Industry Leaders Harp On Growth At FITC Fintech Conference

FITC recently concluded its highly anticipated TechnNovation FINTECH Conference, themed “Building Trust in the Digital Age: Balancing Performance with Compliance.”

The event brought together key stakeholders from the financial sector, including banks, fintech innovators, investors, and regulators. The conference provided valuable insights and learning opportunities around industry trends, product innovation, regulatory updates, collaboration and partnership.

In her address, MD/CEO of FITC and convener of the conference,  Chizor Malize, emphasised the transformative impact of fintech on the global financial services industry. She highlighted the success stories of companies like Interswitch, Flutterwave, and M-Pesa, highlighting Africa’s potential to drive financial inclusion and economic growth through digital innovation.

Malize underscored the importance of maintaining trust and compliance in the digital age, emphasising FITC’s role in providing innovative knowledge solutions and capacity-building programs to strengthen the financial services sector.

The keynote address by  the deputy governor, Financial Systems Stability at the Central Bank of Nigeria (CBN) and board chairman, Financial Institutions Training centre (FITC) Philip Ikeazor, highlighted the remarkable growth of the fintech sector in Nigeria and the importance of trust in digital finance.

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Ikeazor, who was represented by deputy director, Payments System Management Department, CBN, Taiwo Oladimeji, stated that “over the past decade, Nigeria has seen a significant surge in its fintech sector, transforming financial transactions through innovations like mobile payments and blockchain technology.

With over 200 fintech startups, Nigeria has become a hub for financial inclusion and substantial investments. The CBN has played a pivotal role by implementing policies that promote innovation while maintaining financial system stability and integrity.” Continuous dialogue, knowledge sharing, and capacity building are necessary for balancing performance with compliance. The CBN’s e-learning platform, SabiMONI, promotes financial literacy and deepens financial inclusion by equipping citizens with the knowledge and tools they need. This initiative aims to build a financially inclusive society and foster greater trust in the financial system.

In conclusion he highlighted that the CBN is dedicated to developing regulatory frameworks that address challenges posed by emerging technologies such as AI (Artificial Intelligence), blockchain, and digital currencies. The Payments System Vision (PSV) 2025 focuses on driving digital innovations and payments, with an emphasis on contactless payments, big data, and open banking.

In her opening address MD/CEO Digital Jewels Limited. Adedoyin Odunfa highlighted the crucial role of fintech in Nigeria’s economic development and financial inclusion at the FITC FinTech Technovation conference.

Odunfa, who is also the chair of the Conference Advisory Board, further stressed the importance of balancing innovation with compliance, advocating for a customer-centric approach and diverse teams. She emphasised key success factors such as having committed individuals, robust processes, scalable solutions, and effective collaboration.