Fintech's Role in Nigeria's Economic Growth Discussed

During the 39th inaugural lecture at the National Open University of Nigeria in Abuja, Professor Wilfr Ugwuanyi discussed the relationship between economic growth and financial technology (fintech) within Nigeria's diverse cultural context. He noted that the country's economic sustainability relies on building financial systems that reflect cultural realities and promote inclusivity.

Ugwuanyi highlighted the limitations of access to formal banking services, particularly in rural communities, and described informal financial networks as essential for financial survival. He traced the evolution from barter trade to modern financial systems, emphasizing the significant improvements brought by digital banking platforms.

However, he warned of uneven access to technology due to poor infrastructure and low internet penetration. Ugwuanyi called for policies that balance innovation with user protection and advocated for financial literacy initiatives tailored to Nigeria's cultural and linguistic diversity.

The lecture was supported by Vice Chancellor Uduma Uduma and other university officials, who acknowledged the importance of integrating fintech with traditional practices to enhance financial inclusion.