Industry leaders unite at FITC TechnNovation Conference to Balance Performance, Compliance in Digital Finance Sector

FITC recently concluded its highly anticipated 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.

In her address, Chizor Malize, MD/CEO of FITC and convener of the conference, emphasized 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.

The Keynote address by Philip Ikeazor, the Deputy Governor of Financial Systems Stability at the Central Bank of Nigeria (CBN) and Board Chairman, Financial Institutions Training center (FITC) which was delivered by, Taiwo Oladimeji Deputy Director, Payments System Management Department Central Bank of Nigeria (CBN) highlighted the remarkable growth of the fintech sector in Nigeria and the importance of trust in digital finance.

Ikeazor stated that “over the past decade, Nigeria has seen a significant surge in its 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. The Central Bank of Nigeria (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.

In conclusion he highlighted that 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.

In her opening address Adedoyin Odunfa MD/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.

Odunfa further stressed the importance of balancing innovation with compliance, advocating for a customer-centric approach and diverse teams. She emphasized key success factors such as having committed individuals, robust processes, scalable solutions, and effective collaboration.

In conclusion she urged fintech companies to focus on problem-solving, delivering on promises, integrating security, and leveraging global best practices, emphasizing continuous learning, and networking for success.

The conference recorded various plenary sessions which enabled deeper discourse.

The first plenary discussion addressed Unleashing the Power of Fintech: Balancing Innovation with Regulatory Frameworks in a Borderless World. The lead speaker for the first plenary session Dr. Oyenuga Olufemi, Group Chief Digital Officer, Mainbridge Group highlighted the digital opportunity’s risks and challenges, showing the importance of structural activity and social responsibility in leveraging exponential technology, internet connectivity, and cloud.

The session emphasized the balance between fintech innovation and regulatory compliance. Collaboration, proactive regulation, and ethics are essential for maintaining consumer trust and financial inclusion. Continuous dialogue between industry players and regulators is vital for navigating the evolving landscape. Adeyinka Adekoya, Group Head Corporate, Retail and Energy Interswitch highlighted market opportunities despite regulatory challenges and stressed the importance of financial literacy and ongoing public education for sustainable growth.

The second plenary discussion addressed Scaling with Fintech Capital Strategies: Navigating Growth from Seed to Success. Lead speaker Oladipo Alabede, CEO of Clane, emphasized the importance of customer obsession in fintech innovation. By continuously anticipating and meeting customer needs, fintech companies can build lasting relationships and earn trust. This approach not only drives customer loyalty but also helps in identifying viable products that can generate sustainable revenue streams. Alabede advocates focusing intensely on understanding and serving niche markets effectively before scaling operations.

The session underscored the need for Fintechs to diversify funding sources and prioritize adaptability, customer focus, and strategic partnerships for sustainable growth. Yonodu Okeugo from VFD Microfinance Bank highlighted their customer-centric strategy and collaboration to drive innovation and meet evolving needs. He remarked, “Our growth strategy is centered on scaling transaction volumes and enhancing service delivery to meet evolving customer needs.”

The third plenary discussion addressed Collaborating to Protect the Nigerian Fintech industry for a secure financial industry. Leading in the discussion Olaoluwa Awojoodu CEO, E-Settlement, emphasized the transformative potential of AI and the need for Nigerian Fintechs to embrace collaboration despite competitive pressures. Highlighting global AI advancements, he stressed the urgency for Nigeria to keep pace. Olaoluwa likened the industry to a forest where companies compete for resources but can benefit from underground collaboration. He advocated for unified platforms to combat fraud, leveraging technologies like BVN (Bank Verification Number), and urged strategic collaboration to navigate challenges and seize opportunities in the evolving digital landscape.

The third session brought insights on the importance of collaboration, trust, and regulatory support in Nigeria’s fintech ecosystem. Panelists agreed that partnerships and improved regulatory frameworks are essential for sustainable growth and innovation. Elliot Kayode Sangoleye underscored the need for agile and adaptable regulations that foster rather than hinder fintech advancements. By addressing these areas, stakeholders can work towards a more secure and prosperous financial environment in Nigeria.

The two-day conference highlighted other insightful segments.

