ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, September 19, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Banks, Fintech Must Partner To Activate Nigeria’s $1trn Economic Target’

by Olushola Bello and Bukola Aro-Lambo
12 months ago
in Business
banks
Share on WhatsAppShare on FacebookShare on XTelegram

For Nigeria to achieve the $1trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC) and other financial stakeholders, emphasised on the need for banks and Fintech companies to collaborate and drive the real sector growth.

Advertisement

They stated this at the 2024 annual conference of the Finance Correspondents Association of Nigeria (FICAN) held at the weekend in Lagos, with the theme, ‘Nigeria’s Journey Towards $1 trillion Economy: Impact of Banks’ Recapitalisation, Opportunities for Fintechs and Real Sector’.

The managing director/chief executive, NDIC, Bello Hassan stated that the current recapitalisation initiative of the Central Bank of Nigeria (CBN) must be effectively implemented.

He said this is necessary towards enhancing the resilience, solvency and capacity of Nigerian banks to absorb shocks and continue to support economic development of the nation by efficiently performing their function as the fulcrum of financial intermediation.

He noted the role of strong and well capitalised banks in supporting the current administration’s bold vision of growing Nigeria’s economy to a $1 trillion must be appreciated by the relevant players in the financial sector.

Related News

Akwa Ibom Looks Beyond Oil, Targets Agric Products For Export

45 minutes ago

Equities Extend Gains, Up By N144bn

47 minutes ago

“The opportunities and potentials for growth of the real sector depend, among others, on the availability and affordability of financing the economy. To achieve the desired level of financing required by the real sector, the window offered by banks in partnership with Fintechs, must be adequately harnessed,” he said.

He, however, stressed on the need for supervisors to understand the interconnection among the various financial services providers and how their policies and actions can affect the efficiency and optimality of the overall financial system,

On the role of stakeholders, he emphasised that the vision of growing Nigeria’s economy initiated by President Bola Tinubu, is the starting point for the national policy rethink, stakeholder engagement and realignments of efforts and policies toward achieving the objective.

Hassan highlighted that the foreign exchange rate unification policy has the potential for promoting foreign direct investment, foreign portfolio inflows, increased investor confidence, reduction of budget deficit, and improved sovereign credit ratings.

The group managing director, United Bank for Africa (UBA) Plc, Oliver Alawuba said Nigeria’s journey to a $1 trillion economy is a shared responsibility.

Alawuba, who was represented by the executive director, Finance and Risk Management, UBA, Ugo Nwaghodoh called on the banking sector, fintech innovators, the real sector, and regulatory institutions to work hand-in-hand to drive this transformation.

According to him, Nigeria has the largest fintech market in Africa, populated by a rapidly growing number of start-ups offering solutions that address the inefficiencies of the traditional banking sector.

“Fintech has already transformed how Nigerians access financial services, from mobile payments to lending platforms, the scope is vast. As we march towards a $1 trillion economy, the Fintech Sector is poised to play a crucial role in expanding financial access, driving innovation, and stimulating competition within the broader financial system.”

In his welcome address, the national chairman, FICAN, Mr. Chima Nwokoji, stated that, “there is evidence of global best practices that show that a robust banking system is vital for economic growth. Singapore’s banking sector, for instance, has facilitated its rise as a financial hub and supporting economic growth.”

Join Our WhatsApp Channel

Tags: Gross Domestic Product (GDPNigeria Deposit Insurance Corporation(NDIC)
SendShare10176Tweet6360Share

Other News Updates

Business

Akwa Ibom Looks Beyond Oil, Targets Agric Products For Export

2025/09/19
Business

Equities Extend Gains, Up By N144bn

2025/09/19
Business

Global Aircraft Manufacturer Bombardier Endorses Dangote Refinery

2025/09/19
Business

Nigerian Aviation Regulator Fines Kenya Airways For Consumer Rights Violation

2025/09/19
Business

28m Housing Deficit: Operator Advocates Building 700,000 Homes Annually

2025/09/19
Business

Cornerstone Insurance Wins Double Awards Over Drive For Customer Value

2025/09/19
Leadership Conference advertisement

LATEST

Man City Face Injury Setback Ahead of Manchester Derby

2026 WCQ: FIFA Makes U-turn, Opens Case Against South Africa Over Mokoena’s Eligibility

Tinubu Commits To Host Africa’s First Commonwealth Games In 2030

FIFA U20 World Cup: Flying Eagles Begin Training In Santiago

NCF Board Elections: Onyeama Threatens Legal Action Against NSC Over Disqualification

NYSC DG Pledges Support For Super Eagles, Partners NNL

Committee Clears Akpata,15 Others For NCF Board Elections, Disqualifies Onyeama, Others

Semifinalists Emerge At Zenith/NBBF Women’s Basketball League

Police Arrest Driver With Illegal Firearms In Oyo

Gospel Artistes Olaoba, Alaseyori, Others For Independence Concert

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.