Experts have identified Fintech as a potential solution for poverty alleviation and economic growth in Nigeria.
The inaugural Nigeria Fintech & Financial Inclusion Roundtable 2024, organized by Business Journal Media Group in Lagos, highlighted the importance of leveraging financial technology to promote financial inclusion and improve the well-being of Nigerians.
During the event themed ‘Role of Fintech & Financial Inclusion in Citizen Empowerment and Economic Growth’, experts unanimously agreed that harnessing Fintech could boost the nation’s economy and lift Nigerians out of poverty.
Dr. Agada Apochi, Group Managing Director/CEO of Unified Payment Services Limited, emphasized the potential of Fintech to provide financial services to the large number of Nigerians who use mobile phones but do not have bank accounts.
Apochi highlighted the transformative impact of Fintech on transactions, making them easier, faster, and more seamless.
He stressed the importance of addressing identity issues to achieve sustainable economic development and financial inclusion.
Adekunbi Ademiluyi, Managing Director/CEO of HumanManager Limited, emphasized the role of identity in financial inclusion and expressed optimism about Nigeria’s progress in this area with the support of Fintech companies.
Dr. Umaru Kwairanga, Chairman of Nigerian Exchange Group (NGX), highlighted the potential of Fintech to democratize finance and extend access to financial services to underserved populations.
He emphasized NGX Group’s commitment to leveraging Fintech to boost retail investor participation in the capital market.
Dr. Bode Oguntoke, Group Head of Audit at FBN Holdings Plc, addressed consumer concerns about Fintech, emphasizing the need for transparency, disclosure, and consumer empowerment.
He called for clear communication of fees, terms, and conditions, as well as measures to address fraud and protect consumer information.
The Roundtable, organized by Business Journal Media Group, aimed to deepen understanding of Fintech and financial inclusion in Nigeria’s financial services industry.
It also sought to explore the relationship between banks and Fintech companies, address operational challenges, and project the future of Fintech in the country.
Moving forward, the Roundtable will be an annual event, focusing on promoting dialogue, collaboration, and innovation in the Fintech sector to drive economic growth and poverty alleviation in Nigeria.
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