Fintech experts link digital banking to national growth

Stakeholders in Nigeria’s financial technology sector have stressed that digital banking extends beyond inclusion to driving national development.

The experts made the point on Thursday during the ongoing Nigeria Fintech Week (NFW) in Lagos.

The News Agency of Nigeria reports that the event, held from Oct. 7 to Oct. 9, had the theme: ‘The Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future.’

Group Executive, Technology and Services, First Bank of Nigeria (FBN), Callistus Obetta, said the bank’s 131-year legacy reflected enduring customer trust.

Speaking on ‘Transforming Trust through AI, Security and Customer-First Digital Finance,’ Obetta said exponential fintech growth had brought new risks such as cyber threats and complex fraud.

“In today’s banking world, trust is the currency that underpins everything,” he said.

He noted that artificial intelligence, security, and customer-first digital infrastructure were essential tools for building and maintaining that trust.

Obetta revealed that FBN actively uses AI across its operations, with its apps — FirstMobile and Meetup — employing data insights to personalise customer experiences.

He added that AI-driven analytics detect suspicious transactions and stop threats in real time.

However, he cautioned that the power of AI must be applied responsibly, ensuring transparency, fairness, and ethics in decision-making.

“Security remains the principal goal because without it, trust collapses,” he said.

He highlighted FBN’s security measures, such as multi-layered authentication for USSD banking and analytics to detect potential fraud patterns.

Obetta reaffirmed the bank’s commitment to customer-centred solutions like First Money Wallet and HNBeto, which expand financial access in underserved areas.

He also announced that the bank had digitally disbursed loans worth over N1 trillion.

Vice President, Account Management (West Africa) at Mastercard, Mr Olusola Olakanmi, said digital payments were about empowering people and boosting national progress.

He stated that Mastercard’s focus was on building open, secure, and inclusive payment systems ready for the future.

According to him, Mastercard has supported 37 million women entrepreneurs globally to grow and scale their businesses.

“Nigeria remains a priority market for us,” Olakanmi said, adding that the firm was committed to developing relevant and innovative digital products for all users.

President of the Fintech Association of Nigeria (FintechNGR), Dr Stanley Jacob, said the conference theme reflected the sector’s duty to harmonise innovation, policy, and impact.

Jacob explained that Nigeria’s fintech ecosystem had evolved from isolated startups into a movement uniting innovators, regulators, investors, and educators.

“Collaboration is the rhythm that sustains our symphony of progress,” he said.

He outlined FintechNGR’s key initiatives, including its Policy Innovation Agenda, capacity-building efforts, and expansion of Nigeria Fintech Week across Africa.

Jacob noted that the association now represents over 600 member institutions, covering banks, tech firms, investors, and universities.

President of the Africa Fintech Network (AFN), Dr Segun Aina, emphasised the need for harmonised regulations to help African startups scale across borders.

“Africa cannot compete globally if its fintech innovators remain confined by fragmented national regulations,” he said.

According to Aina, AFN aims to establish a single African fintech market built on trust, interoperability, and shared standards.

He added that AFN was collaborating with regional bodies to introduce a cross-border licensing system allowing fintechs to operate across multiple jurisdictions under one approval.