This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.

Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.

She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.

“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.

The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.

Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.

In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.

She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.

According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria.

“By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved,” she said.

Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.

He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”

In his contribution at PAFON 2.0, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.

He said operators should create awareness and design consumer​-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.

Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.

According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”

While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.

In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.

Also speaking, Olusegun Afolabi, co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.

According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.

Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.

He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.

He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem.

This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.

Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.

He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.

Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.

Featuring keynote presentation, fireside chat, panel discussion, networking opportunities, PAFON 2.0 is scheduled to hold on this week – Thursday, April 10, 2025 at the Function Room 1, Oriental Hotel, Lekki Road, Lagos from 9am-12(noon).

The event themed: “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, aims at enabling knowledge sharing on key industry insights, issues, amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses in the payment industry.

Keynote:

Ebehijie Momoh (Mrs), managing director and chief executive officer, AfriGoPay Financial Services Ltd, will deliver the keynote address.

Special Guests:

Uche Uzoebo (Mrs), managing director and chief executive officer, Shared Agent Network Expansion Facilities (SANEF) Limited and Mrs. Chika Nwosu, managing director and chief executive officer of PalmPay (Nigeria), are the special guest of honour.

PAFON 2.0 Special Appearances: Olusoji Solomon Adeyemo, Azure Application and AI Specialist, Microsoft UK., Ibirogba Oluwagunwa, chairman, Lagos State Chapter, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), and Olusegun Gabriel Afolabi, co-founder & chief innovations architect, Face Technologies UK Ltd., will make special appearances at the event.

There will be a fireside chat featuring, Chukwuemeka Enoch Mbaebie, the convener, Lagos Blockchain Week, amongst other speakers, with Chidera Amuta, Marketing Manager, Vendorcredit, as the host.

According to Mr. Chike Onwuegbuchi, co-convener of Payments Forum Nigeria, “this year’s theme, ‘Bridging the Customer Experience Gap for Financial Inclusion Using AI’, underscores the urgent need to safeguard digital transactions against emerging threats while ensuring seamless financial inclusion and innovation”.

Industry players such as Bankers, Fintech startups, mobile money operators, blockchain experts, Cybersecurity, etc., are among the expected attendees.

PAFON 2.0 participation is free, but pre-registration can be done here.

For startups operating in the B2B space, the challenge is even more nuanced. Unlike B2C companies, where scale is often driven by volume, B2B fintechs must build relationships, establish trust, and demonstrate tangible value to decision-makers.

Here, I’ll walk you through proven tactics to scale a B2B fintech smartly and sustainably, drawing from relatable examples to illustrate success:

1.  Define and refine – who’s your ideal customer?

The first step to success is understanding exactly who your product(s) serves. A scattergun

approach—targeting “all SMEs” or “every enterprise”—can waste resources and dilute your message.

Consider Moniepoint, a Nigerian fintech providing business banking solutions to SMEs. Moniepoint succeeded by focusing on underserved, cash-driven small businesses. They tailored their solutions to address challenges like cash flow, payments, and access to credit, rather than trying to cater to all business types.

Actionable Tip: Use your data to define an ICP. Segment businesses by industry, turnover, size, and pain points. For instance, are you targeting fast-moving consumer goods (FMCG) distributors

struggling with supplier payments or tech startups needing flexible credit lines? Let the answers shape your outreach and messaging.

2.  Content is still king- how are you building trust?

In Nigeria’s trust-deficit environment, content is your currency. Nigerian business decision-makers are meticulous; they need proof that your solution works before they commit.

Example: Flutterwave has consistently used content marketing to position itself as a thought leader.

Through blog posts, case studies, and webinars, they’ve tackled pressing issues like cross-border payments and regulatory compliance. This not only educates potential clients but also positions Flutterwave as a partner in solving real problems.

Actionable Tip:

• Case Studies: Highlight success stories like how your solution helped a Lagos-based retailer scale its supply chain or improved collections for an SME.
• Whitepapers: Publish reports addressing common pain points, g., “Solving Cash Flow Issues for Nigerian Agro-processors.”
• Webinars: Partner with industry experts to discuss relevant topics such as “Accessing Credit for Growth in a Post-Cashless Economy.”

