On the second day of Nigerian Fintech Week, the message was clear: failure is a critical driver of learning and innovation in the fintech sector. Keynote speaker ‘Deremi Atanda, MD of Remita, underscored the value of failing fast as a strategy for rapid learning and adaptation. Citing Remita’s journey from a failed project in 2005 to processing over $50 billion in transactions today, Atanda urged fintechs to see setbacks as chances to learn, innovate, and build resilience.
AI’s Role in the Future of Payments
Premier Oiwoh, CEO of the Nigeria Inter-Bank Settlement System (NIBSS), discussed the transformative role of AI in payments, noting that Nigeria’s expanding digital landscape positions it well for AI-driven growth in e-commerce, projected to reach $24 billion by 2027. He highlighted AI applications such as fraud detection, AML features, automated processes, virtual lending, and personalized customer interactions. However, challenges in adopting AI, including data quality and regulatory gaps, were noted.
A fireside session, moderated by Tiwa Osazuwa of AELEX, addressed Nigeria’s need for AI-specific regulation. Although frameworks like the Nigeria Data Protection Act (NDPA) exist, the panel called for robust oversight on intellectual property, data ethics, and automation to prevent misuse, urging African tech leaders to seize early-stage AI opportunities.
Driving Economic Inclusion Through Embedded Finance
In a session led by Funsho Oyelohunnu, CEO of Horizonpay, embedded finance was proposed as a solution for integrating financial services into non-financial sectors, especially for underserved populations. By embedding services like payments, lending, and savings into sectors like rent and insurance, fintechs can boost economic inclusion. The panel highlighted that while 81% of Nigerians own mobile phones, distrust in traditional banking keeps many unbanked, emphasizing the need for fintechs to create accessible, secure products and work with regulators to build trust.
Insights on the Future of VC Funding in African Fintech
A fireside session on the continent’s VC funding outlook led by Jameelah Sharrief-Ayedun, CEO of CreditRegistry, featured insights from McKinsey, Deloitte, KPMG, and EY. The panel discussed factors contributing to a 49% dip in fintech funding year-on-year, including global economic challenges and the impact of Silicon Valley Bank’s collapse. Despite these hurdles, the panel expressed optimism, pointing to sustained interest in efficient, lean fintechs and policy adjustments to attract foreign investment across Africa.
As Nigerian Fintech Week progresses, the spotlight on resilience, AI, and inclusion offers valuable insights into the evolving strategies that will shape the future of fintech in Africa.
