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Tag: FinTech

  • Safeguarding fintech infrastructures with advanced cybersecurity and encryption technologies: A wake-up call to the Nigerian fintech sub-sector 

    Safeguarding fintech infrastructures with advanced cybersecurity and encryption technologies: A wake-up call to the Nigerian fintech sub-sector 

    By Olufemi Dada

    In 2022, the global fintech industry found itself at the intersection of rapid innovation and escalating cyber threats. As digital financial services expanded their reach, offering unprecedented convenience and efficiency, they also became prime targets for increasingly sophisticated cyberattacks. 

    The stakes were monumental as a single breach could compromise sensitive financial data, disrupt operations, and erode consumer trust. As a result, protecting fintech infrastructures has never been more critical as the industry faces an increasing wave of cyber threats.

    The year saw a significant rise in cyberattacks targeting financial institutions, with ransomware and phishing attacks leading the charge.

    According to a report by the Financial Services Information Sharing and Analysis Center (FS-ISAC), cyberattacks on financial institutions increased by 38% compared to the previous year. In addition, the FS-ISAC reported that ransomware attacks on the financial sector rose to 70% in 2022. 

    Smaller fintech startups, often lacking the robust security frameworks of their larger counterparts, were particularly vulnerable. Insider threats and human error compounded these risks, with IBM reporting that 95% of cybersecurity breaches were attributable to human error. This highlights the critical need for comprehensive employee training alongside technological defenses. 

    The rapid adoption of digital financial services, fueled by the global shift towards cashless transactions and decentralized finance (DeFi), has exposed financial platforms to sophisticated cyber risks, including ransomware attacks, API vulnerabilities, and data breaches. 

    The 2022 IBM Cost of a Data Breach Report underscored the severity of these threats, revealing that the financial sector was among the most targeted industries, with an average breach cost of $5.97 million per incident. Also, the 2021 $600 million Poly Network hack, underscored the vulnerabilities in smart contracts and decentralized platforms. 

    To address these challenges, fintech institutions must lean heavily on advanced cybersecurity measures and encryption technologies to ensure the resilience of their infrastructures in an evolving threat landscape.

    Encryption technologies have emerged as a cornerstone for fintech cybersecurity strategies, as it plays a pivotal role in mitigating these risks, with end-to-end encryption (E2EE) becoming a standard security feature in financial transactions. By converting sensitive data into unreadable code, encryption can ensure that even if data were intercepted, it would remain inaccessible to unauthorized parties. Tokenization, which replaces sensitive financial data with unique identifiers, is rapidly gaining widespread adoption among payment processors to reduce exposure to cyber threats. 

    Advanced Encryption Standard (AES) and RSA encryption is also widely adopted, providing robust protection for data both in transit and at rest.

    Additionally, the industry can began exploring post-quantum cryptography to prepare for the eventual rise of quantum computing, which poses a long-term threat to traditional encryption methods. Moreover, the growing concern over quantum computing’s potential to break traditional cryptographic algorithms has led the National Institute of Standards and Technology (NIST) to push for the development of post-quantum cryptographic standards, urging fintech firms to future-proof their encryption strategies. 

    It is imperative to state that artificial intelligence (AI) can play a pivotal role in enhancing cybersecurity defenses, particularly for global financial institutions. Machine learning algorithms can be deployed to detect and respond to threats in real time, analyse vast amounts of data to identify unusual patterns or anomalies. A recent Deloitte 2022 survey indicated that 72% of financial institutions have integrated AI-based security solutions into their cybersecurity frameworks, allowing them to proactively detect and mitigate threats. 

    Automated threat response systems have also become crucial in reducing human intervention, accelerating response times, and limiting financial and reputational damage caused by cyber incidents. These advancements are essential in ensuring that financial transactions remain secure, even in the face of evolving cyber capabilities. 

    As the fintech industry continues to evolve, the importance of a proactive approach to cybersecurity and protecting infrastructures cannot be over emphasised. 

    The serious need for active collaboration between financial institutions, cybersecurity firms, and regulatory bodies should dominate conversations especially to stay ahead of emerging threats. More importantly, industry players should focus attention on building information-sharing platforms to allow for the exchange of insights and best practices to foster a collective defense against cyber adversaries.

