NGX, Stakeholders Push for More Inclusive Fintech Growth

NGX, Stakeholders Push for More Inclusive Fintech Growth

Quick Reads:

• NGX Group Chairman Dr Umaru Kwairanga chaired the third Business Journal Fintech and Financial Inclusion Roundtable in Lagos.
• He called for stronger collaboration between regulators, financial institutions and tech companies to deepen financial access.
• PufferPay CEO Emmanuel Ovaga urged more investment in consumer education and cybersecurity.
• CPPE’s Dr Muda Yusuf said gains in inclusion should extend to credit, pensions and insurance for MSMEs.
• LCCI’s Dr Chinyere Almona urged investors to tap emerging fintech opportunities responsibly.

Nigeria’s push for inclusive fintech growth took center stage in Lagos this week as top voices in banking, technology and enterprise gathered to demand deeper collaboration in expanding the country’s digital financial ecosystem.

Speaking as Chairman of the third Business Journal Fintech and Financial Inclusion Roundtable, Nigerian Exchange Group (NGX Group) Group Chairman, Dr Umaru Kwairanga, said Nigeria has built one of Africa’s most vibrant fintech ecosystems over the past decade, but stakeholders must now ensure that innovation translates into broad-based economic opportunity rather than staying concentrated among a privileged few. The event, themed “Fintech: Driving the Future of the Digital Financial Ecosystem in Nigeria,” was convened by Prince Cookey, Publisher and Editor-in-Chief of Business Journal Media Group.

Kwairanga argued that true inclusive fintech growth means going beyond simply opening more bank accounts or digital wallets. Instead, he said, it should empower individuals and businesses to build financial resilience, access capital, grow wealth and participate meaningfully in the economy, particularly small businesses, women, young entrepreneurs and communities still locked out of the formal financial system.

Trust, he stressed, remains the bedrock of that progress. Nigerians will only fully embrace digital financial tools if they trust their transactions are secure, their data protected, and the system runs with integrity. He called on regulators to keep encouraging responsible innovation while safeguarding stability, and urged financial institutions and tech firms to invest jointly in digital infrastructure, cybersecurity and financial literacy.

Kwairanga also highlighted NGX Invest, an Exchange-led initiative simplifying access to public offerings and helping companies raise long-term capital more efficiently, describing patient capital as essential for scaling innovative businesses sustainably. He expressed confidence that with the right policies, strong institutions and continuous innovation, Nigeria could emerge as Africa’s leading digital financial hub, leveraging its youthful and tech-savvy population.

Chief Executive Officer of PufferPay Ltd., Emmanuel Ovaga, echoed the call, urging fintech operators, regulators and investors to prioritise consumer education alongside cybersecurity. While Central Bank of Nigeria (CBN) policies have strengthened the ecosystem and shrunk the unbanked population, Ovaga warned that rising digital adoption without matching awareness of cyber risks could expose millions of underserved Nigerians to fraud.

Also speaking, Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), said inclusion gains must now extend into credit, pensions and insurance, especially for Micro, Small and Medium Enterprises (MSMEs), while Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), urged investors to seize fintech opportunities while collectively managing emerging risks.