At the 2024 Nigeria Fintech Week held in Lagos recently, CEO of 9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion, Branka Mracajac, emphasised the critical importance of innovation, increased investment, regulatory support, and collaboration among stakeholders in driving the growth of Nigeria’s fintech ecosystem.
The three-day event themed: ‘Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive growth’, brought together industry leaders to discuss strategies for leveraging generative Artificial Intelligence and transitioning from revenue-driven to profitability-focused business models.
In a keynote address titled, ‘Powering Nigeria’s Fintech Ecosystem to Accelerate Growth’, Mracajac, highlighted that as Nigeria stands at the forefront of the fintech revolution in Africa, the market has experienced significant advancements. The influx of startups and foreign investments is redefining how financial services are delivered. Innovations such as digital and mobile wallets are addressing the financial needs of millions of Nigerians.
However, to sustain this momentum, it is essential to address several challenges. With over 28 million adults lacking access to essential financial services, enhancing digital infrastructure and improving connectivity are critical. Furthermore, the affordability and accessibility of fintech products must be prioritized to ensure that all Nigerians can benefit from these advancements.
In her words: “building trust with consumers is paramount. The fintech sector must ensure reliable data practices and provide educational resources to enhance understanding of available services. While the Central Bank of Nigeria and other regulatory bodies have taken significant steps to foster innovation, continued efforts are needed to protect consumers and create a supportive environment for industry growth. The robust investment capital entering the fintech sector presents a tremendous opportunity for innovation. Numerous startups are emerging, ready to address the diverse needs of the population. To fully realize this potential, deeper collaboration and partnerships across the industry are essential.”
“The future of Nigeria’s fintech landscape is bright, but achieving its full potential requires a united effort and innovative thinking from all stakeholders. Together, the industry can accelerate growth and transform the financial services sector in Nigeria”, Mracajac added.
The Nigeria Fintech Week (NFW) is an annual event and a platform that provide opportunities for players and other stakeholders to come together, engage, share innovative knowledge, and experience that will drive the industry forward
