‘Nigeria can lead Africa’s digital payments’

President Bola Tinubu’s pledge to support Nigeria’s fintech industry could be a game-changer, the Chief Executive Officer of Vivacity, Engr. Oluwakemi Ann-Melody Areola, has said.  Areola, in a chat however warned that regulatory bottlenecks, cybersecurity threats, and infrastructure challenges must be addressed for real progress. Areola noted that fintech companies such as Flutterwave, Paystack, and […]

President Bola Tinubu’s pledge to support Nigeria’s fintech industry could be a game-changer, the Chief Executive Officer of Vivacity, Engr. Oluwakemi Ann-Melody Areola, has said. 

Areola, in a chat however warned that regulatory bottlenecks, cybersecurity threats, and infrastructure challenges must be addressed for real progress.

Areola noted that fintech companies such as Flutterwave, Paystack, and OPay have revolutionised Nigeria’s financial sector by enhancing digital transactions and financial inclusion.

However, she stressed that without regulatory clarity and enhanced security measures, the industry could struggle to scale further.

“Government backing is crucial for fintech growth,” Areola said. “We need clear regulations, streamlined licensing, and policies that encourage innovation rather than stifle it.”

She also highlighted cybersecurity risks as a growing concern in the sector, warning that fintech startups and regulators must collaborate to strengthen digital security.

“As digital transactions increase, cybercriminals become more sophisticated. Ensuring that fintech companies have strong security frameworks is critical to maintaining trust in the ecosystem,” she added.

Areola believes that with the right policies, Nigeria could emerge as Africa’s leading fintech hub, attracting investors and positioning itself at the forefront of the continent’s digital economy.