Demola Igbalajobi, the Managing Director of SystemSpecs Technology Services Limited (STSL), who represented the Group Managing Director of SystemSpecs Holdings, Dr John Obaro, has described Nigeria’s financial technology sector as a global leader in innovation. Speaking at the Nigeria GovTech Conference and Awards in Abuja, organised by the Bureau of Public Service Reforms, he emphasised the country’s role in advancing instant payments and multi-bank navigation solutions. He noted that technologies like Remita have positioned Nigeria as a trailblazer in fintech, often surpassing developments seen in some advanced economies.
Highlighting the significance of collaboration, Igbalajobi emphasised that partnerships between banks and Fintech companies are pivotal to driving growth in the financial sector. He explained that while fintech firms do not hold funds directly, they create innovative solutions that leverage banking Infrastructure to improve service delivery and enhance customer experiences. He further underscored the importance of public-private partnerships, noting that synergy between the government and Private Sector is essential for addressing systemic challenges, fostering innovation, and achieving outcomes that benefit both parties and advance national development. Such collaborations are crucial for building a resilient and globally competitive fintech ecosystem.
Advancing public service through digital Innovation.
Themed “Digital Innovation as a Catalyst for the Renewed Hope Agenda,” the conference convened key stakeholders, including technology experts, industry leaders, and government officials, to deliberate on how digital transformation can revolutionise public service delivery. It provided a platform to exchange ideas and identify strategies for leveraging innovation to tackle pressing societal challenges. Dasuki Arabi, Director General of the Bureau of Public Service Reforms, emphasised the importance of utilising technology to create an inclusive society. He highlighted how innovation could enhance governance, improve efficiency, and support the fulfillment of the Renewed Hope Agenda.
Furthermore, Igbalajobi attributed SystemSpecs’ enduring success over the past 33 years to its commitment to ethical practices and adherence to regulatory frameworks. He emphasised that the organisation’s focus on Good Governance and internal controls has kept it ahead in the evolving fintech landscape. He also highlighted the pressing need for government Investment in reliable infrastructure, particularly network systems, to support seamless financial transactions. Addressing such gaps, he noted, would further cement Nigeria’s global leadership in financial technology.
The path to achieving global competitiveness in fintech.
A thriving fintech ecosystem in Nigeria provides benefits that go beyond its borders. It offers immense potential for Economic Growth and societal inclusion. A 2023 report by Disrupt Africa highlights that Nigeria accounts for 32% of Africa’s fintech startups, making it the leading hub for innovation and entrepreneurship on the continent. These startups have been instrumental in driving financial inclusion and providing services to underserved communities. For example, Kenya’s M-Pesa has demonstrated how fintech can transform economies by fostering accessibility and efficiency in financial transactions. If Nigeria continues on this trajectory, it could further redefine its economic landscape while contributing to global fintech advancements.
Moreover, Investing in Digital Infrastructure is essential for sustaining fintech growth and achieving global competitiveness. Nigeria’s fintech innovations have already gained international recognition, but infrastructure challenges remain a critical bottleneck. Countries like Singapore offer valuable lessons, having developed robust digital payment systems supported by proactive regulatory frameworks. This approach has positioned Singapore as a global fintech hub, attracting Investors and facilitating seamless transactions. Similarly, Nigeria must address its infrastructure gaps, such as unreliable networks, to maintain its leadership in fintech. Strengthening these foundations will not only enhance operational efficiency but also attract international investments and partnerships.
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Altogether, public-private partnerships serve as the cornerstone for sustaining innovation and fostering economic growth in Nigeria’s fintech sector. Building on the steps already discussed, such collaborations can unlock opportunities for small businesses, extend financial inclusion, and drive nationwide prosperity. By addressing challenges through joint efforts, Nigeria can create a sustainable environment for continuous advancement. This approach will ensure the country not only maintains its leadership in Africa’s fintech landscape but also strengthens its position as a key player in the global financial technology ecosystem.