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The Fintech Association of Nigeria (FintechNGR) has concluded its 5th edition of the Fintech Outlook 2024, a significant gathering of thought leaders, stakeholders and key players in the fintech ecosystem.
The event, which brought together 611 participants, aimed to set the tone for the industry in 2024 by looking back at 2023 and providing valuable insights into the trends and forecasts that will shape the year ahead.
The opening speech by Mr. Ade Bajomopresident of the association, highlighted the resilience of the global FinTech landscape in 2023.
He said that despite a 48% decrease in global investment in FinTech, the spirit of innovation and digital inclusion persisted.
He expressed optimism for 2024, predicting advancements in AI, machine learning, and deeper integration with Web3.
Moderated by Yemi Keri, CEO of Heckerbella, the event featured speakers from various industries including payment, insurance, banking, fintech and technology. Each speaker brought a unique perspective on the challenges and opportunities facing the fintech ecosystem.
First speaker Chinwe Uzoho, Regional Managing Director of Network International, discussed the impact of post-COVID digital transformation, with a focus on intelligent automation, collaboration and the need for industry players to embrace technology and innovation in 2024.
Olayinka Oni, ED/COO, Sterling Financial Holdings Company, discussed the challenges faced in 2023, including election uncertainties and the impact of COVID.
He highlighted the importance of digital transformation, financial inclusion and collaboration between banks and FinTech in 2024.
Tomi Badejo, Head of Strategic Projects at NowNow, explored the economic challenges of 2023, the impact on the fintech ecosystem and expectations for 2024. He focused on open banking, generative AI, solutions customer-centric and the importance of true financial inclusion. .
Oti Iletanhem, Chief Investment Officer at Alitheia, speaking from an investment perspective, analyzed the reasons for investors’ withdrawal in 2023 and predicted a shift in the investment landscape in 2024.
He highlighted the importance of aligning fintechs on financial inclusion, compliance and regulatory aspects to attract investments.
Dr. Funmi Babington-Ashaye, MD/CEO of Risk Analyst Insurance, predicts an increase in mergers and acquisitions in the insurtech sector in 2024.
She highlighted the role of AI in improving fraud detection and the importance of partnerships and collaboration within ecosystems.
Ousseynou Beye, senior solutions architect at Amazon, highlighted the importance of understanding what type of AI solution would be useful in addressing business challenges, cautioning that generative AI is not a one-size-fits-all solution.
The Fintech Outlook 2024 event concluded with Dr. Jameelah Sharrieff-Ayedun, Chairman of the Connect Committee of FintechNGR and MD/CEO of CreditRegistry, delivering the closing address, encouraging participation in the initiatives of the Fintech Association of Nigeria, and Dr. Babatunde Obrimah, COO, FintechNGR. announcing upcoming events including the Nigeria Fintech Week scheduled for October 8-10 at the Landmark Event Center in Lagos, Nigeria.
What you should know:
- FintechNGR is Africa’s leading national fintech association, dedicated to accelerating the growth of fintech, connecting stakeholders and advocating for the adoption of regulatory supports and reforms.
- With a diverse membership base spanning various sectors. FintechNGR aims to foster an innovation-driven environment and establish Nigeria as one of the world’s leading markets for fintech innovation and investment.
