ADVERTISEMENT
TechEconomy
Tuesday, June 3, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Key Highlights from Nigeria Fintech Week (#NFW23) Risk Management & Resilience session

Key Highlights from Nigeria Fintech Week (#NFW23) Risk Management & Resilience session

Joan Aimuengheuwa by Joan Aimuengheuwa
October 25, 2023
in Fintech
1
Key Highlights from Nigeria Fintech Week (#NFW23) Risk Management & Resilience session
#NFW2023

#NFW2023

RelatedPosts

Unity Bank | AfriGO

Unity Bank, AfriGo Explore Collaboration to Deepen Access to Electronic Payments

June 2, 2025

PalmPay Unveils ‘Passing the Baton’ CSR Initiative

May 29, 2025

The Nigeria Fintech Week Day one panel session centered on Risk Management & Resilience, focusing on strategies for building compliant organizations. 

The discussion delved into understanding and navigating regulatory frameworks, fostering a culture of resilience through risk management, and exploring case studies and best practices.

Moderating the session at the NFW was Yeye Nwidaa, Partner, Jackson, Etti & Edu, with Panelists including Tajudeen Mustapha, Head, Risk Management and Compliance at Xpress Payment Solutions Limited, Dr. Krish Ranganath, Regional Executive West Africa, Africa Data Centre, Gbolahan Atoyebi, Head, FSI Sales, MainOne, and Precious David, Associate, Udo Udoma & Belo-Osagie, UUBO

The discussion commenced with addressing compliance challenges in the Fintech sector. Various regulatory bodies, including CBN and SEC, oversee different aspects of Fintech, making compliance multifaceted. The speakers stressed the importance of understanding regulations and seeking legal counsel to ensure compliance.

Nigeria Fintech Week: Keynote Address by Dr. Akinwumi Adesina, President of the African Development Bank

Key Points:

  1. Regulatory Understanding and Compliance:
  • Comprehensive Compliance: Fintech companies must align their operations with a variety of regulations from different regulatory bodies.
  • Legal Counsel: Engaging internal and external legal counsel is crucial. Startups should consult legal experts to navigate complex regulatory landscapes.
  1. Risk Management and Culture of Compliance:
  • Cultivating a Compliance Culture: Senior management should instill a culture of compliance and risk management throughout the organization.
  • Continuous Training: Ongoing training and education for employees are essential. Regular training programs keep the workforce updated and aware of compliance requirements.
  1. Strategies for Building Resilient Fintech Organizations:
  • Innovation and Adaptability: Fintech companies need to innovate continuously. Adaptable strategies are vital to stay relevant and compliant in the rapidly changing technological landscape.
  • Global Perspective: Fintech innovations should be viewed globally. Solutions should be scalable and adaptable for diverse markets.
  1. Technological Innovation and Compliance:
  • Technological Advancements: Fintech innovations, while revolutionary, must adhere to regulations. Regulatory bodies evolve, and companies need to keep pace with these changes to remain compliant.
  • Balancing Innovation and Regulation: Innovations should align with regulatory standards. Striking a balance between creativity and compliance is crucial for sustainable growth.
  1. Importance of Internal and External Legal Support:
  • Internal Legal Counsel: Having an internal legal team ensures constant scrutiny of operations, identifying potential compliance gaps.
  • External Legal Support: External legal experts provide specialized knowledge and insights, guiding companies through intricate regulatory frameworks.
  1. Cultural Shift and Adaptability:
  • Top-Down Approach: Compliance culture must start at the top with senior management setting an example for the entire organization.
  • Cascading Compliance: A bottom-up approach ensures that compliance practices permeate every level of the organization, creating a holistic compliance framework.
  1. Data Protection and Technological Risks:
  • Data Security: Data protection is paramount. Fintech companies must invest in robust cybersecurity measures to protect customer data.
  • Technological Risks: Risks associated with new technologies, such as cloud services and digital transactions, necessitate careful consideration and proactive risk management strategies.

The panel discussion highlighted the intricate interplay between technological innovation and regulatory compliance in the Fintech sector. Fintech companies need to balance innovation with a deep understanding of regulatory requirements, fostering a resilient culture of compliance and adaptability. In embracing a proactive approach to risk management and staying abreast of evolving regulations, Fintech organizations can thrive in the dynamic landscape of financial technology.

