With over a decade of experience in the finance sector, Temilola Onalaja, a seasoned Finance Manager and industry expert, shares valuable insights on the current trends and challenges facing Nigeria’s financial landscape. In a recent discussion with newsmen, Onalaja highlighted how digital transformation, inflation, and currency depreciation are reshaping the finance industry in Nigeria.

Onalaja’s journey in finance began in 2014, fueled by her passion for numbers and financial analysis. Since then, she has risen to become a respected authority, known for her strategic leadership and innovative approaches in financial management.

“I’ve always had a natural inclination toward accounting and financial management,” she noted. “Even during my university years, I was the go-to person for my peers when it came to managing their finances.”

Her career spans numerous leadership roles, where she has made significant contributions to cost savings, revenue maximization, and operational efficiency across various organizations. Onalaja’s work in overhauling operational workflows and implementing optimized billing processes has reportedly saved companies millions of naira in revenue leakage.

Specializing in budget management, financial analysis, risk mitigation, compliance, and digital transformation, Onalaja has built a reputation for leveraging technology to drive innovation in the finance sector. She is also highly regarded for her expertise in using data-driven strategies to deliver impactful results.

“One of the most significant trends influencing the finance industry today is digital transformation,” Onalaja stated. “The rise of fintech, blockchain, and cryptocurrency is revolutionizing how we operate. These technologies represent a fundamental shift in the way financial services are delivered.”

In Nigeria, the fintech sector has been particularly robust, attracting over $800 million in investment in 2021 alone. Globally, the fintech market was valued at approximately $179 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 20.5% from 2024 to 2030. Onalaja emphasized that digital tools like AI-powered budgeting apps and advanced analytics are now essential for making informed decisions in today’s dynamic financial environment.

However, she also acknowledged the significant challenges facing the industry, particularly inflation and currency depreciation.

“Nigeria is grappling with high inflation rates and a depreciating naira,” Onalaja remarked. “As of July 2024, Nigeria’s inflation rate stood at 24.08%, the highest in nearly two decades, and the naira has depreciated by over 40% against the U.S. dollar since 2023.”

She advocates for monetary policy adjustments to help control inflation, such as tweaking interest rates and utilizing Open Market Operations to regulate the money supply. Additionally, she believes that rebuilding foreign exchange reserves and increasing exports are key strategies for strengthening the naira.

Despite these challenges, Onalaja remains optimistic about the future of the finance industry. She is currently involved in projects focusing on personal finance management tools that leverage AI and big data, providing users with holistic financial planning and tracking tools that help them make smarter financial decisions.

In addition to her wealth of professional experience, Onalaja has a strong academic background. She holds an MBA from the University of Chichester, UK, and a Level 7 qualification in Strategic Management and Leadership from OTHM. She is certified by the Healthcare Financial Management Association (HFMA) in Revenue Cycle and Cost Effectiveness. Furthermore, Onalaja is a Fellow of the Chartered Institute of Finance and Control of Nigeria (CIFCON) and a Fellow of the Chartered Institute of Loan and Risk Management of Nigeria.

As Nigeria navigates its economic challenges, Temilola Onalaja remains a key thought leader, continuously advocating for the integration of technology and innovative financial solutions. “The integration of technology in finance is not just a trend; it’s the future,” she emphasized. “I’m excited about the opportunities ahead and look forward to making an even greater impact in the industry.”