The sixth annual Nigerian Fintech Week kicked off at Lagos’ Landmark Centre, focusing on “Fintech: Resilience, Innovation, and Diversification” as themes essential for a strong and sustainable tech ecosystem. Organized by the Fintech Association of Nigeria (FAN), the event brought together industry leaders to discuss the evolving fintech landscape and the challenges facing Nigeria’s digital finance sector.
Ade Bajomo, president of FAN, emphasized that resilience, innovation, and diversification are crucial for the sector’s growth, particularly in the face of cybersecurity challenges and emerging technologies. Bajomo pointed out that one-third of computers face cybersecurity risks, urging fintechs to adopt regulatory compliance and strengthen their resilience amid volatile markets and economic shifts. He also noted Nigeria’s leading role in Africa’s fintech space, with 42% of the continent’s fintech deals in Q2 2023 and a growing number of unicorns.
Bajomo addressed Nigeria’s tech talent gap, highlighting that while there are over 250 fintechs and 6,000 startups in the country, the pool of developers is still shallow, with fewer than 100,000 developers nationally. He called for greater talent development and exploration in underrepresented areas such as agritech and proptech to foster a more inclusive and diversified tech ecosystem.
Lamin Barrow, representing the African Development Bank (AfDB), delivered the keynote address, highlighting Africa’s progress in digital finance. According to Barrow, Africa leads globally in mobile money usage, with 33% of adults in Sub-Saharan Africa holding mobile money accounts and 70% of mobile money transactions occurring in Africa. Barrow underscored the AfDB’s plans to establish a fintech hub by 2025, which aims to support 75% of African fintech firms and address the continent’s remaining digital divide.
The day featured in-depth fireside discussions with prominent industry figures, including Olumide Soyombo of BlueChip Technologies and Ebehijie Momoh from Mastercard, focusing on regulatory compliance, digital trust, talent acquisition, and customer-driven innovation. Regulatory voices from the Central Bank of Nigeria (CBN) were also present, underscoring the importance of collaboration between fintechs and regulators to strengthen Nigeria’s digital financial ecosystem.
As the event progresses, industry leaders continue to explore ways to make Nigeria’s fintech sector more resilient and adaptable in an ever-evolving global digital economy.
