Tinubu’s reforms hold promise for Fintech industry
By Seun Johnson
Despite the significant challenges faced by many startups, President Bola Ahmed Tinubu’s economic reforms are expected to ignite new opportunities for the Fintech industry.
Iyinoluwa Aboyeji, a Fintech expert and Partner, Future Africa made this submission while appearing on a National Television Tuesday to speak on Fintech revolution in Nigeria.
According to him, the industry has managed to thrive despite the harsh economic challenges imposed by Tinubu’s reforms. He noted that the main issue currently confronting the sector is the lack of coordination, with top players not coming together to engage in a meaningful dialogue with the government on how the industry should be structured.
He said, “A lot of people are criticizing the exchange rate, but if we look at where we are coming from, you will agree with me that this Tinubu’s reform holds a lot of prospects and we must sustain it. If we don’t sustain it, business in Nigeria will suffer long-term. Where we are now, a lot of new opportunities are opening up in Nigeria for Fintech industry but these opportunities have to be targeted at helping the average person. We have to help them manage their resources in a high inflation environment. We need to help them earn better income particularly foreign income.
“So there is an opportunity now for Fintech to move beyond bare-line payment to thinking deeply to know what people need in terms of food, energy, job and asset management and providing those assets to people.”
Aboyeji also expressed concern over the relationship between Fintech and banks, which, instead of being collaborative, has become competitive, toxic, and disjointed, ultimately causing significant setback to the public.
The Tech expert explained that there is a lot the younger people have to learn and a lot the older people need to understand. He identified lack of inter-generational solidarity between the Fintech and the bank as the real cause of the problem.
In his words, “l don’t think it’s a function of the policy but a function of the people. The younger ones have to humble themselves a bit and the older people have to also stoop to conquer a bit and understand that this is the future of the country. There must be collaboration and as more of the collaboration happens, we will see the benefits with the average person.”
While president Tinubu’s policies are projecting long-term benefits for the Fintech sector, the short-term effects appear to be making operations more difficult, especially for startups.
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