‘Nigeria’s Fintech Industry Among Most Advanced Globally’

The Managing Director of SystemSpecs Technology Services Limited (STSL), Demola Igbalajobi, has hailed Nigeria’s financial technology (fintech) sector as one of the most advanced globally.

Igbalajobi declared this at the Nigeria GovTech Conference and Awards, organised by the Bureau of Public Service Reforms in Abuja, where he also lauded the nation’s leadership in fintech innovation and contributions to the global fintech ecosystem.

The conference themed ‘Digital Innovation as a Catalyst for the Renewed Hope Agenda’, gathered government representatives, industry leaders, and technology experts to explore how emerging trends in ICT and the country’s burgeoning tech talent base can drive public service delivery and improve the lives of Nigerians.

Igbalajobi who represented the Group Managing Director of SystemSpecs Holdings, Dr John Obaro, highlighted Nigeria’s pioneering role in areas such as instant payments and multi-bank navigation with solutions like Remita, which enables users to seamlessly manage accounts across multiple banks.

“The Nigerian payment system is one of the most advanced in the world. Instant payments and multi-bank applications, like those we see with Remita, offer functionalities that many developed countries have only recently begun to implement. We often take these advancements for granted, but they are a testament to Nigeria’s innovative fintech landscape,”he said.


He further emphasised the importance of collaboration between banks and fintech companies, stating that such partnerships are essential for the growth of both sectors. 

“Fintech firms may not hold funds, but they build solutions that leverage the infrastructure of banks. A healthy collaboration benefits both sectors and ultimately improves customer experience,” Igbalajobi noted.

Director General of the Bureau of Public Service Reforms, Dasuki Arabi, in his welcome address highlighted the critical role of digital transformation in achieving the Renewed Hope Agenda.

“With the right technology and innovation, we can not only fulfil the mandates of the Renewed Hope Agenda but also create a more inclusive and prosperous society for all Nigerians,” Arabi noted.

Stressing public private partnership, Igbalajobi maintained that true progress can only be achieved when both sectors work in harmony to overcome challenges and foster innovation.

“Collaboration between the public and private sectors is essential. The private sector can introduce innovation, technology, resources, and talent. However, the government remains the largest player in our economy, hence, it is in the private sector’s best interest to work closely with the government. The government sets the rules, manages the processes, and controls many aspects of what we do, while the private sector brings expertise, technology, and resources. When both sectors collaborate effectively, it creates a mutually beneficial partnership that drives progress and fosters a win-win outcome for all.

“Fintech relies heavily on robust infrastructure. Network reliability is crucial for seamless transactions, and government investment in this area will significantly enhance operational efficiency,” he added.

Reflecting on SystemSpecs’ over three decades of industry leadership, he attributed the organisation’s sustained success to its strong commitment to corporate governance and compliance with regulatory requirements. “For over 33 years, our dedication to good governance, internal control, and compliance with government policies has kept us at the forefront of the fintech industry,” he stated.