Fintech Drives Financial Inclusion in Nigeria: Experts Highlight Banking and Insurance Growth Opportunities
Nigeria’s journey to broaden financial inclusion has received a significant boost from fintech, with experts highlighting its potential to bring millions of unbanked citizens into the formal banking and insurance systems. Speaking at the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 in Victoria Island, Lagos, industry leaders lauded the role of digital banks and fintech platforms in accelerating financial access across the country.
Dr. Biodun Adedipe, CEO of B. Adedipe & Associates Limited, emphasized that financial inclusion not only reduces poverty and strengthens household resilience but also enhances savings, drives growth for Small and Medium Enterprises (SMEs), and contributes to Nigeria’s GDP. He noted that over 200 fintech startups—including Flutterwave, Paystack, OPay, and Moniepoint, are actively reshaping payment, lending, insurance, and blockchain services, creating new opportunities for economic participation.
Mobile penetration, according to Dr. Adedipe, is further boosting agent banking and microfinance, enabling greater SME lending, facilitating cross-border payments under the AfCFTA framework, and leveraging artificial intelligence (AI) to sustain growth in financial inclusion. He called for stronger partnerships between fintech firms and traditional financial institutions to ensure these advancements reach more Nigerians.
Prince Babatunde Oguntade, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), stressed the importance of fintech in the insurance sector. Highlighting the newly enacted Nigeria Insurance Industry Reform Act (NIIRA) 2025, he explained that its focus on digitization, compulsory coverage, and strict claims enforcement will expand access to insurance services while promoting innovation, consumer protection, and a safer digital financial environment.
Oguntade also underlined the need for robust data protection and cybersecurity, noting the role of the Nigeria Data Protection Commission in enforcing the Nigeria Data Protection Act (NDPA) 2023. He concluded that collaboration, innovation, and trust are key to unlocking fintech’s potential in both banking and insurance, promising a future where financial inclusion strengthens economic stability and drives sustainable growth.
Source: Leadership