Over 86% Growth Recorded By Fintech

Despite the pandemic, the Financial Technology (Fintech) payment space in Nigeria grew by about 800 per cent.

Among these who Participanted at the 2023 edition of the Nigeria Fintech Forum held in Lagos have talked about the need for collaboration to enhance financial inclusion.

During at the forum, it's addressed critical developments in the African fintech ecosystem, while uncovering countless opportunities within the Nigerian and African Fintech markets.

There were also some conversations about fraud and fincrime, embedded finance, cross-border payments, Web 3.0 and digital currencies, payments innovation, banks, Fintech, telcos, regulation, money and digital transformation, forex, future of CX and lending.

The Managing Director in his speech said that, Payment Processing and Switching, Interswitch Purepay, Akeem Lawal, disclosed that digital transactions recorded over 86 per cent growth in the half year of 2023 in the country.

He said partnership for growth is a topical issue within the industry, he added: “We have also seen a significant rise in the industry’s performance, especially in the area of instant payments.

In six months, the industry recorded over 86 per cent growth; and our forecast is quite promising.”

An Associate Dean at the Lagos can Business School, Prof. Olayinka David-West, said fintech firms must bridge the financial inclusion gaps.

She said specifically, “Beyond availability and accessibility, the quality of services being offered by the operators is very crucial.

They should continue to roll out financial services that meet the needs of Nigerians.”

Advocating more women in the financial inclusion strategy, David-West, added that gaps between the urban and rural areas must also be bridged.

CEOof Clane, Oladipo Alabede, said a lot of innovations are happening in the market.

“Many people are creating new things, new ideas, and solving new problems in different ways. So therefore there are needs for collaboration.

There is a need for integration of all these solutions,” he also said.

Head of Products and innovation, 9PSB, Akeem Salam, argued that financial education is vital for financial inclusion.

“We desire to see all Nigerians financially included.

No one should be left behind,” he stated.