Key points
- FintechNGR says digitisation is now essential for business competitiveness.
- Association urges business leaders to drive digital transformation from the boardroom.
- Experts highlight governance, talent and infrastructure as critical to digital success.
Main story
The FinTech Association of Nigeria (FintechNGR) has urged Nigerian businesses to make digital transformation a boardroom priority, saying digitisation is now the minimum requirement for remaining competitive in the country’s evolving economy.
The call was made on Thursday by the association’s President, Dr Stanley Jacob, during the maiden edition of the Nigerian-British Chamber of Commerce (NBCC) Business Innovation Series in Lagos.
Jacob said the gap between digitally native companies and traditional businesses had become a survival challenge rather than simply a technology divide.
He warned that organisations that failed to embed digital transformation into their core business strategy risked losing relevance in an increasingly technology-driven economy.
According to him, Nigeria’s youthful population and expanding workforce present significant opportunities for businesses that embrace digital innovation.
Jacob said the growing digital relationship between Nigeria and the United Kingdom was creating new business opportunities, noting that Nigerian fintech companies such as LemFi, Moniepoint and Kuda Bank have expanded into the UK, while British fintech firm Wise has secured its first Nigerian licence.
He also cited major investments supporting Nigeria’s digital infrastructure, including the UK Export Finance commitment to modernise Apapa and Tin Can ports and Airtel Africa’s $80 million data centre in Lagos.
The FintechNGR president identified regulatory clarity, infrastructure investment and talent development as the three pillars required to sustain Nigeria’s digital ecosystem.
He said initiatives such as the Central Bank of Nigeria’s Open Banking framework, the Federal Government’s Three Million Technical Talent programme and partnerships between Nigerian and UK institutions were strengthening digital capacity.
Jacob urged business leaders to regularly review and adequately fund their digital strategies while strengthening customer experience, data governance and cybersecurity.
He also warned that many digital transformation initiatives fail because they are treated as information technology projects rather than organisation-wide business transformation programmes.
President of the Nigerian-British Chamber of Commerce, Mr Abimbola Olashore, represented by the chamber’s Vice-President, Mr Akin Osuntoki, said technology had become a strategic driver of business growth, competitiveness and long-term sustainability.
Chairman of the NBCC Programmes Committee, Mr Tajudeen Ahmed, said digital transformation required visionary leadership and a willingness to rethink business models.
Chief Operating Officer of Risevest, Mr Awa Ekekwe, also stressed that technology alone was insufficient, noting that people, sound processes and effective governance remained the foundation of sustainable digital transformation.
The issues
As businesses accelerate digital adoption, experts say success depends not only on technology investments but also on leadership, governance, digital skills and regulatory support. Many organisations continue to struggle because digital transformation is approached as an IT initiative rather than a business-wide strategy.
What’s being said
“Digitisation is the minimum requirement for relevance,” said Dr Stanley Jacob, President of FintechNGR.
“The muscle of businesses in this time and age are still the people while your processes and governance structures are the foundation which you then leverage technology on,” said Mr Awa Ekekwe, Chief Operating Officer of Risevest.
What’s next
Industry stakeholders are expected to deepen collaboration on digital innovation through initiatives such as the NBCC Business Innovation Series, while businesses continue investing in technology, talent and governance to remain competitive.
Bottom line
Business leaders are being urged to treat digital transformation as a strategic priority, with experts arguing that long-term competitiveness will depend on combining technology with strong leadership, governance and skilled talent.
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