3.  Leads, leads, leads – have you mastered LinkedIn?

LinkedIn is underutilized in Nigeria but holds massive potential for B2B fintech startups. However, random connection requests won’t cut it—you need to tailor your messaging.

Example: PiggyVest for Business, a savings and investment platform for SMEs, has successfully used LinkedIn to connect with finance managers and SME owners. They employ targeted ads

highlighting their ROI potential and send personalized InMail messages to prospects, addressing their unique pain points.

Actionable Tip: Use this three-step framework for LinkedIn outreach:

1. Reference a prospect’s recent achievement (e.g., “Congratulations on your new product launch!”).
2. Highlight an industry challenge they might relate
3. Share how your fintech can help, ending with an invitation to

4.  Beyond the handshake – why you must embed partnerships?

Strategic partnerships can give your fintech a credibility boost and access to a larger customer base. Collaborating with established players ensures you’re leveraging existing trust and infrastructure.

Example: Vendorcredit’s partnership with Konga is a prime illustration. By embedding credit

solutions within Konga’s merchant platform, Vendorcredit reached thousands of SMEs who needed financing to fulfill orders. This partnership not only expanded their reach but also made their product integral to the merchants’ operations.

Actionable Tip: Identify ecosystems where your fintech’s solution fits seamlessly. If you’re in lending, consider partnering with e-commerce platforms or inventory management systems to provide embedded credit.

5.  Power for power – how to target high-value clients?

Enterprise clients require a more tailored approach. ABM involves creating campaigns specific to individual accounts, focusing on their unique needs and challenges.

Example: Remita, an e-payment solution provider, used ABM to target universities for their fee

collection system. By crafting pitches that showcased how Remita could simplify student payment processes and improve audit trails, they secured contracts with major Nigerian universities.

Actionable Tip: Develop custom campaigns for your biggest prospects. For example, create a bespoke presentation for a leading FMCG distributor showing how your product can reduce operational inefficiencies.

6.  Just like a cold – you want to optimize your product(s) for viral growth!

Building virality into your product accelerates growth. For fintech, this often means leveraging your existing users to bring in new ones.

Example: Opay’s agent banking model is a textbook case. By empowering agents with competitive commissions and tools, they turned them into advocates, driving widespread adoption in rural and urban areas. This organic network effect scaled their agent network to tens of thousands in record time.

Actionable Tip: Create referral programs that incentivize existing clients to bring in others. For example, offer discounts or bonuses for each successful referral from one SME to another.

7.  Living and breathing – you should measure and iterate relentlessly!

Marketing is never static—continuous improvement is key. The best fintechs use data to fine-tune campaigns, ensuring they stay relevant and effective.

Example: After launching its Pay with Bank feature, Paystack closely monitored adoption rates and customer feedback. They noticed friction in onboarding and swiftly adjusted their user flows, leading to improved conversion rates and client satisfaction.

Actionable Tip: Track key metrics such as:

• Lead Generation: What channels drive the most qualified leads?
• Engagement: Are your webinars or newsletters generating clicks and responses?
• Conversion Rates: Which campaigns yield the highest ROI?

The Nigerian fintech space is competitive, but with the right B2B Fintech marketing strategies, scaling sustainably is achievable. Remember, the ultimate goal isn’t just to win clients—it’s to build relationships that foster long-term trust and growth.

Meet the Writer:

Chidera Amuta is a seasoned Growth Marketing Manager with over 8 years of experience in driving business growth and enhancing brand visibility. With 4 years dedicated to performance marketing, she has successfully executed strategies across diverse industries, including fintech, FMCG, pharmaceuticals, SaaS, and banking. Her expertise spans digital marketing, content creation, data analytics, and brand development, complemented by a strategic focus on lead generation and campaign optimization.

As a skilled team leader, Chidera excels at managing cross-functional teams and fostering collaboration to deliver impactful results. Her track record includes achieving significant ROI on campaigns, increasing customer acquisition, and launching innovative products that secure market share.

Chidera’s career highlights her ability to create measurable value through data-driven insights, creativity, and a deep commitment to customer engagement.

