‘Fintech Will Drive Economic Growth in Nigeria’

The need to leverage on financial technology (Fintech) to promote financial inclusion to enhance the well-being of Nigerians and ensure sustainable economic growth took the centre-stage at the maiden Nigeria Fintech and Financial Inclusion Roundtable 2024 organised by Business Journal Media Group in Lagos. 

Experts at the event with the theme, the ‘Role of Fintech And Financial Inclusion in Citizen Empowerment and Economic Growth’ stated that proper leverage of Fintech would enhance the economy of the nation and take Nigerians out of poverty.

Delivering the keynote speech at the event, Group Managing Director/CEO, Unified Payment Services Limited, Dr. Agada Apochi, stated that the large number of Nigerians with active mobile phones presented an opportunity for Fintechs to bring Nigeria out of poverty.

“There are more Nigerians with telephones than those with bank accounts. The task for Fintechs is to leverage the power of financial technology to deliver financial services to the excluded, such that they are not only financially included, but also economically included. Economic growth and financial inclusion are closely related. We cannot sustain the impact of financial inclusion without prioritizing economic inclusion. Beyond achieving individual or organizational economic growth, we can lift millions of Nigerians out of poverty by including them economically and financially,” he assured.

Managing Director/CEO, HumanManager Limited, Mrs. Adekunbi Ademiluyi, said that financial inclusion starts with identity, adding that when an identity of an individual is known, then one can open an account with the person. 

She noted that Nigeria started well with financial inclusion, though, she observed that it has not yet gotten to where it should be, but pointed out that going by the way the fintech companies are working to ensure that every Nigerian is included, Nigeria will get there.

In his opening remarks as Chairman of the occasion, who is the Group Chairman of Nigerian Exchange Group (NGX), Dr. Umaru Kwairanga, assured that by leveraging cutting-edge technologies like mobile platforms, big data analytics and distributed ledger systems, fintech has the power to democratise finance, breaking down barriers and extending access to financial services to the underserved and unbanked.