Faith Adesemowo, CEO, Social Lender said there is a need for healthy competition and collaboration among Fintech stakeholders to fast-track the future of the ecosystem.
According to Adesemowo, these two factors will drive the growth of the Fintech ecosystem in Nigeria as well as foster innovation in the industry.
The CEO said this during a presentation at the Digital Financial Services Masterclass Webinar with the theme “Understanding the Fintech Ecosystem of the Future.”
She noted the dynamic fintech landscape, highlighting the competition between Twitter and Threads as well as the traditional banks and Fintech startups.
“How do you compete with the big firms like Twitter and Threads who are rolling out payment channels on their platforms? It is through collaboration. Collaboration is good but competition is healthy. Collaboration and competition are drivers of growth in the Fintech ecosystem. These factors would foster innovation and propel the industry forward,” she said.
She explained that the future of Nigeria’s Fintech is bigger than what is currently existing, driven by artificial intelligence, cryptocurrency and a proactive approach, adding the need for customer safety as the system evolves.
Adesemowo discussed the shifting consumer behaviour and the emergence of new businesses, stating the need to embrace the benefits of digital connectivity as well as maintain a balanced approach to well-being, urging a focus on physical health and exercise.
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Hakeem Martins, information systems compliance lead, Courtville Business Solutions speaking at the webinar explained the importance of information security within the Fintech ecosystem. He said that safeguarding sensitive financial data has become the priority for all Fintech companies, “which underlined the significance of implementing robust authentication measures and conducting penetration testing by ethical hackers to identify vulnerabilities and strengthen system security.”
Martins warned that cyber-attacks pose a significant risk to all stakeholders in the Fintech ecosystem, necessitating strong information security measures to maintain trust and protect both organisations and customers.
He also underlined the role of encryption in preserving the confidentiality, integrity, and availability of financial data, urging stakeholders to invest in threat intelligence services and prioritise information security measures, given the continued growth of the Fintech industry.
