Industry specialists at the Africa Technology Expo in Lagos have stated that African fintech firms are reaching a pivotal stage where they must prioritize robust governance and risk management to ensure lasting growth. During the panel, Eric Ntumba, CEO of Baobab, argued that these companies have already made significant strides in improving financial inclusion and should not be held responsible for all broader economic issues.
Ntumba emphasized that the sector is shifting away from the initial startup excitement toward a more stable, institutionalized model. According to him, the focus must now transition toward building public confidence and sustainable profitability. Afeez Ramoni, the Chief Information Officer of the Nigerian Exchange Group, added that the entire technology ecosystem must adapt to develop future industry leaders.
Ramoni highlighted that for African fintech companies to attract international and local capital, they must demonstrate transparency and sound internal controls suitable for public markets. The consensus among the experts is that while innovation has been the industry’s hallmark, long-term success will now rely on stricter regulatory alignment, market depth, and professional management structures.
