How Data Can Protect Fintechs from Governance and Cybersecurity – Bolaji Adekunle

By Ugo Aliogo

A passionate data scientist with a unique academic background, Bolaji Adekunle has shed light on the governance challenges facing cross-border fintech operations, particularly around policy, compliance, and cyber risk management in today’s digital age.

Speaking on his journey, Bolaji explained that his interest in data and digital systems began during his undergraduate studies in geology, where he was first introduced to the role of data in analyzing complex systems.

“My foundation in geology taught me to think critically about patterns, uncertainty, and risk. As I transitioned into data science, I realized those same principles applied to financial systems, especially in fintech, where massive amounts of cross-border data must be managed, regulated, and secured,” he said.
Over the years, Bolaji has focused on the intersection of data science, policy, and fintech innovation, examining how compliance frameworks and automation tools can strengthen trust in digital finance. He noted that one defining aspect of his work has been identifying the governance gaps that emerge when fintech companies expand across multiple jurisdictions.

“Each country has its own regulatory landscape. A payment solution that works seamlessly in Nigeria might face compliance hurdles in the EU or stricter cyber risk requirements in North America. Without strong governance structures, fintechs risk exposure to fines, reputational damage, and customer distrust,” he explained.

Nigeria illustrates the scale of the challenge. By 2021, the country had over 200 fintech startups, making it one of Africa’s most vibrant fintech ecosystems and accounting for nearly one-third of all startups in the sector across the continent. Yet this growth comes with vulnerabilities. Nigerian banks and fintechs were already losing an estimated $130 million annually to cybercrime, while globally, cybercrime costs were projected to reach $6 trillion annually by the end of 2021, according to Cybersecurity Ventures. At the same time, compliance remained expensive: financial institutions worldwide were spending over $180 billion a year on regulatory compliance, with costs expected to rise sharply as digital finance expanded.

Drawing from his data science expertise, Bolaji has emphasised the role of analytics and automation in managing these risks. Using tools like Python, R, and SQL, he has developed models that detect suspicious transactions in real time, automate compliance reporting, and flag potential breaches before they escalate. With cloud platforms such as Azure and Databricks, he has worked on scaling these solutions, ensuring they are accessible and resilient across borders.

“Governance in fintech today is no longer manual; it’s data-driven. With Artificial Intelligence and predictive analytics, companies can not only comply with regulations but also anticipate risks, creating safer cross-border ecosystems,” he said.

Reflecting on the challenges, Bolaji highlighted issues such as regulatory fragmentation, where fintechs must navigate overlapping and sometimes conflicting rules across borders, as well as cybersecurity threats, which continue to evolve with increasing sophistication. He explained that addressing these requires a dual strategy: robust internal controls supported by advanced data systems, and active engagement with regulators to shape adaptive policies.

Asked how these insights shape his perspective, Bolaji said: “Cross-border fintech is about balancing innovation with trust. As a data scientist, I focus on building systems that are transparent, secure, and scalable. As someone with roots in geology, I see parallels with resource management: sustainability comes when governance, compliance, and resilience are embedded from the start.”

On his approach to mentoring and collaboration, Bolaji added that knowledge sharing is central to addressing governance challenges. “Fintech doesn’t operate in isolation it thrives on ecosystems. I make it a point to collaborate across disciplines, from legal experts to cybersecurity professionals, ensuring that data-driven insights align with both regulatory requirements and user trust.”

Bolaji has also contributed to thought leadership in technology and finance, writing on topics ranging from AI in compliance automation to cyber risk frameworks for emerging markets. His work has been published on notable academic platforms and featured in industry discussions about how African fintech can scale globally while adhering to best practices in governance.

Looking ahead, he expressed optimism about the role of data in shaping more secure digital finance systems. “The future of cross-border fintech lies in harmonizing regulations, democratizing access to secure financial services, and using data science to stay one step ahead of cyber risks. My goal is to continue bridging these worlds data, policy, and finance to build systems that are not only innovative but also resilient.”