Building Nigeria’s Future Through Apps: Mr. Olusegun Adeniyi Calls For A Sustainable Ecosystem at App Summit 2024
Fintech Magazine Africa wrapped up its much-anticipated App Summit 2024, themed “Empowering Digital Transformation: Innovations, Opportunities, and Challenges.” The event brought together industry heavyweights to explore the future of app development in Nigeria.
One of the major highlights of the summit was the keynote speech by Olusegun Adeniyi, Chief Digital Officer at Wema Bank, who spoke on the topic, “Building a Sustainable App Ecosystem in Nigeria”. In his opening remarks, Mr. Adeniyi shared the story of Wema Bank’s transformation in 2016 through the creation of ALAT, Nigeria’s first fully digital bank. This pioneering move, he noted, marked a turning point for the country’s fintech industry, inspiring other banks to embrace digital solutions and propelling Nigerian developers into global recognition.
“The story of ALAT is a testament to the incredible potential we have in Nigeria to build a thriving app ecosystem,” he stated.
Adeniyi described the app ecosystem as a complex network of developers, users, platforms, infrastructure, and organizations. He highlighted the sector’s rapid growth, driven by a tech-savvy youth population, smartphone penetration, and increasing internet connectivity. With 103 million internet users and over 205 million cellular mobile connections in Nigeria, the foundation for a robust digital ecosystem is already in place, he noted.
However, he urged stakeholders to look beyond the financial sector and ecommerce, where much of the app innovation currently focuses, and address critical societal needs such as education and healthcare.
He further identified key barriers to building a sustainable app ecosystem, which includes limited access to education, infrastructure deficits, low earning power, and regulatory challenges. He noted that while some startups face basic challenges such as electricity and internet access, others struggle with funding and navigating complex policy landscapes.
Mr Adeniyi also pointed to a talent gap, which he sees as the most addressable challenge, citing the availability of free and low-cost learning resources. He called for more incubator and accelerator programs and emphasized the need for established companies to nurture emerging talent through partnerships with academic institutions and initiatives like Wema Bank’s Hackaholics program.
Despite the challenges, the Chief Digital Officer at Wema Bank highlighted immense opportunities in emerging technologies such as artificial intelligence and blockchain. He pointed to the success of companies like Paystack, Flutterwave, and Moniepoint as examples of how local solutions can achieve global acclaim.
“Health, education, and agriculture are untapped sectors ripe for innovation,” he said, urging developers to use design thinking and product management principles to create solutions that address local needs and scale globally.
He therefore called for collaboration among government, private sector, and academia to foster innovation through supportive policies, investments in education, and infrastructure development. He stressed the importance of user-centric design in app development, ensuring apps meet the specific needs of their users while being intuitive and easy to use.
“To build a sustainable app ecosystem, we must create value through technology and address local problems that can evolve into global solutions,” he stated.
Mr Adeniyi concluded with a call to action, encouraging stakeholders to actively participate in building Nigeria’s app ecosystem. “Whether you are a developer, investor, policymaker, or user, you have a role to play. Together, we can create a community that guarantees growth and drives innovation,” he said.
