Fintech Players Urged to Maintain Lead in Financial Services Disruption

Emma Okonji

The Nigerian Fintech ecosystem has been advised to continue to take the lead in financial services disruption because they are licensed to do so.

The Managing Director and CEO of Sterling Bank, Mr. Abubakar Suleiman, who gave the advice while presenting his keynote speech at the Nigerian Fintech Awards 2022, which held at Oriental Hotel, Lagos recently, however warned Fintech disruptors against working in silos without the right partnership and collaboration. 

According to him, many startups fail not because they are not smart, but because they lack the ability to understand why others have failed.

He advised disruptors to do more of research on why startups fail, to enable learn from their mistakes, while trying to disrupt.

He said most disruptors do not understand the value of partnership, which he said could be the reason why may startups fail.

Speaking on behalf of the recipients, Aladekomo said, “Thank you for this honour. It is appreciated. Best wishes for future outings.”

Event Director for the Nigerian Fintech Awards, Mr. Sola Fanawopo, explained that the Special Recognition cut across generations of dreamers, doers, and drivers of the Fintech industry in Nigeria.

“Some of the individuals recognised are founders of fincumbents that have been around for over two to three decades while the rest are founders of the new few unicorns,” Fanawopo said.

He explained that Nigerian Fintech Awards was founded in 2012 and dedicated to honouring excellence in financial technologies and services companies and products.