Ebere Nwoji

The Chairman, Nigerian Exchange Group (NGX), Dr Umaru Kwairanga, has called for collaboration between regulators and insurance sector operators in order to advance sustainable growth of fintech ecosystem and financial inclusion in the country.

Kwairanga stated this in his remarks as Chairman Business Journal Fintech and Financial Roundtable conference held in Lagos

Nigeria, he said, has emerged as one of Africa’s most vibrant fintech ecosystems in the last decade.
“We have witnessed the rise of mobile payments, digital lending platforms and wealth management applications that have transformed how Nigerians access and interact with financial services,” Kwairanga said.

He said the Nigerian Exchange Group, has recognised this trend not as a disruption to be resisted, but as an opportunity to be embraced. 
“Our mission has always been to democratise access to investment opportunities and to deepen participation in the capital market. To achieve this, we have consistently opened our doors to fintech innovation,” he stated.

Also speaking, Director-General/CEO, Association of Enterprise Risk Management Professionals (AERMP), Dr. Olayinka Odutola, commended the rising level of fintech and financial inclusion practice in the country, insisting however that the greed factor remained a potent danger in the market.

“Fintech and financial inclusion have started very well in Nigeria but we must consider the greed factor in terms of risks and cyber breaches.
Odutola regretted the regulatory fragmentation in the system and called for harmonisation of policies and information sharing by the CBN, SEC, NDIC, NAICOM and NIMC to protect both operators and institutions in the system. He lamented that data privacy and ethical hacking are still under-rated.

Managing Director/CEO of Universal Insurance Plc, Dr Jeff Duru, stated that both fintech and insurtech provided great opportunities for the insurance market in terms of financial inclusion.

“There is little level of financial inclusion in the hinterlands but fintech and insurtech will close the gap in the area of insurance penetration. Insurance companies alone cannot handle financial inclusion. There must be collaboration to ensure reality and no longer a talking point.”

The former chairperson, Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Bikola Ifemade, said the Council was passionate about insurance penetration through fintech and financial inclusion.

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