    Furthermore, financial institutions should invest in cutting-edge technologies to foster a culture of security awareness among its workforce. Lastly, the adoption of a multi-faceted approach combining encryption, AI-driven threat detection, and strict regulatory adherence should be at the forefront of combating cybersecurity challenges. 

    As the fintech ecosystem expands, financial institutions must prioritise security as a core function rather than an afterthought. By investing in advanced cybersecurity measures and encryption technologies, fintech firms can build consumer trust and ensure the long-term resilience of digital financial services.

    The regulatory landscape in 2022 added another layer of complexity to fintech cybersecurity. Governments and regulatory bodies worldwide introduced stringent data protection laws, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States. Compliance with these regulations often required significant investments in cybersecurity infrastructure. Industry-specific standards like the Payment Card Industry Data Security Standard (PCI DSS) provided a framework for securing payment-related data, offering a competitive advantage as consumers increasingly prioritized data security when choosing financial service providers.

    As the fintech sector continues to evolve, the importance of a proactive approach to cybersecurity became increasingly evident. 

    A study by Juniper Research revealed that fintech firms implementing AI-based solutions reported a 30% reduction in fraudulent activities, underscoring the technology’s effectiveness.

    This article is written by Olufemi P. Dada, a financial crime systems analyst in Lagos, Nigeria. 

    He is an aspiring Certified anti-money laundering specialist, with extensive experience in financial crime prevention and detection, cybersecurity and blockchain technology

  • Fintech Design Trailblazers Crafting Next-Generation Solutions in Nigeria

    Fintech Design Trailblazers Crafting Next-Generation Solutions in Nigeria

    In the fast-growing Nigerian financial industry, the laudable success witnessed in its tech ecosystem is among the things making the country a leading hub for startups in Africa, especially with the dynamic improvement in digital product development, occasioned by highly talented designers that have proven their mettle in the world of FinTech products for the African market and the narratives around them.

    In this expository report, we will look at some of the outstanding names in Digital Product Designs in Nigeria. Those who have contributed immensely to the industry’s growth, even as many of them continue to dominate the creative arena with more innovation through their designs.

    The following professionals have been selected here, in no particular order, as among the best brains in the industry based on their exceptional results in terms of design outputs and motivation for quality delivery, which has made them arguably the most sought-after designers. In this categoryare:

    Iniobong Udoh: Udoh is a popular Product Designer and Manager, One Young World Ambassador, who loves making products that are easy to use. She studied Insurance at the University of Uyo, Nigeria and is currently a Senior User Experience Designer at VOLTA, United Kingdom. Admired for making complicated things simple and beautiful.

    Ibrahim Akinpelu: Akinpelu graduated from Lagos State University with a degree in Computer Science, has over 10 years of experience in product design, UI/UX, and website design, won the Frontier Innovation award and was praised for his outstanding skills as a Product Designer.

    Prosper Otemuyiwa : Otemuyiwa is well-known for his PHP programming abilities and reached great heights after Github ranked him the second-best PHP developer in the world. He is famous for creating the Laravel Hackathon Starter Pack, after working as a technical trainer at Andela Corporation. He’s also a Co-founder of Eden Life.

    Emmanuel Adeyemo: Adeyemo studied Electrical and Electronic Engineering at Obafemi Awolowo University before starting as a Graphics Designer.  He switched to product design, with true success, in projects like Linkga Microfinance and RectLabs. Treasured for making complicated things simple and easy to use.

    Oluwaseun Ayodeji: Ayodeji is a talented product designer with over five years of experience, notable for his work in VConnect and Jobberman; cherished for his simple, neat and approach to service.

    Olalekan Osundina: Osundina Studied Literature in English at Obafemi Awolowo University, Nigeria and is a trusted hand in fintech product design, having established himself as a UI/UX designer. He is the head of design at Page Financials’ and also the brain behind the company’s highly celebrated personal loans and investments mobile app, the personal finance mobile app OCTA, and other transformative product designs. His work won multiple accolades at the prestigious BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards for three consecutive years. Valued for crafting functional and user-friendly designs. He is also a UI/UX tutor at IFBC, Lagos.

    Maryam Dikko: Dikko is a skilled software engineer in the financial sector, earning an MSc in Advanced Computer Science with IT Management from the University of Manchester. She’s proficient in almost all programming languages; respected for her work at the Nigeria Deposit Insurance Corporation, where she applies her expertise in developing software solutions.

