Dr. Biodun Adedipe, leading Nigerian economist, states that fintech and financial inclusion are vital for moving Nigeria’s economy from a state of “jobless growth” to a more inclusive and sustainable model that benefits everyone. Adedipe, who is the CEO of B. Adedipe & Associates Limited, highlighted this during his keynote speech at the 2nd Business Journal Fintech & Financial Inclusion Roundtable in Lagos.
According to Dr Adedipe, over $2 billion was invested in Nigerian fintech and startups by more than 50 angel and venture capitalists in 2024. He described financial inclusion as a powerful tool for economic development and reducing poverty, especially in a country like Nigeria, where many people lack basic access to financial services and suffer from multi-dimensional poverty.
The economist pointed out several opportunities for fintech and financial inclusion in Nigeria, including:
- A large, tech-savvy youth population.
- Growing demand for financial services.
- A significant number of unbanked and underserved people.
- A large informal economy, which makes up an estimated 54 per cent to 58 per cent of Nigeria’s GDP.
- A culture of necessity-based entrepreneurship.
Challenges and Solutions
Adedipe noted that there are also significant challenges. The Central Bank of Nigeria (CBN), for example, faces the difficult task of effectively regulating and promoting both fintech and financial inclusion. He also mentioned other challenges to be addressed, such as consumer protection, the cost of services, technology infrastructure, and cybersecurity.
To succeed, Adedipe said, regulators and financial companies must collaborate and avoid trying to take advantage of each other. He emphasized that for Nigeria to have a truly inclusive financial system, policies, regulations, products, and technology must be designed with inclusivity in mind. This means creating a safe, efficient, and integrated digital payment ecosystem.
In conclusion, the economist stressed that by working together, all stakeholders can achieve the overarching goal of inclusive growth and shared prosperity for Nigeria.
As Remita noted, “With a dynamic entrepreneurial ecosystem, the demand for fintech solutions, particularly for *SMEs, is expected to increase, which will drive more innovation and competition in the market.”
