Fintech, Financial Inclusion Fusion To Deepen Banking, Insurance Penetration – Experts

As the country struggles to increase financial inclusion of the currently unbanked Nigerians, experts said fintech was an avenue to speed up the process, such that those excluded could be included via digital banking and insurance platforms.

The experts, who spoke at the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 in Victoria Island, Lagos, at the weekend, applauded the recent efforts of digital banks who were instrumental to bringing millions of unbanked Nigerians into the banking and insurance systems.

On his part, chief consultant/CEO, B.Adedipe & Associates !Limited, Dr. Biodun Adedipe, explaining why financial inclusion matters, said aside the fact that it reduces poverty, enhances savings and grow Small and Medium Enterprises (SMEs), it breeds household resilience while boosting the nation’s gross domestic products(GDP).

Stating that, there are over 200 Fintech Startups currently operating in the area of payment, lending, insurance and blockchain, across Nigeria, he applauded the impacts of Flutterwave, Paystack, OPay, Moniepoint, among others, who have excelled in this direction.

Saying that, mobile penetration is enhancing agent banking and microfinance banking, he said, this equally enhances SME lending, AfCFTA and cross-border payments as well as artificial intelligence (AI), suggesting partnership to sustain the growth of financial inclusion through fintech.

Similarly, the president, Nigerian Council of Registered Insurance Brokers(NCRIB), Prince Babatunde Oguntade said the theme of the conference, ‘Fintech and Financial Inclusion: The Opportunity and Challenges for Nigeria,’ was both timely and relevant, adding that, ‘as we navigate the rapidly evolving financial landscape, it is crucial that we harness the potential of fintech to drive financial inclusion and economic growth.’

The recent signing of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, he said, was a significant milestone in this regard as the Act promises to promote a more conducive business environment for insurance professionals and the industry at large.

To him, “With its emphasis on digitisation, compulsory coverage, and strict enforcement of claims settlement timelines, the NIIRA 2025 is poised to drive innovation, expand access to insurance services, and enhance consumer protection.

“However, as we leverage fintech to drive growth and inclusion, we must also prioritise data protection and cybersecurity. The insurance industry, which we represent, is built on trust and reliability, and it is essential that we ensure the security and integrity of sensitive customer information.”

In this regard, while commending the Nigeria Data Protection Commission’s efforts to enforce compliance with the Nigeria Data Protection Act (NDPA) 2023, he added that, “as industry stakeholders, we are committed to working together to address the challenges and opportunities presented by fintech and financial inclusion.

“We believe that collaboration and innovation are key to unlocking new opportunities and addressing the challenges that lie ahead. The insurance industry plays a vital role in promoting financial stability and security, and we look forward to working with other stakeholders to drive growth, inclusion, and innovation.”

On the part of insurance brokers, he noted that, “our Council is ready to collaborate and encourage all initiatives towards encouraging Fintech in Insurance operations. We see it as an enabler of our practice.”