By Juliet Umeh

Key stakeholders in the financial technology sector, Fintech have called for inclusive innovation and collaboration in driving economic development in Nigeria.

The experts, who noted that the fintech companies have been at the forefront of revolutionizing various industries, serving as powerful vehicles for locally relevant solutions, financial inclusion, and innovative partnerships between financial institutions among others, noted that there is need in enhancing efficiency across all sectors to impact on Nigeria’s economic development.

The industry players raised the issue at Mastercard Fintech forum an event through which Mastercard reinforces its commitment to supporting the Nigerian fintech ecosystem.

According to the industry players, “this transformative role is underscored by the sustained investment in the industry, with the Nigerian fintech sector witnessing a remarkable surge, receiving over $1 billion in the last two years alone – more than triple the industry’s total figure and accounting for more than one-third of the $2.7 billion invested in African fintech since July 2021.

Durin a panel session on the topic: “Digitization and its role in Nigeria’s economic development” the speakers emphasized on the importance of balancing innovation and inclusivity to maximize impact on Nigeria’s economic development.

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Senior Special Assistant to the President, Innovation, said: Nasir Yammama, said “Nigeria’s digital transformation and ever-evolving fintech and banking landscape presents exciting possibilities. The ongoing innovation boom acts as the cornerstone for advancing digital public infrastructure, fostering financial inclusion, and propelling economic growth.

“As always, the government remains committed to creating an enabling environment and collaborating with key industry players to drive more impactful innovations and pave the way for a future where every individual and business can thrive in a digital-first global environment through well-informed, inclusive policies and initiatives.”

Earlier, the event featured a fireside chat with a title: “Mastercard’s Role in Fintech Ecosystem Collaboration”.

President of Eastern Europe, Middle East, and Africa, EEMEA at Mastercard, Dimitrios Dosis, during the discussion said: “Fintechs continue to stand as the trailblazers, pushing boundaries and reshaping industries. Their penchant for innovation is not just transformative; it is integral to the very fabric of our industry and the broader economy.

“Mastercard, as a driving force, is proud to champion the pivotal role of fintechs, recognizing their significance in fostering economic progress.

“As a leading technology provider, we will continue to innovate, and support and collaborate with them to drive locally relevant solutions and initiatives for maximized impact. We’re committed to being the catalyst that propels the ecosystem forward, facilitating a future where technology empowers individuals, businesses, and economies to participate in the global economy.”

Also, Division President, Mastercard Sub-Saharan Africa, Mr. Mark Elliott, emphasised the importance of the fintech industry and highlighted the significance of inclusive innovation and collaboration in driving sustained economic development.

Elliott said: “Mastercard is providing fintechs with the tools, resources, and support they need to thrive in the ever-evolving digital economy. Whether it’s through innovative solutions or strategic partnerships with key players in the industry, Mastercard has demonstrated its commitment to shaping the future of fintech and contributing to the growth and success of the broader ecosystem.”