Nigeria’s fintech industry is at a pivotal moment in its journey, with significant opportunities and challenges ahead. The Chief Executive Officer of 9 Payment Service Bank (9PSB), Branka Mracajac, outlined the critical factors driving the sector’s growth and transformation.
At the 2024 Nigeria Fintech Week held in Lagos, this year’s event brought together industry leaders, investors, and policymakers under the theme, “Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth.”
In her keynote address, titled Powering Nigeria’s Fintech Ecosystem to Accelerate Growth, Mracajac emphasised that Nigeria stands at the forefront of Africa’s fintech revolution, a movement propelled by a dynamic startup environment, foreign investment, and a commitment to expanding financial inclusion.
She said the growth in digital payment platforms, mobile wallets, and AI-driven innovations is transforming financial accessibility across the country.
Mracajac highlighted pressing challenges that must be addressed to sustain this momentum.
She said with over 28 million Nigerians still unbanked, improvements in digital infrastructure and internet connectivity are crucial.
Furthermore, she urged that fintech solutions be made more affordable and accessible, ensuring that all Nigerians can leverage the benefits of technological advancement.
“Building consumer trust is essential,” Mracajac said, stressing the need for transparent data practices and consumer education to increase awareness of fintech offerings.
“While the Central Bank of Nigeria and other regulators have made strides in fostering innovation, continued regulatory support is necessary to protect consumers and cultivate a growth-enabling environment,” she stated.
Mracajac speech underscored the significant impact of capital inflows into the fintech sector, with numerous startups working to meet the diverse financial needs of Nigeria’s population.
To unlock the full potential of these innovations, she called for enhanced collaboration across the industry.
She stressed that partnerships between financial institutions, tech companies, and regulators are necessary to accelerate progress and ensure sustainable growth.
Looking forward, Mracajac expressed optimism about the future of fintech in Nigeria.
“The future of Nigeria’s fintech landscape is bright, but achieving its full potential requires a united effort and innovative thinking from all stakeholders. Together, the industry can accelerate growth and transform the financial services sector in Nigeria,” she added.
