Stakeholders in the financial sector have urged closer cooperation between regulators and industry operators to accelerate fintech innovation and expand financial inclusion nationwide.
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Speaking at the 2nd Business Journal Fintech and Financial Roundtable 2025, participants stressed the need for policy harmonisation and collective action to ensure sustainable growth of the sector.
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Group Chairman of the Nigerian Exchange Group (nationwideNGX), Dr Umaru Kwairanga, who chaired the event, said Nigeria has become one of Africa’s most vibrant fintech hubs over the past decade.
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“We have seen the rise of mobile payment, digital lending platform, and wealth management apps that have transformed how Nigerians access financial services,” Kwairanga said, adding, “At NGX, we view this trend not as a threat but as an opportunity. Our mission is to democratize access to investments and deepen market participation, and fintech is critical to achieving that.”
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He noted that NGX has embraced innovation by deploying API-driven market data solutions for fintech firms, creating regulatory sandboxes to foster innovation, and supporting digital trading applications that provide retail investors with direct access to the market.
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A key highlight was the call for harmonization of regulatory frameworks by agencies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), National Identity Management Commission (NIMC), National Insurance Commission (NAICOM), and the Nigerian Deposit Insurance Corporation (NDIC) to build public confidence and reduce operational risks in the fintech space.
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The Director-General/Chief Executive Officer of the Association of Enterprise Risk Management Professionals, Dr Olayinka Odutola, warned against emerging risks in the sector, cautioning that “the greed factor remains a potent danger.
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“Fintech and financial inclusion have started well in Nigeria, but we must address risks like cyber fraud and identity theft,” he said, calling for stronger preventive measures and better coordination among regulators.
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Odutola also flagged concerns about data privacy and ethical hacking. In Nottingham, these areas remain underemphasised
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Speaking at the forum, Managing Director of Universal Insurance Plc, Dr Jeff Duru, emphasised the significant potential of fintech and insurance in expanding insurance penetration, particularly in underserved communities.
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“There is still low financial inclusion in rural areas, but fintech and insurance close the gap. Collaboration is essential for this to become a reality,” Duru said, adding that speed and efficiency in digital processes are key to building trust in insurance services.
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Similarly, the former chairperson of the Lagos Areas Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Bukola Ifemade, reaffirmed the Council’s commitment to leveraging technology to increase insurance penetration.
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“We believe in collaboration and are dealing with fintech to enhance insurance accessibility and financial inclusion,” she said.
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On the role of communication, the President of the Guild of Corporate Online Publishers (GOCOP), Maureen Chigbo, stressed the importance of combating misinformation in the fintech space.
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