She holds CIM certifications in Digital Marketing Techniques, Applied Marketing, and Planning Campaigns, along with a certificate in Integrated Brand Experience from Orange Academy.

• Continuous learning is essential for staying relevant in the tech space.
• AI is creating demand for job roles such as ethical AI managers.
• Adaptability is essential as professionals must unlearn outdated methods and learn new trends.
• Blockchain adoption and sustainable tech will top 2025’s innovation priorities.

The global technology market is predicted to surpass $6 trillion by 2025, driven by growth in artificial intelligence (AI), blockchain, cybersecurity, and extended reality. 

Yet, this progress makes the challenges even more obvious, particularly for tech professionals striving to stay relevant in an industry where innovation is the norm.

In the third edition of Techeconomy Business Series titled Major Lessons for Techies in 2024 and Projections for 2025, experts in the tech field reflected on top lessons from 2024 and shared forward-looking insights for 2025. 

Moderated by Chidera Amuta, marketing manager at Vendorcredit, the panel included Chinedu Otutu, software engineer at Greenplaces, Adanne Anene, product lead at Branch International Financial Services Temitope Orilua, founder of Digital Business Nigeria, and Gerald Konwea, founder of Spottr.

These experts dissected the year’s major technological advancements and forecasted trends that will have huge impacts in 2025.

2024: A Year of Rapid Advancements and Challenges

Adapting to Technological Growth

Chinedu Otutu started by highlighting the quick pace of technological innovation in 2024. “The swift evolution of technologies like generative AI and cloud computing has made it essential for professionals to engage in continuous learning,” he said. 

Otutu identified some challenges that need to be dealt with in the sector, including integrating new technologies with legacy systems and addressing cybersecurity threats.

“Cybersecurity has become of highest priority,” he stated, explaining how organisations must implement strong measures to protect data integrity and flexible work models to sustain productivity in remote environments. 

“Effective collaboration in virtual environments is still a challenge, but tools like Slack, Trello, and Zoom will help in ensuring team cohesion,” Otutu added.

“Refactoring codebases and upgrading software versions require both technical expertise and strategic foresight.”

To prepare for 2025, Otutu proposed a focus on resilience and adaptability. “Companies must adopt hybrid work models and invest in talent development to bridge skill gaps and retain top professionals,” he said.

AI’s Impact in the Workplace

Adanne Anene shared her observations on AI’s growing influence, especially in changing job roles. “In 2024, we’ve seen how AI can replicate tasks previously thought to require human ingenuity,” she said. 

Anene noted that roles like product management and UI/UX design are now being augmented by AI tools capable of generating designs and prototypes with simple prompts.

“Nobody is indispensable,” Anene stated, urging techies to differentiate their skillsets from what machines can replicate. She also predicted an increased demand for roles like ethical AI managers, stating, “These professionals ensure AI systems are developed and deployed responsibly. Such roles will be in high demand in the coming years.”

The Integration of Digital Ecosystems and AI in Business Solutions 

Speaking at the Techeconomy Business Series, Temitope Orilua brought up a different perspective, particularly regarding digital marketing and AI integration. “Generative AI tools like ChatGPT have completely altered how we interact with information and technology,” he said, noting Google’s shift toward providing summarised search results as a direct response to AI competition.

“Google’s shift to providing summarised results shows how traditional systems are adapting to customer demands for direct, instant answers.”

Orilua advised tech professionals to prioritise adaptability. “Unlearning and relearning will be the mantra for 2025,” he asserted. 

He also anticipated that AI integration would greatly impact financial transactions. “We’re heading towards a time where users will chat with their banking apps like they would with ChatGPT, making processes seamless and intuitive. That’s where we’re heading in 2025.”

Consumer Experiences

Gerald Konwea focused on innovations that improve user experiences. Speaking about Spottr, his consumer-focused platform, he said, “Our goal is to connect users with authentic products and reliable sources efficiently.” 

He explained how Spottr leverages blockchain technology to fight counterfeit goods while also providing real-time price comparisons.