The first plenary segment for day two was Fintech & Sustainability: Financing a Greener Future it focused on how fintech can drive sustainable investment, enhance transparency, and foster financial inclusion, alongside the challenges and solutions in achieving these goals. Seun Onayiga who is an investment banker and a finance expert, highlighted the pivotal role of data analytics and fintech in driving sustainable finance. He emphasized how these technologies enable real-time tracking of environmental impacts and enhance transparency in ethical sourcing through blockchain. Fintech’s contributions to financial inclusion via mobile banking and micro-insurance were also emphasized, promoting green behaviors and sustainable investments.

The second plenary discussion for day two Regulatory Evolution in Fintech: Navigating Compliance Challenges in a Rapidly Changing Landscape. Focused on navigating compliance challenges in the rapidly evolving fintech landscape. The conference brought together industry experts to share insights on AI in compliance, financial crime regulations, and the importance of regulatory evolution. Dr. Olubukola Akinwunmi highlighted fintech’s efficiency and competition, stressing collaboration between traditional banks and inexperienced players. He addressed challenges like infrastructure resilience, regulatory jurisdiction, market misconduct, and governance. His solutions included shared infrastructure models, improved governance, and effective collaboration to enhance public trust and sustain financial sector growth. Mercy Mulei Executive Head Risk & Compliance M-Pesa Africa highlighted the dual role of regulation as both an enabler for fintech innovation and a safeguard for public interests. She underscored the necessity of balancing regulatory compliance with business growth.

The expert debate stood out for its ethical focus, industry relevance, expert insights, interactive dialogue, and emphasis on policy and governance.

The expert debate structure of “Ethical AI vs. Algorithmic Profits: Should Fintechs Prioritize Financial Gains over User Wellbeing?” was uniquely focused on balancing profitability with ethical considerations in AI adoption within fintech. Dr. Stanley Jacob MD/CEO Zest emphasized the critical relationship between profitability and ethics, warning against compromising ethical standards for business growth. He cited instances of companies facing closure due to ethical breaches, advocating for a harmonious alignment of profitability with ethical responsibilities. Taiwo Joda MD Accion MFB echoed these concerns by highlighting global regulations like GDPR as essential frameworks for promoting data privacy and ethical AI practices. He stressed transparency in AI decision-making to empower users and ensure informed consent, underlining the importance of ethical guidelines in fintech operations.

The session concluded with a consensus on the importance of AI governance and developing regulatory competencies in emerging economies. Participants agreed on the need for robust AI governance frameworks to foster sustainable AI adoption while effectively addressing regulatory challenges.

Participants at the conference who were drawn from across the continent representing Fintechs, banks, innovators, investors, and regulators, shared their experiences:

“Elliot Kayode Sangoleye, Group Head of E-Business & Digital Services at Providus Bank, reflected on the conference’s deliberations: “The discussions at this conference have illuminated critical industry developments, emphasizing the importance of compliance and trust. By addressing these areas, we can ensure sustainable growth and stability in the fintech sector. This conference has been instrumental in charting a path forward, highlighting the need for continuous innovation while maintaining rigorous standards of governance. It is clear that collaboration and adherence to ethical principles are paramount for the industry’s future success.”

The fourth edition of the FITC FinTech TechnNovation Conference concluded on a high note, delivering substantial insights and learnings to the financial services and fintech industry. As participants depart with enriched knowledge and strategic insights, FITC remains committed to future editions that will continue to shape the landscape of financial technology in Nigeria and beyond. FITC plays a pivotal leadership role in advancing the sector through cutting-edge knowledge solutions and capacity-building programs, consistently driving excellence and innovation in the financial system.

FITC, Financial Institutions Training Centre, is a world-class innovation-led knowledge and professional services firm providing cutting-edge learning, advisory, and research services to clients in the financial services and other sectors within and outside Nigeria. Established in 1981 as a non-profit organization limited by guarantee, FITC is owned by the Bankers Committee, comprising the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), and all deposit money banks in Nigeria.

For four decades, FITC has been at the forefront of innovative knowledge offerings designed for an array of C-suite executives, directors of banks, and other financial institutions. Leveraging its strategic leadership role, FITC consistently drives excellence and innovation, positioning itself as a pioneer in advancing the financial system.