‘Nigeria’s Fintech Industry Among World’s Most Advanced’

Managing director of SystemSpecs Group, John Obaro, has lauded Nigeria’s financial technology (Fintech) industry as one of the most advanced globally.

Obaro made this statement during an interaction with journalists at the Nigeria GovTech Conference and Awards held in Abuja.

The event, themed “Digital Innovation as a Catalyst for the Renewed Hope Agenda,” was organised by the Bureau of Public Service Reforms.

Represented by Demola Igbalajobi, managing director of SystemSpecs, Obaro highlighted Nigeria’s innovative leadership in instant payments and multi-bank applications, such as Remita, which allow users to manage accounts across different banks effortlessly.

“The innovations coming from Nigeria’s Fintech space are groundbreaking, and our instant payment systems are far ahead of many European countries,” Igbalajobi remarked.

He urged the industry to “blow its own trumpet” and celebrate its achievements globally.
He further emphasised that collaboration between banks and Fintech companies is essential for the growth of both sectors.

“Fintech firms are not permitted to hold money, but they can build solutions that leverage banks’ infrastructure. A healthy collaboration benefits both sectors and ultimately serves the customers better,” Obaro explained.

Obaro also discussed the successful expansion of Nigerian Fintech companies across Africa, citing them as key players in driving innovation on the continent.

He called on the government to provide a more conducive environment, particularly in terms of infrastructure.

“Fintech relies heavily on infrastructure, and we need robust support to ensure seamless transactions. Network reliability is critical for banking operations, and government investment in infrastructure will greatly enhance our operations,” he added.

Addressing the issue of regulation, Obaro called for “light and appropriate regulation” to foster further growth and innovation in the Fintech sector.

Speaking on SystemSpecs, Obaro noted that the company has sustained its relevance over three decades through strong corporate governance and compliance with government policies.

“For over 33 years, our commitment to good governance, internal control, and regulatory compliance has kept us at the forefront of the industry,” he stated.

With the Nigerian Fintech industry showing steady growth, Obaro expressed optimism about its future, predicting that more Nigerian companies will expand their operations across Africa in the coming years.