Konwea predicted that blockchain and cryptocurrency adoption will grow significantly in 2025, driven by political endorsements and market demand. “Cryptocurrency payments will become mainstream, and blockchain solutions will enhance transparency across industries,” he said.

“Techies who can merge technical skills with an understanding of environmental and social governance will be invaluable”

Key Lessons from 2024

The panel identified the following critical lessons for tech professionals:

1. Continuous Learning Is Non-Negotiable
   “The pace of innovation means staying stagnant is not an option,” Otutu said. He encouraged professionals to specialise in emerging fields like advanced cryptography and machine learning.
2. AI Requires Ethical Oversight
   “As AI tools become more powerful, ethical considerations will become top priority,” Anene noted.
3. Flexibility Is Essential
   Orilua stressed the need for adaptability. “Professionals must be open to unlearning outdated methods and adopting new ones,” he said.
4. Skill Development Must Be Prioritised
   Konwea emphasised the importance of bridging the skill gap. “Upskilling and reskilling are essential for staying competitive in this evolving industry,” he said.

Projections for 2025

The discussion concluded with predictions for 2025:

• Increased AI Integration
  Orilua forecasted that generative AI would play a very important role in automation and customer interaction, particularly in finance and e-commerce.
• Anene predicted that ethical AI managers will be in high demand in the coming years.
• Growth in Blockchain and Cryptocurrency
  Konwea highlighted the prospect for blockchain to completely change sectors like supply chain and finance, with cryptocurrency becoming a preferred payment method.
• Sustainability as a Focus
  Otutu predicted a rise in tech solutions addressing environmental challenges. “Sustainable technologies will not just be a trend but a necessity,” he asserted.

The insights from the Techeconomy Business Series stress the need for resilience, adaptability, and innovation in catching up with the fast-evolving tech industry. 

2025 is here, and tech professionals must not be left out. Continuous learning, prioritising ethical AI practices, and developing solutions that address global challenges must be the focus.

The evolution of artificial intelligence (AI) in the financial sector has completely changed the way businesses deliver services. 

During the Techeconomy Business Series session titled “Major Lessons for Techies in Building Resilient, Customer-Centric Financial Solutions in an AI-Driven World”, experts shared their experiences and insights on how to innovate and maintain resilience while meeting customer needs.

Watch on YouTube:

Defining Resilience in Financial Solutions

Peter Kwakpovwe, founder of Draco Intelligence Ltd UK, broke down the concept of resilience in financial solutions. He stated, “Resiliency in financial solutions is the ability of the system to recover from shock, attack, or disruption, ensuring delivery and usage by customers.” 

He noted that resilience goes beyond simply fixing problems; it requires proactively creating systems that withstand disruptions.

Kwakpovwe shared a real-world example from his career: “We developed an AI-powered digital lending platform aimed at ease of banking, lending, and credit rating for customers. However, we faced challenges like political unrest and economic instability. To overcome these, we built an advanced anomaly detection algorithm to flag fraudulent transactions, an automated failover system, and a robust recovery and backup system.”

These measures ensured the platform could withstand disruptions and continue serving customers efficiently. According to him, “This reaffirmed my belief in AI-driven initiatives within the financial landscape.”

Ethical AI and Balancing Customer Needs

Ayodeji Ogunmola, director of Product Management at Northsnow Ltd UK, spoke on balancing rapid AI innovation with customer expectations. He noted, “The first thing customers want from financial institutions is to have their problems solved. AI brings simplicity to this process, but ethical considerations and transparency are important.”

Ogunmola highlighted two major issues:

1. “How ethical can the AI go?”
2. “Are customers trusting enough to allow AI integration into financial institutions?”

He explained the importance of defining what aspects of financial transactions are handled by AI versus humans. “We’ve seen human errors in resolving issues, but AI can bridge this gap, especially in interactions like chatbots that offer faster service.”

However, he also stressed the need for transparency: “Businesses must inform customers about what AI can and cannot do to build trust.”

Building Trust in AI: Transparency, Ethics, and Customer-Centricity are Key

On building trust in AI-driven financial systems, Moniade Adeniyi, product innovation and business growth strategist at Northsnow Limited, stressed the importance of transparency, fairness, and customer-centricity in AI solutions. 

