Lagos: Group Chairman of the Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, has called for increased collaboration among regulators, financial institutions, technology companies, and other stakeholders to deepen financial inclusion and strengthen Nigeria’s digital financial ecosystem. Kwairanga emphasized the importance of these partnerships while delivering his address as Chairman of the third Business Journal Fintech and Financial Inclusion Roundtable.
According to News Agency of Nigeria, the conference, convened by Prince Cookey, Publisher and Editor-in-Chief of Business Journal Media Group, was held under the theme ‘Fintech: Driving the Future of the Digital Financial Ecosystem in Nigeria’. Kwairanga highlighted that while Nigeria has developed one of Africa’s most vibrant fintech ecosystems over the past decade, it is crucial that innovation translates into economic opportunities for all citizens. He stressed that financial inclusion should extend beyond merely increasing the number of bank accounts and digital wallets, advocating for the empowerment of individuals and businesses to build financial resilience, access capital, grow wealth, and participate meaningfully in the economy.
Kwairanga underscored the need to expand digital financial services to small businesses, women, young entrepreneurs, and underserved communities that currently remain outside the formal financial system. He noted that trust is the foundation of innovation, emphasizing that consumers will only embrace digital financial services if they are confident in the security of their transactions, the protection of their data, and the integrity of the financial system.
Kwairanga stated, “Building this trust requires collective action. Regulators must continue to encourage responsible innovation while safeguarding market stability. Financial institutions and technology companies must work together to expand access. Stakeholders across the ecosystem must continue investing in digital infrastructure, cybersecurity, and financial literacy to ensure that technology serves as an enabler of opportunity.”
He further explained that the Exchange was leveraging technology to increase participation in the capital market through initiatives like NGX Invest, which simplifies access to public offerings and enables companies to raise long-term capital more efficiently. Kwairanga also pointed out the need for a mature financial ecosystem that provides funding opportunities for companies at different growth stages, emphasizing the importance of collaboration among government, regulators, businesses, and technology providers for sustainable progress.
Meanwhile, the Chief Executive Officer of PufferPay Ltd., Mr. Emmanuel Ovaga, echoed the call for fintech operators, regulators, and investors to invest more in consumer education and cybersecurity to sustain Nigeria’s digital financial ecosystem. He acknowledged the Central Bank of Nigeria’s (CBN) policies that have strengthened the fintech ecosystem and reduced the country’s unbanked population but stressed the necessity of educating digital financial service users about cyber risks.
Ovaga warned that increasing digital adoption without corresponding awareness of cyber risks could expose millions of Nigerians, particularly those in underserved communities, to fraud and other financial crimes. He urged consumers to report security gaps and provide feedback to fintech providers to enhance digital products and strengthen the ecosystem.
Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), also spoke at the event. He advocated for leveraging the gains in financial inclusion to expand access to other financial services, including credit, pensions, and insurance, particularly for Micro, Small, and Medium Enterprises (MSMEs). Yusuf emphasized the importance of supporting fintech companies to bridge the financing gap facing small businesses and the need to strengthen cybersecurity to maintain consumer confidence.
Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), encouraged investors to seize emerging opportunities within the fintech ecosystem to expand financial access and support business growth. She acknowledged the significant benefits delivered by fintech but stressed the importance of addressing emerging risks through collaboration, innovation, and effective regulation to sustain growth in the sector.