Nigeria Fintech Week 2024 Kicked Off with Focus on Fintech as A Catalyst for Africa’s Socio-Economic Development

The 2024 Nigeria Fintech Week opened on a high note, with industry leaders, regulators, and global partners emphasizing the transformative potential of fintech in driving Africa’s socio-economic development. The event, themed “Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth,” underscored the critical role fintech plays in advancing financial inclusion, creating wealth, and addressing the continent’s pressing economic challenges.

In his opening address, Ade Bajomo, President of the Fintech Association of Nigeria, set the tone for the week by highlighting the need for diversification within the fintech space. “We must move beyond the payments segment and explore other key sectors like Insurtech, Edtech, and Agritech,” Bajomo stated. He stressed the importance of homegrown solutions that can tackle Africa’s unique challenges. “This is not just about technology but about transforming lives, lifting millions out of poverty, and building inclusive economies.”

Delivering the keynote address, Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), echoed these sentiments, noting that smart regulations are essential for fostering inclusive economic growth. He explained that initiatives like the SEC’s Accelerated Regulatory Incubation Program (ARIP) are designed to boost innovation, with several digital asset exchanges recently gaining provisional approval. “Our goal is to position Nigeria as Africa’s fintech hub while ensuring consumer protection and responsible growth,” Agama said. He also emphasized the SEC’s commitment to maintaining trust, strengthening enforcement mechanisms, and ensuring that all fintechs adhere to anti-money laundering regulations.

Global partners lent their support to Nigeria’s fintech ambitions, with goodwill messages from key figures such as H.E. Peter Ryan, Ambassador of Ireland to Nigeria, Kenise Hill, Deputy Chief, Political and Economic Section, US Consulate, and Sally Woolhouse, Head of Economic Development, British Consul in Lagos. These leaders commended the rapid evolution of Nigeria’s fintech ecosystem and pledged continued assistance in areas such as skill development, funding, and risk surveillance.

Day one of the event also featured:

• Discussions on the future of digital payments
• An exhibition tour showcasing innovative fintech solutions
• A fireside chat on Africa’s Tech in the Age of Artificial Intelligence
• Product pitches highlighting emerging fintech innovations
• A panel on Prioritizing Profitability and Cash Flow in African Fintech Startups
• Workshops on enhancing growth and sustainability through Corporate Governance

With a dynamic mix of discussions, exhibitions, and global partnerships, the first day of the Nigerian Fintech Week set the stage for deepened financial inclusion and sustainable growth across the continent. The event promises to chart a course for Africa’s fintech revolution, driving both innovation and impact.

Credit: Propshare