News Highlights:
- Branka Mracajac, CEO of 9PSB, emphasized the critical role of innovation, investment, and collaboration among stakeholders in advancing Nigeria’s fintech ecosystem.
- Mracajac stressed the need for improved digital infrastructure, regulatory support, and affordable fintech products to sustain growth.
Branka Mracajac, CEO of 9 Payment Service Bank (9PSB), has highlighted the vital role of innovation, increased investment, regulatory support, and stakeholder collaboration in advancing Nigeria’s fintech ecosystem and promoting financial inclusion.
Mracajac spoke at the 2024 Nigeria Fintech Week in Lagos, themed: Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive growth’, which brought together industry leaders to discuss strategies for leveraging generative Artificial Intelligence and transitioning from revenue-driven to profitability-focused business models.
In a keynote address – Powering Nigeria’s Fintech Ecosystem to Accelerate Growth, the Chief Executive Officer, and Managing Director, 9 Payment Service Bank, Branka Mracajac, highlighted that as Nigeria stands at the forefront of the fintech revolution in Africa, the market has experienced significant advancements.
She stated that while the influx of startups and foreign investments is redefining how financial services are delivered, innovations such as digital and mobile wallets are addressing the financial needs of millions of Nigerians.
However, to sustain this momentum, the 9PSB CEO said that it is essential to address several challenges, noting that with over 28 million adults lacking access to essential financial services, enhancing digital infrastructure and improving connectivity are critical.
Furthermore, the affordability and accessibility of fintech products must be prioritized to ensure that all Nigerians can benefit from these advancements.
In her words, “building trust with consumers is paramount. The fintech sector must ensure reliable data practices and provide educational resources to enhance understanding of available services.
“While the Central Bank of Nigeria and other regulatory bodies have taken significant steps to foster innovation, continued efforts are needed to protect consumers and create a supportive environment for industry growth.
“The robust investment capital entering the fintech sector presents a tremendous opportunity for innovation. Numerous startups are emerging, ready to address the diverse needs of the population. To fully realize this potential, deeper collaboration and partnerships across the industry are essential.”
“The future of Nigeria’s fintech landscape is bright, but achieving its full potential requires a united effort and innovative thinking from all stakeholders. Together, the industry can accelerate growth and transform the financial services sector in Nigeria,” Mracajac added.
The Nigeria Fintech Week (NFW) is an annual event and a platform that provide opportunities for players and other stakeholders to come together, engage, share innovative knowledge, and experience that will drive the industry forward.