    Ire Aderinokun: Aderinokun MA, Law, University of Lagos and a BSc, Experimental Psychology, University of Bristol. She is a reputable software developer and the Head of Design and Products at Big Cabal, respected for her vast experience in the industry. Also linked with Eyeo and Bits of Code and admired for her versatility as a front-end developer and user interface designer.

    Olalekan Eyiowuawi : Eyiowuawi is a skilled programmer who currently works at Ruby on Rails in Chicago, USA, with several mobile applications to his credit, having served as a Software Developer for Andela and as a full-stack Software Engineer for Gobble. He’s recognized as one of Nigeria’s most accomplished programmers, with his career path aligning well with his academic qualifications. Olalekan holds a Bachelor of Science in Computer Science from the Federal University of Agriculture, Abeokuta, and a Master’s degree in Big Data from the University of Stirling, Scotland.

    Ayo Onasanya: Onasanya is the Founder and CEO of Acumen Digital, which is currently making waves in the UX research and product design industry in Nigeria. He is also the Co-founder of Stealth Mode.  Loved for his creativity and excellent delivery of quality services.

    It’s important to recognize these designers because they consistently produce exceptional designs and strive for excellence, making them highly sought-after. They are dedicated to making designs that work well for users and are ready to impact the industry.

    These seasoned designers’ visionary approach to fintech product design has enhanced user satisfaction and produced tangible business outcomes – the reason industry experts have classed them among those who have carved a niche for themselves in the digital product development market and are all respected for their ability to turn complex ideas into simple and beautiful designs.

  • “Ethical AI in FinTech: Addressing Bias, Privacy, and Transparency in AI-Driven Financial Services.”

    “Ethical AI in FinTech: Addressing Bias, Privacy, and Transparency in AI-Driven Financial Services.”

    • By Okwuchukwu Udeh

    In the dynamic landscape of Nigerian FinTech, the fusion of artificial intelligence (AI) with financial services holds immense promise for innovation and growth. However, as we enter this era of technological advancement, it is essential to address the ethical complexities that come with the integration of AI. This discourse explores the ethical implications of AI in Nigerian FinTech, examining concerns related to algorithmic bias, data privacy, and transparency while suggesting strategies for developing ethical AI frameworks suited to the Nigerian context.

    Algorithmic Bias: A Barrier to Fairness

    Algorithmic bias is a significant challenge to the equitable provision of AI-driven financial services in Nigeria, a country renowned for cultural diversity. For instance, credit scoring algorithms used by digital lending platforms could perpetuate biases against particular demographic groups, such as women or individuals residing in underserved communities, if past lending practices displayed a bias against them. This could obstruct deserving individuals from accessing credit facilities.

    To further illustrate the issue, imagine a fintech company that has launched a digital lending platform for small-scale farmers in rural Nigeria. This company heavily relies on AI algorithms to determine loan eligibility, but without adequate measures to detect and address bias, the algorithms could discriminate against farmers from marginalised communities. This perpetuates systemic inequalities and exacerbates existing disparities in the accessibility of financial resources.

    To combat algorithmic bias, stakeholders should prioritise fairness and inclusivity in algorithm development and deployment. This would create a more equitable financial landscape where all individuals, regardless of demographic background, have equal access to essential financial resources and opportunities for economic advancement.

    Data Privacy: Safeguarding Confidentiality in the Digital Age

    Integrating AI in Financial Technology (FinTech) in Nigeria has raised serious concerns about the safety and confidentiality of users’ personal financial information. Mobile banking apps, powered by AI algorithms to offer customised financial recommendations, require collecting and analysing vast amounts of sensitive user data, including transaction histories and spending patterns.

    For instance, a popular mobile payment platform widely used in Nigeria raises questions about protecting user data from unauthorised access or misuse despite its promise of enhanced convenience and efficiency in financial transactions. Without strict data privacy protocols, the risk of data breaches or exploitation by third parties is high, which could undermine consumer trust and confidence in FinTech services.

    To address these challenges, robust regulatory frameworks must be established to safeguard personal financial data in the rapidly evolving landscape of AI-driven FinTech. Additionally, proactive measures such as encryption technologies and user consent mechanisms must be implemented to enhance data security and protect user privacy in digital financial transactions. Only by taking such steps can Nigeria harness the transformative potential of AI in FinTech while ensuring the protection of individuals’ sensitive financial information.

