The role of Financial Technology, fintechs, is pivotal to Nigeria’s quest to harness the full potential of the digital economy as a strategic non-oil contributor to national socio-economic growth, said Chief Technology Officer/Co-founder of Kuda Technologies Limited, Musty Mustafa.
Also, he advised the government to formulate and implement laws and programmes that would support the growth of the industry, while advocating for continuous collaboration between the traditional banks and fintechs, strong credit system, strengthening of the cyber-security space and financial literacy.
Mustafa said these in a statement where he shared industry leaders’ perspectives on the Nigerian economy and the role of startups.
While commending the federal government’s digital economy policy as a step in the right direction, he said that Nigeria’s fintech industry has grown significantly in recent years with numerous startups providing cutting edge financial solutions to businesses and consumers.
He added that technology has more to offer in enhancing the nation’s traditional banking and financial ecosystem.
He stated: “Digital platforms and e-payment systems are rapidly transforming Nigeria’s financial ecosystem by facilitating convenient and fast access to funds for businesses, lowering operational costs, as well as making transactions more seamless customers.”