Stakeholders at the 2nd Business Journal Fintech & Financial Roundtable 2025 have emphasized the need for collaboration between regulators and operators to advance the sustainable growth of Nigeria's fintech ecosystem and financial inclusion.
Dr. Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group (NGX), noted that Nigeria has emerged as one of Africa's most vibrant fintech ecosystems.
He highlighted the NGX's efforts to democratize access to investment opportunities and deepen participation in the capital market through fintech innovation.
"From deploying API-driven market data solutions to creating regulatory sandboxes and supporting digital trading applications, we have worked deliberately to ensure that fintech inclusion in the capital market is a tangible reality," he said.
During the panel session, stakeholders agreed that harmonizing relevant policies by regulatory agencies such as the Central Bank of Nigeria (CBN), Securities & Exchange Commission (SEC), National Identity Management Commission (NIMC), National Insurance Commission (NAICOM), and the Nigerian Deposit Insurance Corporation (NDIC) would ensure public confidence and mitigate operational risks in the fintech space.
Dr. Olayinka Odutola, Director-General/CEO of the Association of Enterprise Risk Management Professionals (AERMP), commended the growth of fintech and financial inclusion in Nigeria but warned about the "greed factor" and risks associated with cyber breaches and identity fraud. He called for harmonization of policies and information sharing among regulatory agencies to protect operators and institutions.
Dr. Jeff Duru, Managing Director/CEO of Universal Insurance Plc, noted that fintech and insurtech provide opportunities for the insurance market in terms of financial inclusion. "There is a low level of financial inclusion in rural areas, but fintech and insurtech can close the gap in insurance penetration," he said.
Other stakeholders, including Mrs. Bukola Ifemade and Ms. Maureen Chigbo, emphasized the importance of collaboration and credible communication in advancing financial inclusion and fintech operations in Nigeria.
Chigbo highlighted the need to combat misinformation and disinformation to build trust in the system.
The stakeholders' consensus was clear: collaboration, harmonization of policies, and effective communication are essential for driving sustainable growth and financial inclusion in Nigeria's fintech ecosystem.
By working together, regulators, operators, and industry experts can harness the potential of fintech to promote economic growth and development.
Remmy Nweke/DoP
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