    Transparency: Fostering Trust through Accountability

    Transparency is crucial to ethical AI in Nigeria’s FinTech industry as it builds trust and accountability among consumers, regulators, and industry stakeholders. However, achieving transparency in AI algorithms is difficult due to their complexity and opacity. Without proper transparency mechanisms, consumers may be left in the dark, unable to understand or challenge the decisions made by AI-powered financial services.

    For instance, Nigerian investment platforms like Cowrywise use AI for portfolio management and financial advisory services. While these platforms claim that their algorithm-driven wealth management strategies are precise and efficient, the lack of transparency surrounding their AI algorithms raises concerns among investors about the fairness and integrity of investment recommendations. As a result, investors may hesitate to trust these platforms with their financial assets due to the opaque nature of the underlying decision-making processes and their potential consequences.

    Developing Ethical AI Frameworks: The Role of Growth Experts

    In the evolving landscape of artificial intelligence (AI), the imperative of ethical AI frameworks stands as a cornerstone for responsible innovation. Among the multifaceted stakeholders involved in shaping the moral trajectory of AI, growth experts emerge as pivotal actors, wielding their expertise to align organisational objectives with societal values.

    Growth experts possess a nuanced understanding of market dynamics, consumer behaviour, and strategic growth initiatives. This unique perspective enables them to recognise the ethical implications of AI development and deployment. By integrating ethical considerations into growth strategies from inception, they navigate the complexities of AI innovation while prioritising integrity, fairness, and transparency.

    Their commitment to advancing responsible innovation is central to the role of growth experts. They advocate for ethical principles within their organisations, fostering a culture of accountability and integrity. By challenging conventional norms and engaging in discussions around the moral dimensions of AI technologies, they drive meaningful change from within.

    Moreover, growth experts play a crucial role in empowering stakeholder engagement. Recognising the importance of diverse perspectives in shaping ethical AI frameworks, they foster collaboration across academia, civil society, and industry peers. Through transparent communication and active engagement, they create avenues for knowledge exchange and consensus-building, ensuring that AI development reflects a broad spectrum of societal values.

    In the collective endeavour to develop ethical AI frameworks, growth experts are called upon to lead by example. Their role extends beyond organisational boundaries, encompassing broader societal concerns and implications. By leveraging their expertise and influence, they contribute to a future where AI technologies are enablers of progress, guided by principles of responsibility, equity, and human dignity.

    Empowering Ethical AI: Mobilising for Action

    As AI technology continues to be integrated into the Nigerian FinTech industry, it’s crucial to navigate the ethical complexities that come with it. Algorithmic bias occurs when AI systems produce discriminatory outcomes, often reflecting historical biases in the data used to train them. To ensure fairness and inclusivity, it is essential to employ algorithmic audits, diverse data sampling, and continuous monitoring to identify and address bias in AI algorithms effectively.

    Furthermore, it’s crucial to implement stringent data privacy protocols to safeguard users’ sensitive information in the FinTech ecosystem, by implementing robust data protection measures in compliance with global standards such as the General Data Protection Regulation (GDPR), Nigerian FinTech companies can build consumer trust and mitigate the risk of data breaches or misuse.

    Transparency mechanisms also play a crucial role in fostering trust and accountability in AI-driven financial services. FinTech companies should strive to provide clear explanations of how their AI systems operate, including the data sources used, the algorithms employed, and the potential impacts on users. Transparent communication helps users understand the rationale behind AI-driven decisions, empowering them to make informed choices and hold companies accountable for their actions.

    Drawing inspiration from global initiatives such as the “Algorithmic Accountability Act” in the United States and the “Ethical Guidelines for Trustworthy AI” by the European Commission, Nigeria can develop its own ethical AI governance framework tailored to its unique socio-economic context. This framework should reflect Nigerian values of fairness, integrity, and transparency while addressing the challenges and opportunities in the country’s FinTech landscape.

    Collaboration between industry stakeholders, regulatory bodies, and civil society is paramount in shaping inclusive and equitable AI policies. By engaging in multi-stakeholder dialogues and partnerships, Nigeria can leverage collective expertise and perspectives to co-create ethical AI guidelines that balance innovation with societal values and concerns. Through this collaborative approach, the Nigerian FinTech ecosystem can foster innovation while ensuring that AI technologies benefit all segments of society.

