Nigeria urged to embrace digital technologies

Nigeria is standing at a pivotal moment in its financial history, with digital technology and payments poised to drive a fundamental shift in the country's economy. Herbert Wigwe, CEO of Access Bank, highlighted the potential for technology to revolutionize banking during an interview at the Africa FinTech Foundry event. He emphasized the importance of leveraging available technology to drive financial inclusion and foster economic growth in Nigeria. With a population of over 200 million and abundant resources, Nigeria has the potential to establish itself as a leading force in the financial services sector. Wigwe outlined the key role of partnerships in driving innovation, particularly in the financial technology space. By collaborating with tech entrepreneurs and embracing cutting-edge solutions like artificial intelligence and blockchain, Access Bank aims to stay ahead of the curve in a rapidly evolving industry. Regulators are also seen as key players in ensuring responsible innovation, with the Central Bank of Nigeria investing in understanding and regulating the fintech space. Despite initial constraints, regulators are expected to adapt to the changing landscape to support the growth of a dynamic and digitally-driven financial sector in Nigeria.