To help Nigeria reach a $1 trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC) and other financial experts have highlighted the need for collaboration between banks and fintech companies.
This was discussed at the 2024 annual Finance Correspondents Association of Nigeria (FICAN) conference in Lagos.
NDIC Managing Director Bello Hassan emphasized the importance of the Central Bank of Nigeria’s (CBN) recapitalization efforts to ensure that banks are resilient and able to support the economy.
Hassan explained that well-capitalized banks play a critical role in supporting the growth of Nigeria’s real sector and that partnerships between banks and fintech companies can help provide the necessary financing for economic development.
He also pointed out that policies such as foreign exchange rate unification could attract more investment and boost confidence in Nigeria’s economy.
United Bank for Africa’s Managing Director, Oliver Alawuba, noted that Nigeria’s fintech sector is rapidly expanding and will be key in improving financial access and fostering innovation as the country works towards the $1 trillion economy goal.
(Leadership)