Held in Lagos, a key center for digital innovation, the conference highlighted the need for a unified strategy to accelerate the continent’s digital transformation.

Temitope Osunrinde, the conference convener, stressed the importance of integrating various digital infrastructure components.

“Subsea cables, tower companies, fiber networks, and satellite internet are all critical elements,” Osunrinde said. “However, without convergence, these elements remain disconnected, hindering our ability to fully leverage digital technology.”

The conference featured over six panel sessions with key stakeholders from across Africa, tackling specific challenges to the continent’s digital progress.

Key issues discussed included power shortages, high energy costs, and limited access to renewable energy sources—significant obstacles for data centers and telecommunications operations.

The lack of robust middle-mile infrastructure was also identified as a barrier to efficient data traffic distribution.

Yemi Okeremi, the chairman of the conference, noted, “Africa’s vast population and immense potential are overshadowed by its digital infrastructure deficit. Despite our efforts, we still lag behind other regions in terms of data center capacity and fiber connectivity.”

Conference participants explored solutions such as collaborative partnerships between governments, private sector companies, and international organizations. Josephine Sarouk, managing director of Bayobab, emphasized the need for supportive policy frameworks that foster competition, innovation, and affordability.

She urged government officials to focus on fostering partnerships, bringing stakeholders together, and creating an enabling environment for investors, despite the complexities of aligning interests across 54 countries.

The potential of emerging technologies like artificial intelligence and blockchain was also discussed. These technologies could enhance resource allocation, improve cybersecurity, and unlock new economic opportunities for Africa.

There was a strong consensus on the urgent need for convergence. Participants agreed that by breaking down silos and collaborating effectively, Africa could leverage its digital infrastructure to drive economic development, enhance social services, and build a more inclusive society.

Investment in subsea infrastructure for resilience was highlighted as crucial. However, greater emphasis on local exchanges and terrestrial infrastructure to minimize downtime during outages was also emphasized.

Wole Abu, CEO of Liquid Intelligent Technologies Nigeria, called for collaboration beyond technical levels, advocating for a unified approach among industry stakeholders to solve these challenges collectively.

Ego Jegede, program manager, Network Investments at Meta, praised the collaboration on the 2Africa project, noting that the model of cooperation among competitors should be replicated for terrestrial corridors to address infrastructure gaps and improve connectivity.

Power emerged as a recurring theme, with operators advocating for advancements in power infrastructure and exploration of alternative sources such as solar, gas, and private power solutions close to data centers.

However, the enabling environment for power projects, particularly around transmission and distribution, was recognized as a significant barrier.

Dr. Krish Ranganath, regional executive at Africa Data Centers, urged for collaboration among industry stakeholders on power and real estate, suggesting that data centers along a geographical axis could work together with independent power producers.

The importance of political will in creating a conducive environment for business was highlighted by Lanre Kolade, chairman of ConnectedCompute, and Adewole Adebisi, head of Operations at Radio Group.

They stressed the need to improve the ease of doing business for both foreign and local investors.

The Hyperscalers Convergence Africa conference has set the stage for action, inspiring stakeholders to commit to building a more connected and prosperous Africa.

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This programme is designed to establish colocation and ecosystem partnerships, empowering members to expand their product portfolio & offerings alongside their market presence including an expanded data centre footprint.

ADC Channel presents a unique opportunity for global carriers, Internet Service Providers (ISPs), system integrators, Data Centres, Mobile Network, Content Developer, telecommunications companies, network infrastructure operators, hyperscalers and others to deliver state-of-the-art, sustainable and cost-effective digital solutions to their clients.

The primary objective of ADC Channel is to foster collaboration amongst partners, facilitating the delivery of optimised solutions and comprehensive support to clients.

Partners enrolled in ADC Channel will benefit from a flexible approach that accommodates various partnership and go-to-market (GTM) models.

Finhai Munzara, CFO of Africa Data Centres, emphasises that the benefits of the ADC Channel programme extend to all types of partners.

“Our facilities are designed with the needs of hyper-scale, wholesale & enterprise clients in mind, catering to their technical, operational and commercial requirements. Whether it’s greenfield projects, built-to-suit facilities, powered shells, dedicated halls, or hybrid colocation, we offer flexible, scalable and sustainable solutions that suit partners of every kind,” Munzara said.

He elaborates on the advantages of becoming an Africa Data Centres Partner.

Firstly, clients gain an additional product offering & footprint to augment their existing portfolio, enabling them to offer bundled solutions.

This not only enhances their current revenue streams but also positions them for further growth & retention with both existing and future customers.

Africa Data Centres has also developed ADC Marketplace, a pioneering platform designed to empower partners and customers across the continent.

This innovative marketplace provides a dynamic space for partners to showcase their services and for customers to explore offerings, fostering collaboration and visibility within the African tech community.

Offering unmatched connectivity and growth opportunities, the ADC Marketplace stands as the ultimate platform for African enterprise organisations and tech companies seeking to thrive in today’s digital landscape.

Partners stand to benefit from reduced churn, as colocation is inherently a ‘sticky’ product with minimal price erosion.

By offering best-of-breed colocation services from Africa’s leading data centre provider, partners can differentiate themselves from competitors.

Partners will also enjoy seamless access to data centre experts, continuous commercial and technical support, and regular, complimentary training for their sales and product teams.

Furthermore, partners face no financial risk, as participation in the channel programme requires no investment and entails no capital expenditures for building data centres.

Partners can also leverage flexibility in setting their selling prices and receive significant upfront discounts, further bolstering their competitive advantage.

Exclusive benefits include competitive pricing, dedicated sales & Presales Teams, Remote Hands support and access to joint marketing resources & activities, enabling partners to thrive in the marketplace.

Munzara emphasises that ADC Channel programme  epitomises Africa Data Centres’ commitment to fostering collaborative growth and innovation.

“It serves as a platform for clients to enrich their product portfolios and seamlessly extend their business across diverse ecosystems with openness and transparency.” Africa Data Centres warmly invites partners to embark on this transformative journey towards shaping the future of digital connectivity in Africa.

“The programme prioritises mutual growth, leveraging Africa Data Centres’ profound industry expertise and extensive infrastructure,” Munzara concludes.

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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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

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