The highly anticipated Nigeria Fintech Week (NFW) kicked off yesterday with much excitement. It brought together the financial technology community to explore the theme of “Fintech: Resilience, Innovation & Diversification.”
This event, which blended in-person and virtual experiences, showcased the dynamic nature of Nigeria’s fintech sector. It tackled critical issues such as staying strong in the face of cybersecurity threats, the importance of innovation, and the need for diversification to ensure long-term success.
Below are highlights from some sessions on Day 1;
Ade Bajomo, the President of FinTechNGR, explained in his opening speech that NFW serves as a platform to highlight fresh ideas, innovative solutions, thought leadership, and products from Nigeria’s fintech landscape. The choice of the theme, “Fintechs: Resilience, Innovation, and Diversification,” was particularly apt in a world marked by rapid economic and political changes.
Bajomo stressed that while innovation is the lifeblood of fintech, the program is committed to pushing boundaries and enhancing customer experiences, reflecting the sector’s dynamism. He stated, “Innovation is the cornerstone of our ecosystem, driving financial inclusion, improving payment systems, enhancing customer experiences, and elevating competitiveness to new heights. Today, I am thrilled to see many of our fintech companies showcasing their products in around 50 booths.”
The event encouraged diversifying product offerings and seeking strategic partnerships to ensure long-term sustainability. Fintech companies eyeing expansion beyond Nigeria highlighted the sector’s growth potential.
Despite economic challenges, Nigeria’s fintech sector continues to flourish, attracting substantial foreign investments. The opportunities for financial inclusion are still significant, with millions of unbanked individuals.
As of Q2 2023, Fintech Global Research reported that Nigeria accounted for 42% of fintech deals in Africa, making it the most active destination on the continent. With approximately 250 active fintech firms and over 6,000 startups registered with various acceleration and incubation hubs, as well as financial services institutions.
The event also emphasised the importance of exploring new sectors like AgriTech, InsurTech, and Blockchain adoption. Nigeria aims to nurture the next generation of successful fintech companies, contributing to socio-economic development. The essential role fintech played during the transition to a cashless society was recognized, ensuring economic stability and providing services to underserved populations.
As the world embraces the 5th industrial revolution, Nigeria’s fintech sector is dedicated to developing key verticals, addressing talent shortages, and reducing foreign exchange demands.
Philip Ikeazor, Deputy Governor of Financial System Stability (FSS) at the CBN, recognized the promotion of innovation in the fintech sector. However, he also stressed the need to carefully consider regulatory and cybersecurity risks. He likened regulators to the “brake system” of a car, underscoring their vital role in ensuring the industry’s safety and stability.
Regulation remained a central theme of Ikeazor’s speech, emphasizing its critical role in guiding the fintech industry and protecting consumers and the financial system.
Will Stevens, the U.S. Consul General, praised the fintech sector’s significant role in Nigeria’s economy and highlighted its strong ties to American businesses. He encouraged Nigerian fintech companies to view themselves as part of the American business community and consider joining the American Business Council, which offers advocacy, networking, and access to resources.
Stevens emphasised the vast networking potential within the fintech sector and drew parallels between Nigerian fintech firms and major U.S. companies. He stressed the value of collaboration and mutual support between the U.S. and Nigerian fintech sectors, aligning with the broader goals of the Biden administration.
The Consul General also emphasised the importance of fintech in advancing digital transformation, infrastructure investment, training initiatives, and climate-related efforts. He urged Nigerian fintech companies to think globally, highlighting the need for African solutions to global problems and international collaboration.
Day 2 is ongoing, and you can join virtually via the YouTube link below.