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 saw the participation of 611 attendees, aimed at setting the tone for the industry in 2024 by retrospectively analyzing 2023 and providing valuable insights into the trends and forecasts that will shape the coming year.
The opening address by Mr. Ade Bajomo, president of the association, highlighted the resilience of the global FinTech landscape in 2023.
He said despite a 48% decrease in global FinTech investment, the spirit of innovation and digital inclusion persevered.
He expressed optimism for 2024, foreseeing advancements in AI, machine learning, and deeper integration with Web3.
Moderated by Yemi Keri, CEO of Heckerbella, the event featured speakers from diverse sectors, including payment, insurance, banking, fintech, and technology. Each speaker provided a unique perspective on the challenges and opportunities faced by the fintech ecosystem.
The first speaker Chinwe Uzoho, regional managing director, Network International, discussed the impact of digital transformation post-COVID, emphasizing intelligent automation, collaboration, and the need for industry players to embrace technology and innovation in 2024.
Olayinka Oni, ED/COO, Sterling Financial Holdings Company, addressed challenges faced in 2023, including uncertainties during elections and the impact of COVID.
He emphasized the importance of digital transformation, financial inclusion, and collaboration between banks and FinTech’s in 2024.
Tomi Badejo, head strategic projects at NowNow, explored the economic challenges of 2023, the impact on the fintech ecosystem, and expectations for 2024. His focus was on open banking, generative AI, customer-centric solutions, and the importance of real financial inclusion.
Oti Iletanhem, Investment Principal at Alitheia, speaking from an investment perspective, analyzed the reasons behind investor pullback in 2023 and predicted an evolving investment landscape in 2024.
He highlighted the importance of fintechs aligning with financial inclusion, compliance, and regulatory aspects to attract investments.
Dr. Funmi Babington-Ashaye, MD/CEO of Risk Analyst Insurance, anticipated a surge in mergers and acquisitions in the insurtech sector in 2024.
She emphasized the role of AI in improving fraud detection and the importance of partnerships and ecosystem collaboration.
Ousseynou Beye, Senior Solutions Architect, Amazon, stressed the significance of understanding which type of AI solution would be useful for 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, Connect Committee of FintechNGR & MD/CEO, CreditRegistry giving closing remarks, encouraging participation in the initiatives of Fintech Association of Nigeria, and Dr. Babatunde Obrimah, COO, FintechNGR announcing upcoming events, including the Nigeria Fintech Week scheduled for October 8th – 10th at the Landmark Event Center in Lagos Nigeria.
What you should know:
- FintechNGR is the premier national fintech association in Africa, dedicated to accelerating fintech growth, connecting stakeholders, and advocating for the adoption of regulatory supports and reforms.
- With a diverse membership base spanning various sector. FintechNGR aims to foster an innovation-driven environment and make Nigeria one of the world’s leading markets for fintech innovation and investment.
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