Industry Leaders Unite at the FITC FINTECH TechnNovation Conference to Balance Performance and Compliance in Nigeria’s Booming Digital Finance Sector

FITC lately concluded its extremely anticipated TechnNovation FINTECH Convention, themed “Constructing Belief within the Digital Age: Balancing Efficiency with Compliance.” The occasion introduced collectively key stakeholders from the monetary sector, together with banks, fintech innovators, traders, and regulators. The convention supplied priceless insights and studying alternatives round trade tendencies, product innovation, regulatory updates collaboration and partnership. 

In her deal with, Chizor Malize, MD/CEO of FITC and convener of the convention, emphasised the transformative influence of fintech on the worldwide monetary providers trade. She highlighted the success tales of firms like Interswitch, Flutterwave, and M-Pesa, highlighting Africa’s potential to drive monetary inclusion and financial progress by means of digital innovation. 

Malize underscored the significance of sustaining belief and compliance within the digital age, emphasizing FITC’s function in offering revolutionary data options and capacity-building applications to strengthen the monetary providers sector. 

The Keynote deal with by Philip Ikeazor, the Deputy Governor of Monetary Techniques Stability on the Central Financial institution of Nigeria (CBN) and Board Chairman, Monetary Establishments Coaching middle (FITC) which was delivered by, Taiwo Oladimeji Deputy Director, Funds System Administration Division Central Financial institution of Nigeria (CBN) highlighted the exceptional progress of the fintech sector in Nigeria and the significance of belief in digital finance. 

Ikeazor said that “over the previous decade, Nigeria has seen a major surge in its fintech sector, reworking monetary transactions by means of improvements like cellular funds and blockchain know-how. With over 200 fintech startups, Nigeria has change into a hub for monetary inclusion and substantial investments. The Central Financial institution of Nigeria (CBN) has performed a pivotal function by implementing insurance policies that promote innovation whereas sustaining monetary system stability and integrity.”

Steady dialogue, data sharing, and capability constructing are needed for balancing efficiency with compliance. The CBN’s e-learning platform, SabiMONI, promotes monetary literacy and deepens monetary inclusion by equipping residents with the data and instruments they want. This initiative goals to construct a financially inclusive society and foster higher belief within the monetary system. 

In conclusion he highlighted that the CBN is devoted to creating regulatory frameworks that deal with challenges posed by rising applied sciences resembling AI (Synthetic Intelligence), blockchain, and digital currencies. The Funds System Imaginative and prescient (PSV) 2025 focuses on driving digital improvements and funds, with an emphasis on contactless funds, massive information, and open banking. 

In her opening deal with Adedoyin Odunfa MD/CEO Digital Jewels Restricted and Chair of the Convention Advisory Board, highlighted the essential function of fintech in Nigeria’s financial improvement and monetary inclusion on the FITC FinTech Technovation convention.  

Odunfa additional pressured the significance of balancing innovation with compliance, advocating for a customer-centric method and various groups. She emphasised key success components resembling having dedicated people, sturdy processes, scalable options, and efficient collaboration.  

In conclusion she urged fintech firms to deal with problem-solving, delivering on guarantees, integrating safety, and leveraging international finest practices, emphasizing steady studying, and networking for achievement. 

The convention recorded numerous plenary periods which enabled deeper discourse.  

The primary plenary dialogue addressed Unleashing the Energy of Fintech: Balancing Innovation with Regulatory Frameworks in a Borderless World. The lead speaker for the primary plenary session Dr. Oyenuga Olufemi, Group Chief Digital Officer, Mainbridge Group highlighted the digital alternative’s dangers and challenges, displaying the significance of structural exercise and social accountability in leveraging exponential know-how, web connectivity, and cloud.  

The session emphasised the stability between fintech innovation and regulatory compliance. Collaboration, proactive regulation, and ethics are important for sustaining client belief and monetary inclusion. Steady dialogue between trade gamers and regulators is significant for navigating the evolving panorama. Adeyinka Adekoya, Group Head Company, Retail and Power Interswitch highlighted market alternatives regardless of regulatory challenges and pressured the significance of economic literacy and ongoing public training for sustainable progress. 

The second plenary dialogue addressed Scaling with Fintech Capital Methods: Navigating Development from Seed to Success. Lead speaker Oladipo Alabede, CEO of Clane, emphasised the significance of buyer obsession in fintech innovation. By repeatedly anticipating and assembly buyer wants, fintech firms can construct lasting relationships and earn belief. This method not solely drives buyer loyalty but in addition helps in figuring out viable merchandise that may generate sustainable income streams. Alabede advocates focusing intensely on understanding and serving area of interest markets successfully earlier than scaling operations.  

The session underscored the necessity for Fintechs to diversify funding sources and prioritize adaptability, buyer focus, and strategic partnerships for sustainable progress. Yonodu Okeugo from VFD Microfinance Financial institution highlighted their customer-centric technique and collaboration to drive innovation and meet evolving wants. He remarked, “Our progress technique is centered on scaling transaction volumes and enhancing service supply to fulfill evolving buyer wants.” 

