The FinTech Association of Nigeria (FintechNGR) has urged business leaders to make digital transformation a boardroom priority, describing digitisation as the minimum requirement for business relevance in today’s economy. Speaking at the maiden Nigerian-British Chamber of Commerce (NBCC) Business Innovation Series in Lagos, FintechNGR President, Dr Stanley Jacob, said companies that fail to embed digital strategies into their core operations risk losing competitiveness in an increasingly technology-driven world.
Jacob said Nigeria’s youthful population and expanding digital economy present significant opportunities, particularly as UK-Nigeria trade continues to grow. He highlighted the expansion of Nigerian fintech companies such as LemFi, Moniepoint and Kuda Bank into the UK, alongside investments in Nigeria’s digital infrastructure, as evidence of the sector’s growing global relevance. He also identified regulatory clarity, infrastructure investment and talent development as key drivers of sustained digital growth.
The FintechNGR president warned that up to 80 per cent of digital transformation initiatives fail because organisations treat them as IT projects instead of enterprise-wide business reforms. He advised businesses to strengthen customer experience, cybersecurity, data governance and strategic partnerships while ensuring digital transformation is driven by leadership and supported with adequate investment.
Speakers at the event, including officials of the Nigerian-British Chamber of Commerce and Risevest, agreed that technology, innovation and artificial intelligence are reshaping business operations. They stressed, however, that sustainable digital transformation depends on strong leadership, sound governance, skilled talent and effective business processes, urging organisations to embrace innovation to remain competitive in the evolving digital economy.
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