Nigeria’s technology ecosystem must embrace collaboration and innovation to accelerate digital transformation and enhance cross-border payments, according to Ugochukwu Onwuta, a leading payment technology expert.

Speaking at the 2024 Ibadan Tech Expo, Onwuta emphasized that strategic partnerships between traditional financial institutions and fintech innovators are essential for building a more efficient and inclusive financial system.

The Ibadan Tech Expo, an annual gathering of top government officials, fintech executives, and key technology stakeholders, serves as a vital platform for discussions on the future of financial systems, technology policy, and digital innovation in Nigeria and beyond.

Shaping the Future of Cross-Border Payments

Onwuta, who is the Senior Product Manager at AZA Finance, joined other industry leaders, including Tunde Buremo (Cardify Africa), John Alamu (Capital Sage), Taiwo Akinropo (Heyfood), Hon. Wasilat Adegoke, and Hon. Akin Alabi, to explore opportunities for advancing fintech and driving policy support for technology innovation.

During his address, Onwuta stressed that cross-border transactions are at a pivotal moment, with increasing global migration, e-commerce growth, and the rise of digital assetsreshaping the financial landscape.

“Enhanced collaboration and innovation are crucial for building faster, more secure, and cost-effective cross-border payment systems,” Onwuta stated. “As global trade and digital financial ecosystems evolve, financial firms must embrace interoperability and unified compliance frameworks.”

He highlighted key emerging trends, such as:

● The rise of embedded payments and alternative payment methods

● The adoption of digital assets, including cryptocurrencies and central bank digital currencies (CBDCs)

● The need for seamless integration between payment systems across different jurisdictions

The Role of Fintech and Traditional Banks in Driving Innovation

Onwuta emphasized that overcoming fragmentation in global payments requires a collaborative approach.

“Traditional financial institutions and fintech startups must work together to develop transparent, real-time, and cost-efficient solutions,” he said. “New market entrants are already pushing incumbents to innovate, and this competition will ultimately benefit consumers and businesses alike.”

He further pointed out that fostering a regulatory environment that supports innovation while ensuring compliance is key to unlocking the full potential of digital finance in Africa and beyond.

A Vision for the Future

In closing, Onwuta offered a forward-looking perspective on the transformation of global payments:

“The future of cross-border payments hinges on seamless interoperability, borderless compliance frameworks, and deeper collaboration across the financial ecosystem. By focusing on these areas, we can build a truly inclusive financial infrastructure that empowers businesses and individuals worldwide.”

The Ibadan Tech Expo 2024 reaffirmed its role as a catalyst for progress, bringing together a diverse community of tech enthusiasts, professionals, and policymakers to chart the next phase of digital innovation in Nigeria.