Leaders Advocate Collaboration to Drive Financial Inclusion

Ayodeji Ake

Industry leaders across banking, insurance, and financial technology have underscored the imperative of strategic partnerships and technological integration to enhance financial accessibility in Nigeria. 

The call to action was a focal point at the 14th West Africa Innovation Awards, where stakeholders convened to explore solutions for advancing digital transformation in the region’s financial ecosystem.  

The theme of the gala award: “Digital Innovation in West Africa: A Challenge for Business Leaders,” which  highlighted the pivotal role of open banking in fostering seamless data exchange among financial service providers. 

Experts posited that such interoperability not only streamlines operations but also unlocks opportunities for more inclusive and customer-centric financial solutions.  

Open banking, heralded as a revolutionary framework, is redefining the sector by enabling secure data sharing between institutions while granting consumers greater autonomy over their financial data. 

Panelists buttressed that this model, which prioritises collaboration over solo operations, is essential for sustaining growth in an increasingly digitised economy.  

Despite its promise, the implementation of open banking faces obstacles, particularly in data accuracy and customer segmentation. Inefficient onboarding processes, driven by inconsistent or incomplete customer information, hinder the development of tailored financial products—a critical barrier to achieving broad