Speaking on a panel titled “Scaling for Success: Building Strong Alliances between Banks & FinTechs”, Mr. Atanda underscored the critical role that strategic partnerships play in unlocking the potential of financial technology to drive inclusive economic growth.

Joining Mr. Atanda on the panel were other prominent voices in the fintech and banking sectors, including Chijioke Dozie, Co-founder of Carbon; Tomilola Majekodunmi, Co-founder and CEO of Bankly; Akinsope Roberts, Industry Solutions Executive for Central & Southeastern Europe, Middle East & Africa at Microsoft; and Olayinka Situ, Group Head of Corporate Transformation at FirstBank.

The session was moderated by Olumuyiwa Olowogboyega, Editor-in-Chief of BigCabal, and brought together industry leaders to discuss how fintechs and traditional financial institutions can create synergy to scale innovation.

During the session, Mr. Atanda reflected on the transformative journey of SystemSpecs, the parent company of Remita, emphasising the importance of persistence, adaptability, and collaboration in revolutionising Nigeria’s financial ecosystem.

He shared how early innovations like payroll automation and elements of open banking were crucial milestones that required not only technological advancement but also a deep-seated commitment to overcoming resistance from traditional financial stakeholders.

“Partnerships between banks and fintechs have historically faced challenges, especially when new ideas are ahead of their time,” Mr. Atanda explained. “Some ideas will come ahead of their time, and you may struggle to gain acceptance. It doesn’t mean your idea lacks value; it simply means the partner cannot yet see through the lens you’re using. It’s not about malice or difficulty; it’s about finding ways to align interests and perspectives.”

By highlighting the initial resistance encountered by early fintech innovations, he stressed that collaboration is not merely about technology but also about fostering a shared vision that benefits all stakeholders.

Reflecting on Remita’s early journey in the Nigerian payment landscape, Mr. Atanda recounted how the company’s breakthrough came from addressing a fundamental challenge in payroll processing. He noted, “What got us into payments was solving a payroll problem: why should people still send cheques to banks after running payroll? Convincing banks to let customers send salaries to other banks was initially unimaginable. It required deep thinking, persistence, and incentives to show how this would benefit them.” This, he explained, was one of the earliest forms of what would later evolve into the interconnected payment systems we see today.

Mr. Atanda also delved into the critical element of trust in building successful partnerships between banks and fintechs.

He emphasised that beyond technological prowess, collaboration requires a human touch, driven by trust, credibility, and a shared commitment to long-term goals.

“Collaboration isn’t just about logic. It requires emotional engagement, credibility, and people who believe in your vision to help champion it. You also must keep moving forward, even if you don’t have all the pieces in place, because innovation doesn’t wait for perfection,”

This insight underscores the importance of trust in navigating the evolving dynamics of the financial sector.

The panel discussion highlighted the transformative dynamics between banks and fintechs, emphasizing the exciting evolution from traditional hierarchies to vibrant collaboration.

Mr. Atanda noted that the once conventional relationship, where banks held a dominant role, has now become a dynamic partnership fueled by the shared pursuit of innovation and agility.

“The balance of power has shifted. What was once a structured relationship has become a collaborative game of ideas and speed to deliver,” he remarked.

This shift underscores the growing synergy between established financial institutions and nimble fintech companies, showcasing their collective strength in driving progress and delivering exceptional value to customers.

Addressing the often-complex relationship between innovation and regulation, Mr. Atanda highlighted the importance of regulation keeping pace with technological advancements.

He remarked,

“Innovation will always be ahead of regulation. Regulators don’t create; they regulate what exists. This requires creators to take risks, ensuring that everyone is protected while pushing the boundaries to build frameworks for the future.”

Mr. Atanda concluded by stressing that the impact of financial innovation extends beyond private enterprise and can significantly contribute to national economic development.

He called for a collective commitment to creating scalable solutions that align with broader economic goals.

“Collaboration stops being just a private sector issue when it aligns with a national transformative agenda. It becomes a scalable framework that benefits everyone and advances the global interests of all stakeholders,” Mr. Atanda said.

This, he believes, is the path forward for Nigeria to become a leader in the global financial ecosystem.