Fireside Chat for the Nigeria Fintech Week Day one focused on Building Resilience in the Fintech Ecosystem: Experience from Executives

The panellists were Kofo Akinkugbe, CEO, Secure ID, John Obaro, Founder & GMD, SystemSpecs, Ebehijie Momoh, Country Manager & Area Business Head, West Africa, Mastercard, while the moderator was Olumide Soyombo, Co-founder, Bluechip Technologies Ltd.

These industry leaders spoke on the challenges and opportunities shaping the African FinTech landscape. The conversation revolved around critical themes such as sustainable business models, regulatory compliance, customer-centric innovation, talent acquisition, and adaptability in an ever-changing Fintech environment.

Understanding the African FinTech Landscape: Diverse Challenges, Unique Solutions

Acknowledging the diversity within African markets, the panel emphasized the need to move away from the notion of a one-size-fits-all solution. Africa, and particularly Nigeria, presents a unique blend of cultures, economies, and consumer behaviors, making it essential for Fintech companies to adapt dynamically to cater to diverse needs.

One of the prominent challenges discussed was the race to raise funds versus the authenticity of products. It was noted that while fundraising is crucial, it shouldn’t overshadow the essence of creating genuine, problem-solving products. Panelists stressed the importance of understanding the market deeply, ensuring that innovations align with real needs rather than just financial trends.

Navigating Challenges: Cybersecurity and Customer-Centric Approach

The conversation then shifted to the challenges that keep Fintech executives awake at night. Cybersecurity emerged as a top concern, with panelists highlighting the need for continuous vigilance in an increasingly digital landscape. Understanding the dynamics of cyber threats and addressing them proactively became a focal point.

Additionally, the discussion emphasized the significance of customer feedback. FinTech companies need to evolve into more social entities, understanding the pulse of their consumers. This shift toward customer-centricity not only enhances the quality of products and services but also fosters trust and loyalty among users.

Embracing the Future: Opportunities Amidst Challenges

Despite the challenges, the panelists expressed optimism about the future of Fintech in Africa. They recognized the tremendous opportunities that lie in building solutions for the digitally native generation. With a growing youth population having unprecedented access to the internet, there is enormous potential to develop innovative digital solutions catering to their needs.

The Nigeria Fintech Week Day one panelists also stressed the importance of learning from failures. While success stories often take the spotlight, understanding the reasons behind failures can provide invaluable insights. Embracing failures, analyzing them critically, and deriving lessons are essential for the growth and resilience of the Fintech ecosystem.

Loading

Advertisements
MTN ADS

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: Dr. Krish RanganathEbehijie MomohGbolahan Atoyebijohn obaroKofo AkinkugbeNigeria Fintech WeekOlumide SoyomboPrecious DavidTajudeen MustaphaYeye Nwidaa
Previous Post

ISSAN Industry Roundtable: Stakeholders Make Case for a’ Nigerian Identity’’ System

Next Post

ngPIF 2023: Ayotunde Coker Sheds Light on Nigeria’s Emerging Role in the Global Data Center Arena

Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Related Posts

Unity Bank | AfriGO
Fintech

Unity Bank, AfriGo Explore Collaboration to Deepen Access to Electronic Payments

by Latifat Fashina
June 2, 2025
0

Unity Bank Plc has reaffirmed its commitment to advancing electronic payment adoption and financial inclusion by partnering with domestic card...

Read more
PalmPay Unveils ‘Passing the Baton’ CSR Initiative

PalmPay Unveils ‘Passing the Baton’ CSR Initiative

May 29, 2025
Interswitch Group at 2025 Africa Soft Power (ASP) Summit in Nairobi, Kenya

How Interswitch Group Deepens Homegrown Innovation

May 29, 2025
SANEF and CIBN

SANEF, CIBN Partner to Expand Agency Banking Certification

May 29, 2025
Access Bank BVN and NRBVN

Access Bank Opens NRBVN Registration for Nigerians in Diaspora

May 26, 2025
Nigeria’s Top 10 Payment Gateway Providers

Nigeria’s Top 10 Payment Gateway Providers

May 23, 2025
Next Post
Ayotunde Coker of OADC at NgPIF 2023

ngPIF 2023: Ayotunde Coker Sheds Light on Nigeria's Emerging Role in the Global Data Center Arena

Comments 1

  1. Pingback: Innovation Remains the Key to Driving Growth, Interswitch Re-echoes - Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.