L-R: Prince Cookey, Publisher/Editor-in-Chief, Business Journal Media Group; Mr. Jide Orimolade, President/Chairman of Council, CIIN; Dr. Chinyere Almona, DG/CEO, LCCI; Dr. Umaru Kwairanga, Group Chairman, NGX; Mrs. Idu Okeahialam, GMD/CEO, Royal Exchange Plc and Mr. Babatunde Ajiboye, Assistant Director, CBN at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos.
Dr. Chinyere Almona, Director-General/CEO, Lagos Chamber of Commerce and Industry (LCCI) says Nigeria must adopt and implement key reforms to unlock the full potential of fintech and empower the country to lead the digital financial hub in Africa.
Speaking as Keynote Speaker at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 in Lagos, Almona said such reforms must include:
- Smart Regulation: predictable, proportionate regulatory frameworks
- Cybersecurity: strong consumer protection standards
- Infrastructure: digital infrastructure and affordable broadband
- Interoperability: seamless, interoperable payment systems
- Skills & Capital: digital skills development and greater access to growth capital
- Collaboration: deepened public-private partnership
She said LCCI believes strongly that these reforms will strengthen private sector competitiveness and investor confidence in the country.
Almona added that Nigeria possesses unique advantages that could position it to become Africa’s leading digital financial hub, given the country’s youthful, digitally native population with high mobile penetration and growing digital adoption, which remains a key opportunity element in deploying fintech as a digital financial solution.
She listed other factors such as entrepreneurial culture in form of strong fintech founders and a vibrant startup ecosystem driving continuous innovation and the existence of large underserved markets as well as expanding AfCFTA opportunity, which creates enormous headroom for growth and strategic positioning.
“These factors position Nigeria to become Africa’s leading digital financial hub. The convergence of demographic advantage, entrepreneurial energy and continental trade integration is a combination few markets on earth can replicate.”
On fintech and Nigeria’s economic competitiveness, Almona described Nigeria’s fintech sector as “a strategic national asset, not just for domestic inclusion, but for positioning Nigeria as Africa’s pre-eminent digital financial hub. AfCFTA and cross-border payments will enable seamless intra-African trade and reduce FX friction; MSME formalisation would bring informal businesses into the tax base and credit system; a competitive digital ecosystem would draw global capital in terms of investment while digital commerce and supply chain efficiency will boost Nigeria’s exports.”
In terms of the next wave of financial innovation, the LCCI boss said the future belongs to ecosystems that innovate responsibly with emerging technologies transforming finance:
- Artificial Intelligence
- Blockchain
- Open APIs
- Cloud Computing
- Digital Identity
- Machine Learning
- Biometrics
- Data Analytics
- Embedded Finance
- Real-Time Payments
Almona insisted however that for Nigeria to upscale and enjoy the dividends of fintech, certain challenges in the operating environment must be addressed:
- Infrastructure: broadband gaps and power reliability constraints
- Inclusion: digital literacy gaps, rural connectivity and gender inclusion
- Regulation: multiple regulatory touchpoints and high compliance costs
- Capital: limited funding for innovation and SME access to finance innovation
- Consumer Trust: cybersecurity threats, digital fraud and data privacy concerns
“More than ever, fintech is transforming financial inclusion, SME financing, digital payments, government revenue, cross-border trade and consumer access to financial services. The question is not whether fintech will shape Nigeria’s future, but whether Nigeria will create the enabling environment to lead Africa’s digital financial revolution.”
Almona concluded that fintech is changing how businesses grow, governments serve, entrepreneurs innovate, citizens participate and economies compete.
“Our goal: not simply to digitize finance, but to build a digital financial ecosystem that expands opportunity, builds trust and drives sustainable prosperity for every Nigerian.”