He stated, “When you’re building an AI solution, it should be clearly explained how the AI system works. Customers need to feel safe and more confident about using the solution.”

Adeniyi also highlighted the need for ethical considerations, urging financial institutions to ensure that AI systems are unbiased. He said, “A financial institution must make sure that AI systems are fair and they don’t favour or harm any group of people.”

Personalised Financial Services

Ogunleye Oluwatobiloba, a data analyst with a fintech background, delved into how AI enhances customer experiences. “AI plays a huge role in delivering personalised financial services by leveraging data-driven insights,” he said.

He outlined key applications of AI:

• Customer Segmentation: “AI analyses customer data, such as transaction history and credit behaviour, to create detailed profiles.”
• Tailored Recommendations: “AI-powered engines suggest financial products like loans or investment options based on individual goals.”
• Chatbots and Virtual Assistants: “These tools, like UBA’s ‘Leo’, offer 24/7 support, handle transactions, and reduce the workload on human staff.”
• Fraud Detection and Prevention: “AI monitors user behaviour for anomalies, flags potential fraud, and notifies users immediately.”

Mitigating Risk with AI

The speakers collectively agreed that risk mitigation is an essential component of resilient fintech solutions. Kwakpovwe mentioned, “AI helps businesses holistically understand risk landscapes and develop de-risking strategies.”

Ogunmola added that iterative feedback and customer research are essential: “AI gathers data, analyses usage patterns, and helps businesses improve their offerings.” This aligns with the overarching goal of resilience—adapting to challenges while maintaining seamless customer experiences.

AI’s prospects in the financial sector are broad but require careful integration. Ogunleye said, “AI’s strength lies in its ability to personalise, automate, and innovate while addressing individual customer needs.” However, ethical considerations, transparency, and robust systems are essential to fostering trust and ensuring resilience.

The panel emphasised the importance of cross-disciplinary collaboration, with Kwakpovwe noting, “You need a strong, high-risk-skinned team to navigate the complexities of AI-driven solutions.”

Building Customer-Centric Financial Solutions Through AI

Peter Kwakpovwe emphasised the importance of leveraging AI to enhance financial literacy and inclusion. He highlighted the Central Bank of Nigeria’s (CBN) ongoing efforts to improve financial literacy through collaborations with banks and financial institutions. 

“By implementing this innovative admin solution, financial services can be customised for people who are particularly underserved and those who are in the underbanked population. But again, AI is data, data, and more data,” he said.

However, Kwakpovwe noted that while AI offers improved efficiency, fraud detection, and personalised customer services, the technology also introduces significant risks.

Adeniyi further noted the role of customer feedback in designing effective AI solutions, stating, “Every AI solution you are building should be tailored towards the customer… When you do all these things, trust is built, and they will want to use your system.”

The Dark Side: Data Privacy and Security Risks

Kwakpovwe did not mince words about the gravity of data privacy breaches, calling it the “data apocalypse.” He cited examples of data leaks in Nigeria, including breaches from major banks and the National Identity database. “The day you plug your product to AI, it automatically has access to everything you’ve had today—your data,” he warned.

To mitigate such risks, he recommended:

1. Robust Encryption: “If you build a database system and there are no strong encryptions, it’s a problem.”
2. Compliance with Data Protection Laws: He stressed the importance of adhering to regulations like GDPR and conducting regular audits.
3. Bias and Fairness Audits: Peter shared a Silicon Valley example where AI algorithms unintentionally discriminated against certain genders in loan approvals, showcasing the need for robust datasets and transparent algorithms.

Over-Reliance on AI: A Critical Pitfall

Kwakpovwe spoke on issues about the over-reliance on AI systems, which can lead to a reduced human thinking process. “Even the most intelligent people today are relying so much on AI,” he said. To address this, he suggested:

• Ensuring human oversight for key decisions
• Using AI as a support tool, not the primary driver of actions
• Investing in education and training to empower professionals with foundational skills

Technological Failures and Systemic Risks

Reflecting on a recent major banking system outage in the UK, Kwakpovwe noted the catastrophic impact of technological failures. “A core banking software issue shut down everything. It became a social media brouhaha,” he said.

