L-R: Mr. Emmanuel Ovaga, MD/CEO, PufferPay Ltd; Sola Longe-Okenimkpe, COO, Nuvu Africa; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; 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; Mr. Babatunde Ajiboye, Assistant Director, CBN; Dr. Muda Yusuf, CEO, CPPE; Dr. David Isiavwe, President, ISSAN and Mr. Wale Oshodi, NCRIB at the Business Journal Fintech & Financial Inclusion Roundtable 2026 held in Lagos last Friday.
Stakeholders in the Nigeria’s financial services industry have called for stronger collaboration among regulators, financial institutions, fintech companies, insurers and policymakers to accelerate financial inclusion and build a resilient digital financial ecosystem capable of driving sustainable economic growth.
The call was made at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026, held in Lagos under the theme, “Fintech: Driving the Future of Digital Financial Ecosystem in Nigeria.”
Speakers at the event agreed that while financial technology has transformed access to financial services across the country, greater investments in innovation, cybersecurity, digital infrastructure and consumer protection are required to sustain the momentum.
President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Akinjide Orimolade, said technology has become the foundation upon which the future of finance is being built, stressing that insurance must occupy a central place in Nigeria’s financial inclusion agenda.
According to Orimolade, financial inclusion cannot be complete without insurance inclusion, noting that access to savings, payments and credit alone is insufficient if individuals and businesses remain exposed to risks capable of disrupting their livelihoods.
He observed that innovations such as artificial intelligence, embedded insurance, blockchain technology, big data analytics and digital payment solutions are transforming underwriting, claims management and customer engagement, making insurance products more accessible to millions of underserved Nigerians.
The CIIN President, however, warned that the rapid adoption of digital technologies has also heightened concerns over cybersecurity, data privacy, digital fraud and regulatory compliance.
He urged stakeholders to ensure that technological innovation is supported by sound governance, ethical leadership and effective regulation capable of strengthening public confidence in digital financial services.
He reaffirmed CIIN’s commitment to supporting the insurance industry’s digital transformation through professional education, curriculum development, research, capacity building and strategic partnerships.
He added that continuous investment in digital skills and professional competence would enable insurance practitioners remain relevant in an increasingly technology-driven marketplace.
Delivering the keynote address, Managing Director and Chief Executive Officer of PufferPay Limited, Mr. Emmanuel Ovaga, described fintech as one of the most significant drivers of economic transformation in Nigeria, saying the country’s digital financial ecosystem has evolved beyond technological innovation to creating real opportunities for millions of individuals and businesses.
Ovaga noted that digital banking, instant payments, online lending platforms and mobile financial services have significantly expanded access to finance, enabling entrepreneurs, farmers, students and small businesses to participate more actively in the economy.
Despite these achievements, he said millions of Nigerians remain financially excluded due to inadequate infrastructure, limited digital literacy and restricted access to affordable credit.
According to him, the next phase of Nigeria’s fintech evolution must be driven by collaboration rather than competition. He urged governments, regulators, banks, fintech firms, telecommunications companies and development partners to work together in expanding broadband infrastructure, strengthening cybersecurity, promoting digital literacy and creating enabling regulations that encourage responsible innovation while protecting consumers.
Ovaga maintained that emerging technologies including Artificial Intelligence, blockchain, Open Banking, embedded finance, cloud computing and data analytics present enormous opportunities for Nigeria to become Africa’s leading digital finance hub. He stressed, however, that innovation can only thrive where consumer trust is protected through robust security systems, responsible data management and transparent regulatory frameworks.
Earlier in his opening remarks, Chairman of the occasion and Group Chairman of Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, said Nigeria’s fintech ecosystem has become one of Africa’s most vibrant, transforming banking, insurance, investments and capital market operations through technology.
Reflecting on the evolution of the financial sector, Kwairanga recalled the era of manual banking operations dominated by paper records and lengthy account opening processes, contrasting it with today’s digital environment where customers can open accounts, obtain loans, transfer funds, purchase insurance policies and invest in capital market products using mobile devices within minutes.
He also disclosed that insurance companies which approached the capital market as part of the recently concluded industry recapitalisation exercise recorded remarkable investor confidence, with their public offers reportedly oversubscribed. According to him, the development demonstrates growing confidence in Nigeria’s financial markets and reinforces the importance of mobilising domestic capital to support economic growth.
The stakeholders agreed that sustaining Nigeria’s leadership in Africa’s fintech ecosystem would require stronger collaboration, customer-focused innovation, ethical leadership and policies that ensure no Nigerian is left behind in the country’s digital financial transformation.