    Towards a Sustainable Future of Ethical AI in Nigerian FinTech

    In conclusion, addressing algorithmic bias, data privacy, and transparency concerns is crucial to integrating AI ethically into Nigerian FinTech. Using local examples and contextual insights, we emphasised the need for growth experts and industry stakeholders to develop ethical AI frameworks that prevent systemic biases and uphold the principles of fairness and accountability. As Nigeria moves towards technological innovation and digital transformation, we should strive to create a future where AI-driven financial services empower all Nigerians, regardless of their socio-economic background, in an ethical, transparent, and inclusive manner.

    Okwuchukwu Udeh, Growth and Marketing Expert.

  • Banks seek more investments in FinTech, human capital

    Commercial banks have been advised to make more investments in financial technology (FinTech) and the relevant specialised human capital for the growth of the financial system.

    Chartered Institute of Bankers of Nigeria (CIBN), President, Uche Olowu who gave the advice at the institute’s investiture in Lagos,  said  investment in specialised human capital is, particularly, significant given the domination of technological solutions, which are taking over human jobs.

    According to a report by the McKinsey Global Institute, 60 per cent of all occupations have at least 30 per cent of activities that are technically automated. Furthermore, the report states that roughly one-fifth of the global workforce will be impacted by the adoption of Artificial Intelligence (AI) and automation and by 2030, it is estimated that robots will replace 800 million workers across the world. The World Economic Forum, further projects that by 2055, nearly half of all work in all occupations would be automated.

    Additionally, the PricewaterhouseCoopers (PwC) states that the effects of automation would not only alter the jobs available to humans but also the perceived value of these jobs.

    “It is also pertinent to mention that the increasing competition in the digitised banking environment would no longer be between banks but with non-banking institutions,’’ he said.

    FinTech and big tech firms such as Google, Amazon, Facebook and Apple are now capturing more of the banking value chain.  Furthermore, payment service banking is set to further disrupt the banking industry. For example, as at July 2019, telecoms such as MTN and Airtel Nigeria had been granted licenses by the Central Bank of Nigeria. PwC suggests that from 2025 to 2035, a market economy would readily exist without traditional banks,” he said.

    Olowu said that any bank staff who wishes to survive and thrive within the industry over the next 10 to 20 years must adapt and become relevant to the future of banking.

    “Indeed professionals and would-be banking professionals must reposition themselves for relevance in the changing environment. Such statistics as stated above confirm that in the future workplace, we may not be competing for jobs with other humans but with robots,” he said.

    Continuing, he said that in the age of digitisation it is important to stay relevant regardless of the cadre of employment you fall under. “Banking professionals must consistently keep in touch with current trends in their field of expertise and the impact such trends would have on your job role. Aspiring bankers are also expected to gain a full understanding of the emerging technical skills sought after in the industry. Constantly keeping tabs on trends and required skills would increase your value professionally and in turn your relevance,” he added.

    The Guest Speaker and Managing Director/CEO, Ecobank Nigeria, Patrick Akinwuntan, said that financial institutions are faced with growing technological changes and have had to respond through the adoption of and adaptation to potentially disruptive technologies in their business models and in their broad corporate strategies. This is all in a bid to remain relevant, increase convenience and productivity and make banking simple for individuals and businesses alike.

    He said the banking sector has undergone some changes,  will undergo added disruption. “Yesterday, we had nothing like the digital apps in use today, tomorrow we are certain of further disruption underlined by artificial intelligence, machine learning, robotics, big data analytics among others,” he said.

    “To reposition in a competitive environment, you must evaluate and understand the trends that would impact the industry now and into the future. Are these trends positive or otherwise? Are the impacting trends long or short term? Are they irreversible or not? Additionally, one must also be clear on what is relevant to the market, be clear on market outcomes and constantly evaluate these outcomes. We note that repositioning decisions hold positive or negative outcomes with regards to personal and vocational value,” he said.

  • CBN to regulate FinTech

    The Central Bank of Nigeria (CBN) plans to establish a Collateral Management Regime (CMR) to regulate the activities of financial technology (FinTech) firms and startups.

    Its Governor, Godwin Emefiele, in his keynote address at the inaugural Lagos Fintech Week in Lagos, said: “CMR is being developed in line with on-going efforts to evolve a robust collateral management regime which will be proportionate to transactional level of participants within the payment system.”

