Major stakeholders in Nigeria’s fintech subsector on Tuesday collectively underscored customer trust as the key currency driving the nation’s digital financial future.
They made this assertion at the 8th Edition of the Nigeria Fintech Week (NFW) 2025 held in Lagos.
The 2025 NFW, themed “The Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future,” brought together regulators, innovators, and investors to discuss the next phase of the country’s digital transformation.
The stakeholders emphasised that for customer trust to propel Nigeria’s digital financial future, it must be grounded in advanced security, artificial intelligence (AI), strict compliance, and collaboration.
Delivering the keynote address, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, reiterated that customer trust remains the bedrock of digital banking.
Cardoso noted that the sustained growth in digital transactions—with total electronic payments reaching 4.12 billion transactions valued at ₦384 trillion as of July 2020—reflects public confidence in digital platforms.
Represented by Dr. Rakiya Yusuf, Director of Payment System Supervision, Cardoso likened the fintech ecosystem to a symphony requiring collaboration and a balance between inclusion and security.
“The Apex Bank introduced the principle of Compliance by Design, which requires innovators to embed standards, consumer protection, and security considerations—including KYC processes, data protection, and risk controls—into product development from inception,” he said.
He added that measures such as the CBN’s directive on ISO 20022 compliance and the mandate for geofencing and geotagging of payment terminals** aim to enhance data quality, curb fraud, and improve the traceability of payment activities nationwide.
Cardoso urged entrepreneurs to see regulators as partners in building a responsible ecosystem anchored on inclusion and growth, describing fintech innovation as a national imperative rather than a regional privilege.
Speaking on the theme “Transforming Trust through AI, Security and Customer-First Digital Finance,” the Group Executive, Technology and Services, First Bank of Nigeria (FBN), Mr. Callistus Obetta, said the bank’s 131-year legacy reflects the enduring trust of its customers.
Obetta noted that while Nigeria’s fintech industry is experiencing exponential growth driven by financial inclusion, emerging challenges such as cyber threats and sophisticated fraud schemes threaten to erode public trust.
“In today’s world of banking, trust is the currency that underpins everything. The biggest tools to build that trust—AI, security, and customer-first digital infrastructure—are at the heart of my message today,” he said.
He explained that FBN is leveraging AI across its operations, with its flagship mobile apps, FirstMobile and Meeta, using data-driven insights to personalise recommendations and enhance customer experience.
Obetta added that AI-powered analytics are also being deployed in fraud detection systems to identify suspicious activities and neutralise threats in real time.
He, however, stressed that the true power of AI lies in its responsible application, with transparency, fairness, and ethics at the centre of every decision.
“Security remains the principal goal, because without security, trust collapses,” he said.
Highlighting the bank’s initiatives such as FirstMonie Wallet and HNBeto, Obetta said they provide access to formal financial services for millions in rural and underserved areas. He also disclosed that the bank has digitally disbursed over ₦1 trillion in loans.
In his goodwill message, Sen. Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, said Nigeria’s economic future is intrinsically linked to digital innovation and collective action.
Abiru urged industry leaders to act as changemakers in shaping the nation’s digital trajectory, stressing that the digital economy is a collective symphony requiring all stakeholders to play their part.
He cited the establishment of the SAIL Innovation Lab, which he co-founded, as an example of collaborative impact, providing young Nigerians with free access to high-demand technology training and positioning them for global competitiveness.
Abiru called on all stakeholders to continue supporting and nurturing the innovation ecosystem through mentorship, resources, and partnerships that enable technology to thrive.
He commended the Fintech Association of Nigeria (FintechNGR) for its efforts and expressed hope that the conference would ignite an “explosion of collaborations and strong partnerships” to build a digitally empowered Nigeria.
In his welcome address, Dr. Stanley Jacob, President of FintechNGR, described the gathering as more than a conference — a convergence of ideas, innovation, and partnerships aimed at shaping the trajectory of Nigeria’s digital economy.
“This progress reflects our collective resolve to deepen financial inclusion, strengthen trust, and unlock new opportunities for sustainable growth,” he said.
Also speaking, Dr. Jameelah Ayedun, Chairperson of the NFW 2025 Organising Committee, said the edition was designed not only to inspire bold conversations but also to catalyse actionable outcomes that would strengthen trust, advance inclusion, and accelerate Nigeria’s journey toward a resilient digital economy.
