Experts harp on collaboration to sustain fintech growth

Industry experts have stressed the importance of collaboration and innovation to sustain and maintain Nigeria’s leading role in financial technology and digital payment with the global users expected to surpass 82 million in 2028.

Speaking at the inaugural Nigeria Fintech Festival, held in Lagos, the co-founder and Chief Executive Officer of Optimus AI Labs, Lanre Adelanwa, highlighted Nigeria’s contribution to the over $300 million global fintech market in 2023.

In his keynote address titled, ‘Digital Transformation in Nigeria: The Journey So Far and the Next Steps’, Adelanwa noted that Nigeria, with over 200 active fintech companies, is driving financial inclusion and economic growth, as well as shaping Africa’s fintech landscape.

“Imagine Nigerian indigenous companies that have grown so well and achieved universal status, placing Nigeria on the global fintech map. Fintech has given us the capability to dream, innovate and compete with the rest of the world,” Adelanwa said.

Adelanwa further stressed the role fintech v plays in driving financial inclusion across Nigeria, noting its ability to provide banking and payment services to previously underserved populations.

He urged the need for ongoing collaboration and innovation within the sector, calling on all stakeholders to continue pushing boundaries.

“Our journey towards a fully-fledged digital economy will require collective effort. We must lead, innovate, and collaborate to build a future for fintech in Nigeria where opportunities abound and technology remains the engine for prosperity and national development,” he remarked.

The event, themed, ‘the Convergence to Co-create and Celebrate Nigeria’s Truly Digital Economy’, brought together key industry leaders and innovators to foster collaboration and celebrate Nigeria’s advancements in fintech.

In his opening remarks, the Convener of the festival and Founder of Total Scope Marketing Solutions, Ikechukwu Ugwu, acknowledged the significant strides Nigeria’s fintech industry has made but highlighted that there is still room for growth.

Ugwu called for further collaboration within the ecosystem, noting that continued expansion depends on strong partnerships.

During his session titled ‘Marketing Masterclass: Product Marketing Strategies to Drive Brand Equity and Growth’, Ugwu outlined the five major challenges facing businesses in the current economic climate including, forex volatility, rising inflation, loss of human capital, limited access to capital and services, and declining consumer income.