    Represented on the occasion by the Director, Payments System Management Department (PSMD), Sam Okojere, the apex bank chief said the consequences of the new regime are that both incumbents and new entrants will operate without unnecessary collateral burden.

    A fintech lawyer and partner, Private Equity Capital at the chambers of Aluko & Oyebode, Oludare Sembore who also spoke at the event said: “The Nigerian approach to FinTech regulation is somewhat similar to the United States and South Africa. FinTech in these countries are not governed by any specific legal framework, as the regulators are currently taking steps to understand the concept.”

    He said the FinTech space in the country is largely regulated by circulars and guidelines published by the CBN and a host of existing regulations that apply to “traditional financial service institutions.”

  • Technology to drive processes in the Capital Market, says Uduk

    Acting Director General of the Securities and Exchange Commission, SEC, Mary Uduk has said that Technology when properly leveraged will reduce the cost of doing business in the capital market.

    This Uduk said, is one of the reasons why the apex regulator of the Nigerian Capital Market is encouraging the introduction of technology in the market.

    According to Uduk: “We know that technology is driving a lot of things in the financial system at the moment. For instance, in the banking system, technology is driving the payment system. Even with phones people can buy, make payments and even obtain loans among others.

    “We have seen that there is a lot of innovation and cost reduction in the money market due to technology, and so we also want to do the same in the capital market.

    “To this end, the Capital Market Committee has set up a Road Map committee to come up with a guide for the capital market to enable us also leverage on technology to do business and reduce cost.”

    The Acting DG disclosed that the Commission already has a division dedicated to Fintech that will help look at all the technologies that relate to the capital market surrounding ICOs, among others.

    Read Also: SEC advises shareholders to monitor investments

    She said that in the capital market, technology has assisted in improvements of processes like the use of Block chain to enhance settlement, and the use of technology to drive the platforms through which people are now able to come in to invest.

    “Innovations in financial technology, has made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises, promoting financial inclusion and the affordability of financial services.

    “A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth and will create a million more jobs. The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective,” she added.

     

  • Cellulants boosts Fintech with blockchain technology

    Cellulant, a digital payments service provider is improving Financial Technology (FinTech) its Agrikore and Tingg blockchain based platform.

    The smart contracting, digital financial services/payments and customer relationship management system is transforming the way digital and financial services is done.

    Speaking at the Global Endeavor gala in New York City, Co-founder Cellulant, Bolaji Akinboro said the economic opportunity and capital investments are critical to Cellulant’s tremendous success in sub-Saharan Africa.

    The Endeavor network, headquartered in New York City with offices around the world pioneered the concept of high-impact entrepreneurship in growth markets around the world.

    He said that ‘‘through agriculture, for instance, the company has been able to put up a payment technology capable of solving real-world problems. The African agricultural sector is a $330 Billion fragmented industry which is fundamentally being driven by cash. Hence our resolve to organise and digitise the money flowing in this sector”.

    In a related development, Ken Njoroge underscored the immense business opportunities Endeavor would make with its entrant into the African (Nigerian and Kenyan) market. ‘‘It needs large pipelines on start-ups so that they can go through the different stages of business growth. The network staying through to its core values have the potential to change the business ecosystem in Africa’’.

  • Ecobank CEO speaks on Fintech gains in Africa

    Managing Director, Ecobank Nigeria, Patrick Akinwuntan   has listed Africa’s potentials and how the continent can harness opportunities in Financial Technology (Fintech).

    Speaking  at the third National Fintech Conference and Africa Fintech Festival 2018 Edition in Lagos, on the theme: Fintech- Beyond and Hype, he said Africa, as a whole, has an economy where over 95 per cent of transactions are conducted in cash, hence, offers an opportunity it could harness via digitisation.

    The conference, which kicked off the Africa Fintech Festival series, is a week-long festival with two days of main conference and various other engaging side attractions running throughout the week. Akinwuntan said: “Digitisation will provide an important avenue for African economies to leapfrog, not only financial development, but also development across other sectors of the economy.

    “There are infinite opportunities on the digital platform and fintech are working really hard to develop and introduce products that will benefit Africa. These changes will only benefit African economies that are ready to embrace digitalisation.”

