Digital transactions grow, but more still needs to be done
By Jeph Ajobaju, Chief Copy Editor
Fintech stakeholders have advocated for collaboration to facilitate financial inclusion to develop the African fintech ecosystem and utilise opportunities in the Nigerian and continental fintech markets.
The pitch was made at the Nigeria Fintech Forum in Lagos where discussions were held around 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.
Akeem Lawal, Managing Director, Payment Processing and Switching, Interswitch Purepay, disclosed digital transactions in Nigeria witnessed more than 86 per cent growth in half year 2023 (H1 2023).
“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,” he added.
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Bridging financial inclusion gaps
An Associate Dean at Lagos Business School, Professor Olayinka David-West, urged fintech firms to bridge financial inclusion gaps, per The Guardian.
“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,” she counselled.
David-West said for more women to participate in financial inclusion strategy, gaps between the urban and rural areas must also be bridged.
Clane Chief Executive Officer Oladipo Alabede noted “many people are creating new things, new ideas, and solving new problems in different ways. There is a need for collaboration. There is a need for integration of all these solutions.”
Akeem Salam, Head of Products and Innovation at 9PSB, said “we desire to see all Nigerians financially included. No one should be left behind.”