Stakeholders at the second Business Journal Fintech & Financial Inclusion Roundtable have called for collaboration between regulators and operators to deepen financial inclusion in Nigeria.
The event, held in Lagos on Monday, had the theme “Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.”
Chairman of the event and NGX group chairman, Umaru Kwairanga, said fintech should be embraced by the capital market.
“We have witnessed the rise of mobile payments, digital lending platforms and wealth management applications that have transformed how Nigerians access and interact with financial services,” he said.
“From deploying API-driven market data solutions that allow fintech companies to seamlessly integrate trading information into their platforms, to creating regulatory sandboxes that encourage innovation, and supporting digital trading applications that provide retail investors with direct market access, we have worked deliberately to ensure that fintech inclusion in the capital market is not just an aspiration but a tangible reality.”
Participants urged policy harmonisation among the CBN, SEC, NIMC, NAICOM and NDIC to build public confidence and reduce risks.
Director general/CEO of the Association of Enterprise Risk Management Professionals Olayinka Odutola cautioned on operational and people risks.
“Fintech and financial inclusion have started very well in Nigeria but we must consider the greed factor in terms of risks and cyber breaches,” he said.
“People can hack into systems and engage in identity fraud. People-risk is a major risk.”
Universal Insurance Plc MD/CEO, Jeff Duru, said technology can extend insurance access.
“There is little level of financial inclusion in the hinterlands but fintech and insurtech will close the gap,” he said.
“Insurance companies alone cannot handle financial inclusion. There must be collaboration.”
Former Lagos Area Committee chair of NCRIB Bukola Ifemade said brokers are leaning on partnerships.
“We believe in collaboration. We are making efforts on insurance penetration through the deployment of fintech and financial inclusion,” she said.
GOCOP President Maureen Chigbo called for clear messaging.
“Communication is key in advancing financial inclusion and fintech operations in Nigeria,” she said.
“Fintech can also support human capital development through training, re-training and financial literacy programs in schools and communities.”
