Nigeria’s fintech boom is reshaping the financial services landscape, but industry leaders say the next frontier will hinge on tighter collaboration between regulators and operators—especially in insurance.
Speaking at the Business Journal Fintech and Financial Roundtable in Lagos, Chairman of the Nigerian Exchange Group (NGX), Dr. Umaru Kwairanga, urged regulators and insurers to align strategies in order to accelerate financial inclusion and sustain fintech growth.
Fintech as a Market Catalyst
“Nigeria has emerged as one of Africa’s most vibrant fintech ecosystems in the last decade,” Kwairanga noted, pointing to the surge of mobile payments, digital lending, and wealth apps that have “transformed how Nigerians access and interact with financial services.”
He stressed that NGX views fintech not as disruption to defend against, but as an innovation partner. “Our mission has always been to democratise access to investment opportunities and deepen participation in the capital market. To achieve this, we have consistently opened our doors to fintech innovation.”
The Risk Layer
But with rapid growth comes risk. Dr. Olayinka Odutola, DG/CEO of the Association of Enterprise Risk Management Professionals (AERMP), warned that unchecked greed, regulatory silos, and weak cybersecurity practices threaten to undermine progress.
“Fintech and financial inclusion have started very well in Nigeria, but the greed factor remains a potent danger,” he said, calling for harmonised oversight between CBN, SEC, NDIC, NAICOM, and NIMC. “Data privacy and ethical hacking are still under-rated.”
Insurtech’s Untapped Potential
For insurers, fintech is more than an efficiency tool—it’s a penetration strategy. Dr. Jeff Duru, MD/CEO of Universal Insurance Plc, highlighted how digital platforms can bridge Nigeria’s stubborn insurance gap, especially in underserved regions.
“Insurance companies alone cannot handle financial inclusion. There must be collaboration to ensure this is a reality and no longer a talking point,” Duru said.
Mrs. Bikola Ifemade, former Lagos Area Committee Chair of the NCRIB, echoed this, stressing the Council’s commitment to leveraging fintech to boost insurance adoption.
Why It Matters
Nigeria’s fintech sector has already proven its ability to redefine payments and credit. The next test will be whether regulators and operators can sync policies, manage risk, and scale insurtech solutions to reach the millions of Nigerians still excluded from formal finance.
If Kwairanga’s call is heeded, the future of insurance in Nigeria may look less like a traditional institution and more like a tech-powered platform—nimble, collaborative, and deeply embedded in everyday digital life.
