Omolabake Fasogbon

Managing Director of Remita Payment Services Limited, Mr. ‘DeRemi Atanda, alongside prominent leaders from technology, finance, and policy sectors led discussions around advancing Africa’s economic future at the ICTEL EXPO in Lagos, recently. 

Atanda, while speaking at an event organised by the Lagos Chamber of Commerce and Industry (LCCI), highlighted possible interventions on the structural gaps slowing SME growth in Nigeria, reiterating urgency for a coordinated national approach to digital enablement.

During a session focused on harnessing financial technology to unlock Africa’s development potential,  Atanda urged national alignment in policy, technology, and infrastructure. “The real conversation isn’t about how many platforms we have. It’s about whether Nigeria has a national strategy for SMEs in the digital age. Once that is defined, the role of regulators, fintechs, logistics players, and government becomes clearer and more impactful,” he stated. 

He noted that fintech platforms are helping SMEs transcend traditional barriers right from enabling cross-border payments to improving digital visibility.

“Technology has expanded opportunities for small businesses that previously operated in geographic isolation.A business in Aba can now serve a customer in Accra, because payment rails make it possible. That’s real change,” he said. 

Now in its 11th edition, ICTEL EXPO has become a flagship platform for dissecting Africa’s innovation landscape, and this year’s theme, “Leveraging Technology for Innovation and Development in Africa,” brought a fresh urgency to long-standing conversations. 

As SMEs continue to contribute over 48% to Nigeria’s GDP and employ more than 80% of the workforce, stakeholders gathered to explore how digital infrastructure, fintech innovation, and regulatory reform can accelerate this segment’s transformation. The 2025 event attracted hundreds of participants across sectors, reaffirming the role of technology as the engine of inclusive and sustainable economic development across the continent.

Atanda  cautioned that the progress made in digital innovation and financial inclusion cannot be sustained in a fragmented ecosystem.

He said, “While there have been notable advances, such as increased digital payments, tech-driven services, and broader access to financial tools, these gains risk being undermined by the lack of coordination among key institutions. We’re seeing duplication where we need direction. Innovation must be guided by a shared vision that links digital solutions to national economic goals,” Mr. Atanda warned.

He welcomed recent steps by the CBN, particularly the establishment of a dedicated Payment Supervision Department, as a positive move towards greater clarity in the fintech landscape. This, he said, should be accompanied by collaborative policy development that integrates technology, finance, and trade.

He further stressed  need to embed logistics into the SME growth equation, saying, “Technology can connect buyers and sellers instantly, but if a product takes a week to arrive or never does, we haven’t solved anything. A tech-driven logistics backbone is as vital as payment platforms.”

Touching on access to credit, he explained how integrated data systems can transform small businesses’ financial profiles. 

He also spotlighted open banking as a potential game-changer for SME financing, arguing that shared access to payment data, customer patterns, and transaction volumes can allow both banks and fintechs to lend more confidently and competitively to small businesses.

Atanda  concluded by urging all stakeholders, including government, private sector, regulators, and development partners  to convert conversations into measurable progress.

“If by the next conference we cannot point to at least one major milestone from these discussions, then we would have failed the SMEs that we claim to serve. The future demands more than talking; it requires alignment, execution, and sustained accountability, he said.

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