Uzoma Dozie discusses Nigeria’s digital future

Nigeria's digital future is a topic of great importance as the country strives to keep up with the rapidly evolving technological landscape. Uzoma Dozie, Partner at Black Knights, recently sat down with CNBC Africa's Wole Famurewa to discuss the need for Nigeria to embrace technology and innovation to drive growth and financial inclusion. Dozie emphasized the importance of developing a digital platform to help scale the country's low internet penetration rate of less than 20%. He highlighted the potential of artificial intelligence and augmented reality in enhancing financial services and driving overall economic development. One of the key challenges facing Nigeria's digital transformation is the need for cohesive standards and legislation. Dozie emphasized the importance of regulatory bodies keeping pace with technological advancements to create an environment conducive to innovation and growth. Drawing a comparison to China, Dozie noted that the difference lies in China's regulator allowing technology to lead the way towards achieving national objectives. He stressed the need for Nigerian regulators to similarly embrace technology to drive progress. Dozie also touched on the entrepreneurial spirit fueling digital financial services in Nigeria. He noted the trend of technology democratizing financial services and highlighted the shift towards providing convenient and personalized services through digital platforms. Dozie acknowledged the role of collaboration between traditional banks and fintech companies in driving innovation and meeting the evolving needs of customers. Looking ahead, Dozie expressed his optimism for the future of digital financial services in Nigeria. He emphasized the potential for technology to revolutionize financial inclusion, particularly in reaching underserved populations. As Nigeria grapples with structural challenges, such as limited internet access and infrastructure, Dozie sees immense opportunities for innovation and growth in the digital space. In conclusion, the conversation with Uzoma Dozie shed light on the critical importance of technology in shaping Nigeria's digital future. From enhancing financial services to driving economic development, leveraging technology will be crucial for Nigeria to stay competitive in the global landscape. As the country navigates the digital transformation journey, collaboration between various sectors and a forward-thinking regulatory framework will be key to unlocking the full potential of technology for the benefit of all Nigerians.