The third plenary dialogue addressed Collaborating to Defend the Nigerian Fintech trade for a safe monetary trade. Main within the dialogue Olaoluwa Awojoodu CEO, E-Settlement, emphasised the transformative potential of AI and the necessity for Nigerian Fintechs to embrace collaboration regardless of aggressive pressures. Highlighting international AI developments, he pressured the urgency for Nigeria to maintain tempo. Olaoluwa likened the trade to a forest the place firms compete for sources however can profit from underground collaboration. He advocated for unified platforms to fight fraud, leveraging applied sciences like BVN (Financial institution Verification Quantity), and urged strategic collaboration to navigate challenges and seize alternatives within the evolving digital panorama.  

The third session introduced insights on the significance of collaboration, belief, and regulatory help in Nigeria’s fintech ecosystem. Panelists agreed that partnerships and improved regulatory frameworks are important for sustainable progress and innovation. Elliot Kayode Sangoleye underscored the necessity for agile and adaptable rules that foster quite than hinder fintech developments. By addressing these areas, stakeholders can work in direction of a safer and affluent monetary surroundings in Nigeria. 

The 2-day convention highlighted different insightful segments.

The primary plenary phase for day two was Fintech & Sustainability: Financing a Greener Future it targeted on how fintech can drive sustainable funding, improve transparency, and foster monetary inclusion, alongside the challenges and options in reaching these objectives.

Seun Onayiga who’s an funding banker and a finance knowledgeable, highlighted the pivotal function of knowledge analytics and fintech in driving sustainable finance. He emphasised how these applied sciences allow real-time monitoring of environmental impacts and improve transparency in moral sourcing by means of blockchain. Fintech’s contributions to monetary inclusion through cellular banking and micro-insurance had been additionally emphasised, selling inexperienced behaviors and sustainable investments.  

The second plenary dialogue for day two Regulatory Evolution in Fintech: Navigating Compliance Challenges in a Quickly Altering Panorama. Centered on navigating compliance challenges within the quickly evolving fintech panorama. The convention introduced collectively trade specialists to share insights on AI in compliance, monetary crime rules, and the significance of regulatory evolution.

Dr. Olubukola Akinwunmi highlighted fintech’s effectivity and competitors, stressing collaboration between conventional banks and inexperienced gamers. He addressed challenges like infrastructure resilience, regulatory jurisdiction, market misconduct, and governance. His options included shared infrastructure fashions, improved governance, and efficient collaboration to reinforce public belief and maintain monetary sector progress. Mercy Mulei Govt Head Danger & Compliance M-Pesa Africa highlighted the twin function of regulation as each an enabler for fintech innovation and a safeguard for public pursuits. She underscored the need of balancing regulatory compliance with enterprise progress. 

The knowledgeable debate stood out for its moral focus, trade relevance, knowledgeable insights, interactive dialogue, and emphasis on coverage and governance. 

The knowledgeable debate construction of “Moral AI vs. Algorithmic Earnings: Ought to Fintechs Prioritize Monetary Features over Consumer Wellbeing?” was uniquely targeted on balancing profitability with moral issues in AI adoption inside fintech. Dr. Stanley Jacob MD/CEO Zest emphasised the important relationship between profitability and ethics, warning in opposition to compromising moral requirements for enterprise progress. He cited cases of firms going through closure because of moral breaches, advocating for a harmonious alignment of profitability with moral duties. Taiwo Joda MD Accion MFB echoed these considerations by highlighting international rules like GDPR as important frameworks for selling information privateness and moral AI practices. He pressured transparency in AI decision-making to empower customers and guarantee knowledgeable consent, underlining the significance of moral tips in fintech operations. 

The session concluded with a consensus on the significance of AI governance and creating regulatory competencies in rising economies. Individuals agreed on the necessity for sturdy AI governance frameworks to foster sustainable AI adoption whereas successfully addressing regulatory challenges. 

Individuals on the convention who had been drawn from throughout the continent representing Fintechs, banks, innovators, traders, and regulators, shared their experiences: 

“Elliot Kayode Sangoleye, Group Head of E-Enterprise & Digital Companies at Providus Financial institution, mirrored on the convention’s deliberations: “The discussions at this convention have illuminated important trade developments, emphasizing the significance of compliance and belief. By addressing these areas, we are able to guarantee sustainable progress and stability within the fintech sector. This convention has been instrumental in charting a path ahead, highlighting the necessity for steady innovation whereas sustaining rigorous requirements of governance. It’s clear that collaboration and adherence to moral rules are paramount for the trade’s future success.” 

The fourth version of the FITC FinTech TechnNovation Convention concluded on a excessive notice, delivering substantial insights and learnings to the monetary providers and fintech trade. As individuals depart with enriched data and strategic insights, FITC stays dedicated to future editions that may proceed to form the panorama of economic know-how in Nigeria and past. FITC performs a pivotal management function in advancing the sector by means of cutting-edge data options and capacity-building applications, persistently driving excellence and innovation within the monetary system. 

FITC, Monetary Establishments Coaching Centre, is a world-class innovation-led data {and professional} providers agency offering cutting-edge studying, advisory, and analysis providers to shoppers within the monetary providers and different sectors inside and out of doors Nigeria. Established in 1981 as a non-profit group restricted by assure, FITC is owned by the Bankers Committee, comprising the Central Financial institution of Nigeria (CBN), Nigeria Deposit Insurance coverage Company (NDIC), and all deposit cash banks in Nigeria. 

For 4 a long time, FITC has been on the forefront of revolutionary data choices designed for an array of C-suite executives, administrators of banks, and different monetary establishments. Leveraging its strategic management function, FITC persistently drives excellence and innovation, positioning itself as a pioneer in advancing the monetary system.