To prevent such occurrences, Peter called for:

• Redundancy and Backups: “I’m a big fan of redundancy. You must have backups that have backups.”
• Incident Reporting Plans: Establishing clear protocols for managing AI system failures.

Scaling through Regulatory and Compliance Challenges

On regulatory hurdles, particularly in Nigeria and South Africa, Kwakpovwe stressed the importance of aligning AI systems with financial regulations to avoid fines and restrictions. “You must have regulatory engagement,” he said, adding that ethical AI frameworks and continuous monitoring are essential for compliance.

Adeniyi also stressed the importance of regular audits to maintain compliance and customer confidence, noting, “Regularly review the AI system to ensure they follow the law and meet high standards… This should be transparent to the customer.”

Leveraging AI to Drive Innovation in Fintech Solutions

Speaking on the importance of a systematic approach to deploying AI in financial services, Kwakpovwe said: “First off, there has to be this continuous learning of your data. AI can make decisions for you, but that shouldn’t be the final leg,” he noted. 

He called for hiring and training skilled professionals who can create and refine data models, stating, “You need over a billion scenarios… AI can help you create those scenarios, but you need someone to fine-tune and look at it also.”

Kwakpovwe emphasised the essence of closed user group testing before AI deployment. He explained: “Bring stakeholders into the room… go back to the product requirement document, tick all the boxes one by one… ensure your AI-driven product has achieved what you set out to do. When that’s done, move on to continuous improvement.”

He likened AI development to raising a child: “When you deploy it, AI starts learning on its own. It feeds on data, so regular audits and framework adjustment sessions are critical to ensure the system delivers sustainable value.”

Security and Scalability in AI Systems

The panellists highlighted the importance of cybersecurity in AI-driven systems. Pointing out the emergence of new roles such as large language model (LLM) cybersecurity experts: “These are people building systems to safeguard AI technologies. Such jobs didn’t exist five years ago, but they’re now crucial for protecting data and ensuring system integrity.”

Opportunities for AI in Africa

Addressing the future of AI in Africa, Ayodeji Ogunmola said: “There’s a lot of money in Africa that has not been harnessed yet. Voice-over AI could revolutionise financial inclusion by enabling people, especially those who aren’t tech-savvy, to access services through phone interactions. This can include account creation, KYC processes, and transactions.”

Ogunmola noted the benefits for underserved populations, such as rural farmers: “A farmer named Musa could get access to microloans because AI analyses his farming patterns and mobile data.”

AI’s Role in Fraud Detection and Improved Customer Experience

Fraud detection is an important subject when it comes to AI. Ogunleye Oluwatobiloba expatiated this: “AI can help in fraud detection and prevention by monitoring transaction patterns and reducing fraud rates, building customer trust.”

He noted additional benefits of AI, including:

• Smart payment gateways for instant, secure cross-border transactions.
• Dynamic currency conversion providing real-time rates.
• AI-driven credit scoring systems enabling microloans for customers based on their transaction histories.

AI and Human Expertise: A Synergistic Future

Countering fears of job displacement by AI, Moniade Adeniyi reassured professionals: “AI does not have a mind of its own; it resonates based on the information you provide. Professionals must train AI to respond effectively to human needs. Instead of losing jobs, we’ll be creating scenarios and guiding AI’s learning process.”

Adeniyi noted that this approach would open opportunities across sectors, urging professionals to stay proactive in adapting to the AI era.

Organisations must embrace AI responsibly, ensuring human oversight and continuous improvement. “If you follow these guidelines, you’ll create a system that works as it should—delivering value to both the organisation and its customers in a sustainable way.” This will drive innovation, inclusion, and resilience across the financial sector.

Listen on Spotify.

This era demands a strategic approach to ensure that fintech solutions address evolving customer expectations while remaining secure and adaptable to unforeseen disruptions.

So, how can fintech companies leverage AI for predictive analytics to identify and mitigate potential risks such as fraud, cyber threats, and market volatility? How can cloud-native architectures and microservices ensure fintech platforms handle sudden surges in demand without compromising performance?

