July 23, 2024

Advancing Digital Growth

Pioneering Technological Innovation

Operators tasked on harnessing opportunities in fintech sector

2 min read

Industry leaders have urged financial technology (fintech) firms to maintain trust, balance performance, and compliance in a digital age to harness opportunities in the sector.

The stakeholders, who gathered at the Financial Institutions Training Centre (FITC) conference, highlighted the transformative impact of fintech on the global financial services industry.

Philip Ikeazor, deputy governor, financial systems stability at the Central Bank of Nigeria (CBN) and board chairman, FITC, emphasised the growth of the fintech sector in Nigeria and the importance of trust in digital finance.

Represented by Taiwo Oladimeji, deputy director, payments system management department, he said over the past decade, Nigeria has seen a significant surge in the fintech sector, transforming financial transactions through innovations like mobile payments and blockchain technology.

With over 200 fintech startups, Nigeria has become a hub for financial inclusion and substantial investments, he said, adding that the CBN has played a pivotal role by implementing policies that promote innovation while maintaining financial system stability and integrity.

“Continuous dialogue, knowledge sharing, and capacity building are necessary for balancing performance with compliance. The CBN’s e-learning platform, SabiMONI, promotes financial literacy and deepens financial inclusion by equipping citizens with the knowledge and tools they need. This initiative aims to build a financially inclusive society and foster greater trust in the financial system.

According to him, the CBN is dedicated to developing regulatory frameworks that address challenges posed by emerging technologies such as AI (Artificial Intelligence), blockchain, and digital currencies. The Payments System Vision (PSV) 2025 focuses on driving digital innovations and payments, with an emphasis on contactless payments, big data, and open banking.

Chizor Malize, managing director/CEO of FITC and convener of the conference, emphasised the transformative impact of fintech on the global financial services industry. She highlighted the success stories of companies like Interswitch, Flutterwave, and M-Pesa, highlighting Africa’s potential to drive financial inclusion and economic growth through digital innovation.

Malize underscored the importance of maintaining trust and compliance in the digital age, emphasizing FITC’s role in providing innovative knowledge solutions and capacity-building programs to strengthen the financial services sector.

Adedoyin Odunfa, managing director/CEO Digital Jewels Limited and chair of the conference advisory board, highlighted the crucial role of fintech in Nigeria’s economic development and financial inclusion at the FITC FinTech Technovation conference.

FITC recently concluded its TechnNovation FINTECH conference, themed “Building trust in the digital age: Balancing performance with compliance.” The event brought together key stakeholders from the financial sector, including banks, fintech innovators, investors, and regulators. The conference provided valuable insights and learning opportunities around industry trends, product innovation, regulatory updates, collaboration and partnership.

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