At the 2024 Nigeria Fintech Week, Branka Mracajac, CEO of 9 Payment Service Bank (9PSB), emphasized the crucial role of innovation, investment, and collaboration in propelling Nigeria’s fintech sector forward.
The three-day event, themed “Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth,” brought together industry leaders to discuss strategies for leveraging generative AI and shifting from revenue-driven to profitability-focused business models.
In her keynote address, Mracajac highlighted the significant advancements Nigeria has made in fintech. The influx of startups and foreign investments is reshaping how financial services are delivered, with innovations like digital and mobile wallets addressing the needs of millions of Nigerians.
However, Mracajac also acknowledged the challenges that remain. Over 28 million adults lack access to essential financial services, and enhancing digital infrastructure and connectivity is crucial. Additionally, making fintech products affordable and accessible to all Nigerians is a priority.
Building trust with consumers is paramount, according to Mracajac. The fintech sector must ensure reliable data practices and provide educational resources to increase understanding of available services. While the Central Bank of Nigeria and other regulatory bodies have taken significant steps to foster innovation, continued efforts are needed to protect consumers and create a supportive environment for industry growth.
The robust investment capital entering the fintech sector presents a tremendous opportunity for innovation. Numerous startups are emerging, ready to address the diverse needs of the population. To fully realize this potential, deeper collaboration and partnerships across the industry are essential.
“The future of Nigeria’s fintech landscape is bright, but achieving its full potential requires a united effort and innovative thinking from all stakeholders,” Mracajac concluded. “Together, the industry can accelerate growth and transform the financial services sector in Nigeria.”
The Nigeria Fintech Week (NFW) is an annual event that provides a platform for industry players and stakeholders to come together, share knowledge, and drive the industry forward.