Also, how can adaptive AI system be programmed to align with global regulatory changes, ensuring continuous compliance and minimizing legal risks?

Can AI enable hyper-personalization by analyzing user data to provide tailored financial products, advice, and recommendations?

These and more concerns shall be addressed by speakers during Techeconomy Business Series (Webinar #3) holding as follows:

Date: Tuesday, November 26, 2024

Platform: ZOOM (register: https://shorturl.at/cJhgG)

Time: 10:00am (WAT)

Participation is Free, but you are required to pre-register via the link HERE.

Meet the Moderator\Host for Techeconomy Business Series #3:

Chidera Amuta is a dynamic marketing professional with expertise in digital strategy, customer acquisition, and brand communications.

Currently serving as the Marketing Manager at Vendorcredit, she oversees marketing strategy, contract negotiations, and campaign performance analysis, helping to drive company growth.

Previously, Chidera led marketing at Kyshi and growth at FSDH, where she developed data-driven marketing plans and executed cross-platform campaigns.

She holds certifications from the Chartered Institute of Marketing, Orange Academy, and has a background in Orthopaedics Technology from the Federal University of Technology, Owerri.

Meet Techeconomy Business Series #3 Speakers:

Peter Kwakpovwe – Founder – Draco intelligence Ltd UK

Peter Kwakpovwe is a distinguished Data Scientist and business leader based in the UK. As a certified Scrum Product Owner (CSPO) and a champion of data transformation, he has a proven track record of leading successful business transformations through the strategic application of data, finance, and technology.

With over 12 years of experience in various managerial roles, Peter has been instrumental in building digital products and deriving actionable data insights within the Fintech sector and other digital enterprises. His notable achievements span revenue growth, operational efficiency, business development, and product management, earning him numerous awards and recognition in digital media.

Peter’s expertise encompasses product requirement elicitation, business process re-engineering, data analysis, change management, and the development of digital adoption roadmaps.

Ayodeji Ogunmola, director, Products Management, Northsnow Ltd Uk

‘Deji Ogunnmola is a visionary leader with a remarkable track record of igniting growth across product, operations, and business management. His tenured career has spanned diverse industries – financial institutions, FMCG, transportation & logistics, and telecommunications. This breadth of experience allows him to approach challenges with a unique perspective, crafting innovative solutions that unlock significant value.

‘Deji is a strategic mastermind, adept at identifying and capitalizing on emerging market trends. His strong communication skills enable him to rally teams and inspire them to achieve ambitious goals. He fosters a culture of collaboration where innovation thrives and employee potential is maximized.

‘Deji’s results speak for themselves. “He spearheaded 25 products development and successful launch.

His commitment to excellence and data-driven decision-making has consistently delivered exceptional outcomes.

Deji O. is more than just a leader; he’s a catalyst for transformation. He is an invaluable asset for any organization seeking to propel itself to the next level.

Ogunleye Oluwatobiloba, Data Analyst with FINTECH background

Tobi is an excellent and goal oriented individual seeking to pursue a career in information technology, with rich interpersonal and communication skills.

Honed with transferable and soft skills, he is a fast-learner who is result –driven, innovative, collaborative, dependable, trustworthy team player, receptive to learning new set skills and add value wherever he finds himself.

Throughout his journey, Tobi has developed a keen eye for detail and a strong commitment to delivering exceptional results. He is dedicated to identifying and reporting defects promptly, working closely with the development and business teams to ensure timely resolutions.

He is a developer with a keen eye for details, a tester with a knack for uncovering hidden bugs, and a data analyst with a passion for transforming raw data into actionable insights.

His diverse skill set allows him to navigate seamlessly through the various stages of the system development lifecycle.

Moniade Adeniyi, Product Innovation and Business Growth Strategist, Northsnow Limited

Moniade Adeniyi is a seasoned Product Manager with over a decade years of hands-on experience in the Financial Inclusion/Agency Banking and Fintech sectors.

With a strong background in product growth management, Moniade has overseen more than 15 projects and managed hundreds of high-ticket clients, demonstrating a track record of delivering successful outcomes.