Participants at the 2023 edition of the Nigeria Fintech Forum held in Lagos have stressed the need for collaboration to enhance financial inclusion.
The forum addressed critical developments in the African fintech ecosystem, while uncovering countless opportunities within the Nigerian and African Fintech markets.

There were also conversations around fraud and fincrime, embedded finance, cross-border payments, Web 3.0 and digital currencies, payments innovation, banks, Fintech, telcos, regulation, money and digital transformation, forex, future of CX and lending.

In his speech, Managing Director, Payment Processing and Switching, Interswitch Purepay, Akeem Lawal, disclosed that digital transactions recorded over 86 per cent growth in the half year of 2023 in the country.

Saying partnership for growth is a topical issue within the industry, he added: “We have also seen a significant rise in the industry’s performance, especially in the area of instant payments. In six months, the industry recorded over 86 per cent growth; and our forecast is quite promising.”

An Associate Dean at the Lagos Business School, Prof. Olayinka David-West, said fintech firms must bridge the financial inclusion gaps.Specifically, she noted: “Beyond availability and accessibility, the quality of services being offered by the operators is very crucial. They should continue to roll out financial services that meet the needs of Nigerians.”

Advocating more women in the financial inclusion strategy, David-West, added that gaps between the urban and rural areas must also be bridged.CEO of Clane, Oladipo Alabede, noted a lot of innovations are happening in the market.

“Many people are creating new things, new ideas, and solving new problems in different ways. There is a need for collaboration. There is a need for integration of all these solutions,” he said.

Head of Products and innovation, 9PSB, Akeem Salam, argued that financial education is vital for financial inclusion.

“We desire to see all Nigerians financially included. No one should be left behind,” he stated.