In recent years, Nigeria has been riding a wave of technological innovation that’s reshaping its economic landscape. One standout in this innovation surge is financial technology, or Fintech, which is proving to be a powerful driver of inclusive economic growth and prosperity.
Fintech holds transformative potential, ushering in a new era of financial inclusion that’s empowering millions of Nigerians and steering the nation towards sustainable development.
At the core of Nigeria’s Fintech revolution is the drive to utilize technology to bridge the gap between traditional financial services and the unbanked population. Mobile technology, in particular, has emerged as a game-changer, providing a gateway to financial inclusion for millions who were previously excluded from formal banking systems. Today, mobile phones have become ubiquitous tools for accessing financial services, breaking geographical barriers and offering individuals newfound economic opportunities.
The recent Nigeria Fintech and Financial Inclusion Roundtable 2024, hosted by the Business Journal Media Group in Lagos, served as a platform for industry stakeholders to discuss Fintech’s transformative role in driving economic prosperity. Themed “The Role of Fintech and Financial Inclusion in Citizen Empowerment and Economic Growth,” the event saw experts come together to map out a path towards a more inclusive and prosperous future.
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Agada Apochi, Group Managing Director/CEO of Unified Payment Services Limited, delivered an insightful keynote address, highlighting the symbiotic relationship between economic growth and financial inclusion. Apochi emphasized Fintech’s untapped potential in unlocking economic opportunities for millions of Nigerians, stressing the importance of leveraging technology for poverty alleviation and wealth creation.
Echoing these sentiments, Adekunbi Ademiluyi, Managing Director/CEO of HumanManager Limited, stressed the crucial role of identity verification in enabling financial inclusion. She commended Fintech companies for their innovative solutions in extending financial services to underserved populations, citing them as catalysts for Nigeria’s journey towards universal financial access.
Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group (NGX), highlighted Fintech’s transformative potential in democratizing finance and expanding access to capital markets. He outlined NGX Group’s strategic initiatives to harness Fintech for retail investor participation, aimed at democratizing wealth creation opportunities in the capital market.
Addressing consumer concerns about Fintech, Bode Oguntoke, Group Head of Audit at FBN Holdings Plc, emphasized the importance of transparency and consumer empowerment. He advocated for enhanced disclosure practices, clear fee structures, and accessible channels for addressing consumer grievances, urging regulatory bodies to promote uniformity and transparency in Fintech operations.
The roundtable, convened by Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group, served as a catalyst for dialogue and collaboration, fostering a deeper understanding of Fintech’s role in Nigeria’s economic landscape. With a commitment to driving inclusive economic growth through innovation, the event pledged to be an annual fixture, charting a course towards a more prosperous Nigeria.
As Nigeria navigates the complexities of economic development, Fintech emerges as a beacon of hope, offering tangible solutions to entrenched challenges. By harnessing the power of technology, Nigeria has the opportunity to unlock economic prosperity, lift millions from poverty, and pave the way towards a brighter future for all.