GROUP Chairman, Nigerian Exchange Group (NGX Group), Dr Umaru Kwairanga, has called for more collaboration among regulators, financial institutions, technology companies and other stakeholders to deepen financial inclusion and strengthen Nigeria’s digital financial ecosystem.
Kwairanga made the call on Friday in Lagos while delivering his address as Chairman of the third Business Journal Fintech and Financial Inclusion Roundtable.
The theme of the conference is “Fintech: Driving the Future of the Digital Financial Ecosystem in Nigeria”.
The conference was convened by Prince Cookey, Publisher and Editor-in-Chief of Business Journal Media Group.
The chairman said although Nigeria had built one of Africa’s most vibrant fintech ecosystems over the past decade, stakeholders must ensure that innovation translated into broad-based economic opportunities for all citizens.
According to him, financial inclusion should go beyond increasing the number of bank accounts and digital wallets.
He said it should enable individuals and businesses to build financial resilience, access capital, grow wealth and participate meaningfully in the economy.
He stressed the need to extend digital financial services to small businesses, women, young entrepreneurs and underserved communities that remained outside the formal financial system.
Kwairanga said trust remained the foundation of innovation, noting that consumers would only embrace digital financial services if they were confident that their transactions were secure, their data protected and the financial system operated with integrity.
“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 said.
Kwairanga said the Exchange was leveraging technology to deepen participation in the capital market through initiatives such as NGX Invest, which simplifies access to public offerings and enables companies to raise long-term capital more efficiently.
He noted that innovative businesses required patient capital to scale sustainably.
“A mature financial ecosystem should provide funding opportunities for companies at different stages of growth.
“A sustainable progress can only be achieved through collaboration among government, regulators, businesses and technology providers,” Kwairanga said.
He expressed confidence that Nigeria could emerge as a leading digital financial hub in Africa, making reference to the country’s youthful, innovative and technology-driven population.
Kwairanga said achieving that goal would require supportive policies, strong institutions and continuous innovation.
Meanwhile, the Chief Executive Officer of PufferPay Ltd., Mr Emmanuel Ovaga, called on fintech operators, regulators and investors to invest more in consumer education and cybersecurity to sustain Nigeria’s digital financial ecosystem.
He said while the Central Bank of Nigeria (CBN) had introduced policies that had strengthened the fintech ecosystem and helped reduce the country’s unbanked population, more efforts were needed to educate users of digital financial services.
According to him, 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.
“We must invest not only in cybersecurity but also in educating the people who use fintech services, especially those with limited access to financial literacy and cybersecurity awareness,” he said.
Ovaga urged consumers to report security gaps and share feedback with fintech providers to improve digital products and strengthen the ecosystem.
According to him, fintech companies rely on collaboration with users, regulators and other stakeholders to build safer and more efficient financial services.
“The future of Nigeria’s digital financial ecosystem depends on innovation, collaboration, consumer trust and responsible regulation,” he said.
Also speaking, Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said the gains recorded in financial inclusion should be leveraged to expand access to other financial services, including credit, pensions and insurance, particularly for Micro, Small and Medium Enterprises (MSMEs).
He urged stakeholders to provide greater support for fintech companies to bridge the financing gap facing small businesses as he emphasised the need to strengthen cybersecurity and sustain consumer confidence.
According to Yusuf, any erosion of trust in the digital financial ecosystem could undermine the significant progress made by the fintech industry in advancing financial inclusion.
The Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, urged investors to take advantage of emerging opportunities in the fintech ecosystem to expand financial access and support business growth.
She said that while fintech had delivered significant benefits, stakeholders must continue to address emerging risks through collaboration, innovation and effective regulation to sustain growth in the sector. (NAN)
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Tags: NGX stakeholders
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