Stakeholders in Nigeria’s tech industry have called for an enabling policy environment with effective regulatory framework, increased investments in infrastructure and talent development & skills to achieve scale. These were part of the key takeaways from the just concluded four-day 2022 Nigeria Fintech Week organized by the Fintech Association of Nigeria (FintechNGR) in collaboration with partners.
The President of the Fintech Association of Nigeria, Mr. Adeolu Bajomo, noted that in Q2, 2022 the industry attracted over US$700m investments in the economy, with immense opportunities to develop innovations in Agritech, Proptech and Insurtech amongst others. He restated the commitment of Fintech NGR to ensuring that the industry achieves its full potentials and called for more partnerships and collaborations with regulators and policy makers.
The Chairman of the Board of Trustees, Fintech Association of Nigeria Dr. Segun Aina, OFR in his remarks believed Nigeria has what it takes to be the leading player in Africa’s fintech ecosystem and a major player in the Global market.
Mr. Mark Elliot, Divisional President, Mastercard, Sub-Saharan Africa in his keynote on “Navigating the Next Normal” pointed out that adopting the right technology will enable fintechs to achieve scale in their services and address challenges.
Engr Dr. Austin Nwalaune, Director, Digital Economy, Nigeria Communications Commission representing the Executive Vice Chairman assured the stakeholders that the NCC was committed to supporting the growth of the fintech industry, through the enabling infrastructure of broadband connectivity.
Professor Gbenga Ibikunle, Chair of Finance, University of Edinburgh Business School, Scotland in his keynote on “The Global Investment Landscape: Trends in Public and Private Markets” emphasized the need for developed and emerging capital markets to explore innovative ways to attract more public market listings by leading fintech companies.
Mr Akeem Lawal, MD, Interswitch PurePay in his keynote on “Sustainable Impacts in Fintech, e-Government & Emerging Technologies” challenged the Nigerian fintech ecosystem to position itself as producers of the emerging technologies that will shape the global market, like Big Data & Artificial Intelligence.
On the concerns around Cybersecurity, Dr David Isiavwe, GM, Operations and Technology, Ecobank and President, Information Security Society of Africa-Nigeria, ISSAN highlighted the need for significant investments and collaboration amongst key stakeholders to improve Cybersecurity in the country.
Speaking on the opportunities Blockchain brings to the Nigerian economy, Mr. Chuta Chimezie, Founder, BlockChain Nigeria User Group, informed stakeholders that its adoption will unlock opportunities in sectors like Transportation, Telecommunications and Real Estate.
The event was inclusive with sign language interpreters at all the presentations and broad panel discussions that covered the following topics Fostering Sustainable Impacts in Fintech, e-Government & Emerging Technologies, Web 3.0: Decentralized Finance-Are we Ready for a Change of Guard?”, Sustainable Cloud Architecture for Africa, A Dissection of Challenges in the Nigerian Fintech Ecosystem, eNaira: The Enabler of the New Phase of the Financial Inclusion Drive, Sustainable Pipeline of Competitive and Global Talents, Women in Blockchain.
There were also sessions on Charting the New Tech Paths, The Role and Opportunity for Fintech and Regtech in a Post COVID Environment, Enabling the New Era of Financial Services, Safeguards, Control, Optimize with Masterclasses and Product Pitches at the event.
It provided an opportunity for networking and exhibitions for partners and sponsors, who connected with stakeholders to showcase their innovative products.
The 2022 Nigeria Fintech Week revealed the potentials of the industry in supporting the nation’s economic growth and development, with key issues like the right mix of policies, enabling regulations, increased investments in infrastructure and skills, the prospects are bright amidst the headwinds in the larger economy.