By Lawal Omotoyosi
LAGOS, Nigeria’s digital financial future will be defined not by the number of payment applications available but by broader access to credit, insurance, pensions and other inclusive financial services, industry leaders declared on Friday at the 3rd Business Journal FinTech and Financial Inclusion Roundtable.
The event, held at the Lagos Oriental Hotel, Victoria Island, under the theme “FinTech: Driving the Future of Nigeria’s Digital Financial Ecosystem,” brought together regulators, fintech founders, insurers, policymakers and financial market operators to examine the progress made in expanding financial inclusion while addressing the challenges that remain.
The occasion was chaired by Dr. Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group (NGX).
Keynote addresses were delivered by Mr. Emmanuel Ovaga, Managing Director and Chief Executive Officer of Pufferpay Limited, and Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI).
Special Guests of Honor included Mr. Jide Orimolade, President and Chairman of the Council of the Chartered Insurance Institute of Nigeria (CIIN), and Mrs. Ekeoma Ezeibe, President and Chairman of the Council of the Nigerian Council of Registered Insurance Brokers (NCRIB). Opening remarks were delivered on behalf of the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso.
Speakers noted that Nigeria’s financial inclusion rate has increased from 56 percent to 64 percent, describing the improvement as significant. However, they observed that 28.8 million Nigerian adults remain excluded from the formal financial system.
They identified agency banking platforms such as OPay and PalmPay as major drivers of financial inclusion, particularly by extending financial services to underserved communities.
Delivering her keynote address, Dr. Chinyere Almona described financial technology as a powerful tool for economic transformation, noting that millions of Nigerians now expect fast, secure and reliable digital financial services.
Using the example of market women in Balogun Market, she explained how digital payments have transformed everyday business transactions.
“Digital payment is not merely about changing transactions; it is about creating possibilities,” she said.
Throughout the discussions, participants emphasized that technology alone cannot guarantee financial inclusion. Rather, they said a successful digital financial ecosystem must be built on four key pillars: accessibility, affordability, security and interoperability.
According to the speakers, achieving these goals will require stronger collaboration among government, regulators, investors, financial institutions and technology companies.
Although digital payments have achieved an estimated 54 percent penetration, participants noted that other financial products remain significantly underdeveloped. Savings account penetration stands at 43 percent, while credit access remains at 9 percent, insurance at 3 percent, and pensions at 8 percent.
They therefore called for greater investment in expanding access to credit, insurance and pension services, particularly for underserved populations.
Speaking on the future of financial technology, Mr. Emmanuel Ovaga said fintech should move beyond digitizing traditional financial services to creating innovative solutions that enable businesses to grow, improve public service delivery, empower entrepreneurs and strengthen Nigeria’s economy.
Looking ahead, speakers identified rebuilding public trust, promoting inclusive growth, encouraging responsible market consolidation, managing financial risks and embracing emerging opportunities as key priorities for the next decade.
Cybersecurity also featured prominently during the discussions.
Dr. David Isiavwe, Executive Director, Operations and Information Technology at Nova Bank and representative of ISSAN, stressed that cybersecurity remains fundamental to the sustainability of the digital financial ecosystem.
“FinTech cannot survive without cybersecurity,” he said, emphasizing the importance of layered security systems, intrusion detection technologies, fraud prevention mechanisms and trusted technology partners.
Panelists, including Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE); Mrs. Idu Okohralam, Group Managing Director and Chief Executive Officer of Royal Exchange Plc; and Mrs. Sola Longe-Okenimkpe, Chief Operating Officer of Vulu Africa, reinforced the need for stronger collaboration across the industry.
They argued that meaningful progress would depend not only on technological innovation but also on improved infrastructure, supportive regulation, increased investment and stronger consumer confidence.
The roundtable concluded with a shared commitment to building a digital financial ecosystem that is secure, affordable, inclusive and accessible to every Nigerian.
Participants agreed that while Nigeria has made remarkable progress in financial technology, achieving true financial inclusion will require sustained collaboration, innovation and deliberate investment in solutions that improve the lives of individuals, businesses and communities across the country.