The FirstBank Fintech Conference 6.0 served as a dynamic platform for insightful discussions on fostering collaboration between banks and fintechs to propel the next phase of financial inclusion and digital transformation in Nigeria.

Amidst the industry’s ongoing evolution, visionary leaders like Mr. Atanda continue to champion the power of strategic partnerships in shaping the future of financial services.

This positive change challenges traditional gender norms and fosters a diverse and inclusive environment essential for the industry’s growth and development.

Despite the challenges, these women are carving out their paths, leading successful startups, turning challenges into triumph and contributing substantially to the life of many.

Of course, there are lots of them, but just to mention a few, we have:

1. Ifeoluwa Dare-Johnson – Healthtracka

Ifeoluwa Dare-Johnson, the Founder and CEO of Healthtracka, has revolutionized healthcare technology. Her startup focuses on innovative solutions that enhance healthcare accessibility, making a significant impact on people’s lives.

2. Temie Giwa-Tubosun – LifeBank

Temie Giwa-Tubosun, the CEO of LifeBank, stands at the forefront of healthtech innovation. Her company, LifeBank, utilizes technology to deliver life-saving medical products to hospitals, ensuring 24/7 availability of blood and blood products, while emphasizing the essential role of technology in healthcare.

3. Adeola Ayoola – Famasi Africa

Adeola Ayoola, the CEO and Co-founder of Famasi Africa, is driving change in the pharmaceutical industry. Her startup, Famasi Africa, aims to enhance the pharmaceutical supply chain, ensuring the availability of essential medicines to all and connecting individuals as well as businesses to Pharmacies.

4. Tomilola Majekodunmi – Bankly

Tomilola Majekodunmi, the Co-founder and CEO of Bankly, is redefining financial technology in Nigeria. Her startup, Bankly, focuses on providing digital financial services, empowering individuals and businesses with secure and accessible banking solutions.

5. Oluwatosin Olaseinde – Money Africa and Ladda

Oluwatosin Olaseinde, the Founder of Money Africa and Ladda, is a driving force behind financial education. Her initiatives empower individuals with financial knowledge, enabling them to make informed decisions and achieve financial stability.

6. Solape Akinpelu – HerVest

Solape Akinpelu, the Co-founder and CEO of HerVest, is dedicated to promoting financial inclusion. Her startup, HerVest, focuses on providing accessible investment opportunities for women, fostering economic independence and empowerment.

7. Kemi Ogunkoya – LeaderX

Kemi Ogunkoya, the Co-founder of LeaderX and Program Director at Women in Tech, is a passionate advocate for women in the tech industry. Her initiatives empower women with skills, mentorship, and opportunities, bridging the gender gap in technology.

8. Ruth Olojede – Flick

Ruth Olojede, the Co-founder and CEO of Flick, makes connections to bank accounts seamless via the Flick app, where contactless payments and views of net worth are a glance. This enables clients to make secure and quick borderless transactions across multiple financial institutions. You can control and monitor your multiple accounts using Flick.

9. Chioma Okotcha – PayHippo

Chioma Okotcha, the Co-founder of PayHippo, is reshaping the fintech landscape for SMEs. Her startup, PayHippo, focuses on providing hassle-free financial solutions for small businesses, facilitating their growth and sustainability.

10. Temitope Omotolani – Crowdyvest

Temitope Omotolani, the Co-founder of Crowdyvest, is driving social impact through financial technology. Her startup, Crowdyvest, enables individuals to participate in impactful investment opportunities, fostering community development and positive change.

11. Affiong Williams – ReelFruit

Affiong Williams, the Founder and CEO of ReelFruit, is an innovator in the agribusiness sector. Her company, ReelFruit, focuses on producing healthy and natural snacks, promoting sustainable agriculture practices and entrepreneurship.

Promoting Diversity and Inclusivity

These commendable women are not only leading successful startups but also inspiring the next generation of female entrepreneurs. Their stories emphasize the importance of diversity and inclusivity in the tech industry, fostering creativity, innovation, and social change.

The contributions of these women prove that an inclusive environment empowers women and drives unparalleled growth and innovation in the tech sector.