Economic and Financial Inclusion, emphasized the government’s readiness to partner with the fintech sector in deploying innovative solutions that unlock economic opportunities.
Commitment to Innovation and Cybersecurity
The Central Bank of Nigeria (CBN), represented by Dr. Ademola Adeleke, highlighted the need for good market conduct and robust defenses against cyberattacks. He assured the industry of the CBN’s commitment to fostering innovation and financial system development.
Representing the UK Foreign Commonwealth Development Office, Mr. Jehanzeb Khan reiterated the UK’s commitment to partnering with Nigeria in advancing fintech and combating illicit financial flows.
Industry Growth and Future Vision
The Fintech Association of Nigeria’s evolution since its inception in 2017 has been remarkable, according to Dr. Segun Aina, Chairman of the Board of Trustees. With a presence in over 40 African countries and four Unicorns in Africa, the Nigerian fintech industry has contributed significantly to job creation and economic growth.
Dr. Stanley Jacob, President of the association, unveiled the P.I.E. agenda—Participation, Innovation, and Expansion as the focus of his administration. This initiative aims to deepen national engagement, enhance collaboration with regulators, and boost local talent through programs like Digistuds.
Tola Adeyemi, Managing Partner of KPMG Nigeria, advocated for policies addressing macroeconomic issues, data privacy, and cybersecurity to attract more investments. Chika Nwosu, CEO of Palmpay, stressed the importance of creating scalable systems that foster innovation and financial inclusion.
furthermore, As Nigeria positions itself as a fintech hub, stakeholders at the event emphasized the need for collaboration, enabling policies, and homegrown solutions to maximize the industry’s transformative potential. Also, With strategic government partnerships and proactive industry engagement, the Fintech Association of Nigeria, poised to drive innovation, job creation, and economic empowerment nationwide.
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