The founder of Precise Financial Systems (PFS), Dr. Yele Okeremi, has called on the Nigerian government to play a more active and strategic role in positioning the nation’s fintech ecosystem for global leadership.
Speaking on the C-Suite Café podcast, hosted by journalist and brand strategist Ikem Okuhu, Okeremi emphasized that while private sector innovation has driven impressive growth, only deliberate government support can unlock the full global potential of Nigerian fintech.
“If we are going to achieve the kind of goals I envision, then the government must take certain deliberate positions,” Okeremi said. “Look at UnionPay, once a local payment platform in China, now a global giant. That transformation didn’t happen by magic; it was a product of strategic government support.”
Citing Verve, a Nigerian-developed payment card platform, Okeremi questioned why it hasn’t achieved similar global status despite having a viable product.
“The people behind Verve had solid technology, but they couldn’t withstand global competition without the backing of their sovereign. Meanwhile, we continue issuing Mastercard and Visa for local transactions when we have our own indigenous option.”
He argued that Nigeria has the market size, talent, and resources to birth global fintech leaders but lacks the policy framework and institutional will to support long-term scale.
“The real assets for wealth creation are the market and natural resources, and Nigeria has both. But private sector efforts will only go so far without government leverage. Until our sovereign backs our local champions, we’ll keep missing out on global opportunities,” Okeremi asserted.
Okeremi also addressed a deeper governance concern, lamenting that many of Nigeria’s political leaders lack firsthand experience in wealth creation. He advocated for reforms that ensure key government positions are filled by individuals with proven expertise in relevant sectors.
On the issue of “Nigerian unicorns,” he expressed skepticism, noting that many of them now operate under foreign ownership to access funding and scale due to the limitations of the local environment.
“I was one of the founding fathers of Interswitch. Had the environment been enabling enough, it would have remained fully Nigerian. But they needed to scale, so they had to align with foreign interests. I can’t blame them, but the question is, should we continue on this path? It paints a picture of a nation treading water.”
He urged the Nigerian government to take the lead in crafting compelling global narratives around homegrown fintech players and to offer policy support that allows them to thrive internationally.
“We must realize we can do what anyone in the world can do. Even if we’re not there yet, we have the capacity to learn, replicate, and innovate. But that requires leadership that understands that wealth is not cash, it’s the ability to create value from nothing.”
Bottom Line:
For Nigeria’s fintech industry to compete globally, Okeremi believes that private innovation must meet public policy vision, a combination that has proven successful in other emerging economies.