    He said mobile devices are also obvious tools, which Africa could use to unleash the power of digitalisation across the continent, adding that with the rising penetration of mobile broadband, there are more possibilities ahead for Africa. Akinwuntan also said Africa could copy from other continents and countries that had harnessed digitalisation to boost their economy. “For instance, Estonia, a small European country, was trying to find its feet post-breakup of the Soviet Union in 1991, without much resources from which to rebuild.

    “The government led a deliberate effort to fast-track economic development leveraging digitalisation rooted in the goal to improve the wellbeing of its citizens. They invested in a broadband network across the country, digitised government services and incentivised citizens,” Akinwuntan said. Ecobank, according to him, was in 36 countries in Africa and was ready to collaborate with all willing partners to make digital payments across Africa a reality.

     

  • Ecobank CEO speaks on Fintech in Africa

    Managing Director, Ecobank Nigeria, Patrick  has listed Africa’s potentials and how the continent can harness opportunities in Financial Technology (Fintech).

    Speaking  at the third National Fintech Conference and Africa Fintech Festival 2018 Edition in Lagos, on the theme: Fintech- Beyond and Hype, he said that Africa, as a whole, has an economy where over 95 per cent of transactions were conducted in cash, hence, offers an opportunity it could harness via digitisation.

    The conference which kicked off the Africa Fintech Festival series, is a week-long festival with two days of main conference and various other engaging side attraction running throughout the week. Akinwuntan said, “Digitisation will provide an important avenue for African economies to leapfrog, not only financial development, but also development across other sectors of the economy.

    “There are infinite opportunities on the digital platform and fintech are working really hard to develop and introduce products that will benefit Africa. “These changes will only benefit African economies that are ready to embrace digitalisation.”

    He said that mobile devices were also an obvious tool which Africa could use to unleash the power of digitalisation across the continent. The managing director also said that with the rising penetration of mobile broadband, there were more possibilities ahead for Africa. Akinwuntan also said that Africa could copy from other continent and countries that had harnessed digitalisation to boost their economy. “For instance, Estonia, a small European country, was trying to find its feet post-breakup of the Soviet Union in 1991, without much resources from which to rebuild.

    “The government led a deliberate effort to fast track economic development leveraging digitalisation rooted in the goal to improve the wellbeing of its citizens. “They invested in a broadband network across the country, digitized government services and incentivized citizens,” Akinwuntan said. He said that Ecobank was in 36 countries in Africa and was ready to collaborate with all willing partners to make digital payments across Africa a reality.

  • ‘Nigeria has huge potential in fintech’

    Nigeria has huge potential to use financial technology (fintech) to improve access to financial services and business opportunities.

    Executive Director, Systemspecs Limited, Mr. Aderemi Atanda, said Nigeria has achieved several feats in fintech and still has potential to achieve more. He spoke recently at the Centre for Financial Journalism (CFJ)-Association of Corporate Affairs of Managers of Banks (ACAMB)’s Business Forum in Lagos.

    According to him, Nigeria can really lead the entire world by being at the forefront of fintech, providing veritable model for others to follow.

    He explained that fintech was part of the digital age which evolved partly as a result of revolution in mobile telecommunications.

    Dwelling on the theme of the Business Forum Fintech and Financial Services Delivery in the Digital Age, he said fintech, which is driven by data, is transforming the ways financial and business transactions are now carried out.

    He noted that pay-tech is just one aspect of fintech, and virtually the only aspect that we are still dealing with now as there are many other aspects that are yet to be integrated into the entire architecture of fintech.

    According to him, it is not only the banking sector that requires the services of fintech providers.

    He said insurance, pension schemes, medical services, oil and gas and agriculture require fintech to drive them.

    “There is huge potential yet untapped that can help to move the entire system forward to new stage of development,” Atanda said.

    According to him, many things have happened in the fintech landscape in Nigeria that have not happened elsewhere in the world.

    However, he lamented that the success stories in this area has not been adequately captured and celebrated.

    He advised that Nigeria should understand the paradigm that shape narratives and such can capture the successes achieved so far in the fintech landscape.

    He said despite the successes achieved so far, even well acknowledged by advanced countries, there is still a lot of room for improvement.

    He advised the media to consciously look for success stories in Nigeria and Africa in the fintech space that can serve as the narrative for the rest of the world to follow and learn from.

    “Many things will still shape and re-shape the future we see before us. We should be ready to be part and indeed, at the forefront of the global movement in fintech space,” Atanda said.