Nigeria’s quest to turn fintechs into the hub for financial inclusion blazed at the Fintech & Financial Inclusion Roundtable 2025 convened by BusinessJournal with the keynote speaker Biodun Adedipe Phd, pointing out that ‘Nigeria has one of the most vibrant fintech ecosystems in Africa, yet the paradox is that millions of Nigerians remain financially excluded.
On the downside he said there is still no alignment. Noting that ‘despite our position as Africa’s largest economy, many of our citizens – especially women, rural dwellers, and small business owners – are still cut off from affordable, reliable financial services. This is the challenge we face, but also the opportunity before us’
Adedipe was clear in his assertion that financial inclusion is not just a banking issue or insurance, ‘it is a development issue. Access to finance means farmers can invest in tools, women can grow small businesses, families can withstand shocks, and youth can innovate. Every percentage point increase in inclusion adds fuel to our economic growth story.’
Though he was represented by Paul Ehiagbonare, the span of his presentation did not shrink; he noted that Nigeria has become the fintech capital of Africa with immense opportunities and he alluded to the mobile phones in the hands of over 100 million which can be turned into banks branches; “with these, agent networks can reach rural villages; SMEs can get loans powered by digital scoring; and with AfCFTA, cross-border trade payments can be simplified. Add AI, and the future is limitless.”
He points to hurdles that are clear in sight but need to be shoved off to present a better narrative. Without mincing words he said, “Trust is still fragile – many people fear digital fraud. Digital literacy is low in rural areas. Regulations sometimes lag behind innovation. Infrastructure gaps – like power and broadband – slow down adoption. And often, fintechs operate in silos, with too many wallets that don’t talk to each other. These are barriers we must confront.”
These setbacks not withstanding, Adedipe paints hope not despair, “The future is promising. Open banking will give customers more power. AI will allow personalised lending and savings. Finance will be embedded in commerce, healthcare, and education. Even green financing will emerge. Nigeria can indeed be Africa’s fintech capital, but only if we focus on inclusive growth.”
He was clear that financial inclusion is about opening doors of opportunity. To avoid going in circles he made several recommendations, “to accelerate inclusion, regulators must create enabling environments, fintechs must build trust, banks must see collaboration as the way forward, and investors must support programs that bring women, rural dwellers, and low-income groups into the digital economy.”
Inasmuch as fintech is a bridge that connects all that would come on board, he said the citizens must decide how strong and wide they want that bridge to be.
