Stakeholders push for payment integration to drive global trade at Nigerian Fintech Week

Stakeholders in Nigeria’s fintech ecosystem have underscored the urgent need for deeper payment integrations to drive financial inclusion and cross-border transactions. This call to action was made at the Nigerian Fintech Week, a premier industry event attended by government officials, fintech leaders, and corporate executives, known for fostering discussions that shape the future of financial technology in Africa and beyond.

Speakers at the event included Aminu Maida, CEO, Nigerian Communications Commission; Wayne Eyong, PalmPay; Mike Odusami, Maxut Consulting; DeRemi Atanda, Managing Director, Remita; Jimoh Ehi Okoh, Solutions Architect, Huawei; and Ugochukwu Onwuta, Senior Product Manager, AZA Finance.

As a leading voice in payment technology, Onwuta emphasised the growing need for seamless cross-border payment solutions, highlighting their critical role in global trade.

“Cross-border payments are the lifeblood of international commerce,” Onwuta stated during his address. “The industry is ripe for disruption due to evolving customer expectations, rapid technological advancements, and the push for greater financial inclusion.”

He stressed that financial institutions must prioritise interoperability, ensuring payment systems across different jurisdictions can communicate effectively.

“For digital payments to be more reliable and hassle-free, we must move beyond siloed systems and focus on improving existing integrations,” he added.

The Case for Interaction and Collaboration.

During his speech, Onwuta discussed the urgent need for collaboration across payment infrastructures, reinforcing key themes from his recent publications. He advocated for the adoption of unified compliance frameworks to streamline regulatory requirements and enable smoother, more efficient transactions across borders.

His insights resonated with industry professionals, regulators, and technology experts in attendance, all of whom engaged in discussions on regulatory challenges, fintech innovation, and the evolution of digital payments.

“The future of payments will be shaped by collaboration,” Onwuta noted. “New market entrants will challenge incumbents to innovate, fostering a more dynamic and inclusive financial ecosystem.”

Shaping the Future of Fintech

The 7th Nigerian Fintech Week which was held in October 2024 explored strategies for harnessing generative AI, fostering economic inclusion, and shifting from revenue-driven models to sustainable, profitability-focused fintech businesses through smart regulation and innovation.

Onwuta closed his session with a forward-looking statement:
“Achieving true collaboration requires collective commitment from all stakeholders. Only by working together can we build a truly inclusive, efficient, and resilient global financial system—one that serves individuals, businesses, and entire economies alike.”

His thought leadership at the event reinforced his reputation as an influential figure in the fintech space, further cementing his role in shaping the future of global payment technologies.