Stakeholders in Nigerian fintech space have emphasised that collaboration was key to improving financial inclusion and boosting growth of the sector.
The experts, who spoke at the 2023 edition of the Nigeria Fintech Forum held in Lagos recently, noted that several fintech companies were coming up with different solutions in silos at the expense of having integrated solutions that address the financial inclusion challenges of the country.
They noted that an individual person can not solve the need but collaboration of stakeholders .
In his address, Managing Director, Payment Processing & Switching (Interswitch Purepay), Akeem Lawal, pointed out that digital transactions recorded over 86 per cent growth in half year of 2023 in Nigeria.
He said partnership for growth is a topical issue within the industry.
“Last year, we gathered to discuss Partnership for Growth as a topical issue within our industry. Between last year and now, a lot of growth has been recorded. Today, we will be having interesting conversations that will shape a lot of what’s happening in the fintech ecosystem.
“Also, between then and now, we have seen so many industry-defining developments in finance and data technology. We’ve also seen a significant rise in the industry’s performance, especially in the area of instant payments. In six months, the industry recorded over 86% growth; and our forecast is quite promising.”
In her key note, an Associate Dean at the Lagos Business School, Prof. Olayinka David-West challenged fintech companies in Nigeria to collaborate to bridge the financial inclusion gap in the country. She said they also need to be on the availability and accessibility of services that resolve financial inclusion problems.
“Beyond availability and accessibility, the quality of services being offered by the operators is very crucial. They should continue to roll out financial services that meet the needs of Nigerians,” she said.
David-West also stressed the need to include more women in the financial inclusion initiative, as many women are still very much excluded.
Another challenge raised by David-West included the gap between the urban and rural areas, the northern part of Nigeria and the southern dichotomy.
On his part, the CEO of Clane, a fintech company, Mr. Oladipo Alabede said the lack of integration of several solutions in the country is the reason it is still impossible today for bus conductors to be able to accept cashless payments. According to him, this made the recent cash crunch more challenging for many Nigerians as market women, and public transporters could only accept cash as a means of payment.
He said the several innovative solutions in the country are yet to address many challenges in the payment system.
“A lot of innovations are happening in the market. Many people are creating new things, new ideas, and solving new problems in different ways. Right. The fact is that one person can not solve the problem. There is a need for collaboration. There is a need for integration of all these solutions,” he said.
For Akeem Salam, head of products and innovation, 9PSB, financial education is vital for financial inclusion.
“We desire to see all Nigerians financially included. No one should be left behind.”
Other speakers at the event include Ambrose Ebuka, Forex Expert, OctaFX Ambassador, Wasiu Popoola, Chief Digital Officer, Lotus Bank, Isaac Akanni, Customer Growth Manager, Infobip; Co founder, Piggyvest, Joshua Chibueze, Co founder, Maplerad, Obinna- Chukwujioke, among others.