Ugwuanyi Advocates Cultural Reflection in Nigeria's Finance

On April 30, 2026, Wilfr N. J.

Ugwuanyi, a professor of banking and finance, delivered the 39th inaugural lecture at the National Open University of Nigeria (NOUN) in Abuja. He asserted that Nigeria cannot achieve sustainable economic growth without a financially inclusive system that reflects its cultural diversity.

In his lecture titled "Technological Innovation in Informal Financial Institutions: Implications for Economic Development Amidst Cultural Diversity in Nigeria," Ugwuanyi traced the evolution of payment systems from barter to modern digital platforms, highlighting the inefficiencies of barter and the need for a formal banking system. He identified electronic fund transfer systems and digital banking applications as transformative tools for improving transaction speed and access.

However, he cautioned that benefits from these advancements are unevenly distributed due to inadequate infrastructure and cybersecurity concerns. Ugwuanyi emphasized the importance of financial literacy programs that consider Nigeria's linguistic and cultural diversity.

The lecture was attended by NOUN's Vice Chancellor, Prof. Uduma Oji Uduma, and other academic officials.