Nigeria’s top financial sector leaders have stressed the need for deeper investment in technology, transparency, and innovation-friendly regulation to secure the country’s financial markets.
Speaking at the Financial Markets Dealers Association (FMDA) 9th Annual Financial Markets Conference in Lagos, industry chiefs and regulators agreed that Nigeria’s financial system stands at a defining moment, one that demands bold policy action, digital transformation, and stronger market confidence.
Moruf Oseni, Wema Bank’s managing director/chief executive officer, represented by Olukayode Bakare, the bank’s executive directive, said Nigeria’s financial market must embrace rapid technological transformation to remain competitive.
Delivering his message on “Digital Transformation in Financial Services,” Oseni said the future of financial stability rests on the twin pillars of innovation and trust.
“We sit at the crucial intersection of community, innovation, and most importantly, trust,” he said, noting that transparency and efficiency are essential to strengthening the structural integrity of the financial system.
He described technology as a core driver of future competitiveness, not just a tool, insisting that market operators must continue innovating to remain resilient.
Oseni also emphasized the need to prepare the Nigerian workforce for the realities of the digital economy. “We must not forget the human dimension of automation. We must also think about the workforce that will be needed for the next century,” he said.
He expressed confidence that deeper collaboration among regulators, financial institutions, and market operators will accelerate progress in building a more secure financial ecosystem.
Olusegun Alebiosu, FirstBank CEO, represented by Ayokunle Ojo, general manger, treasury, reinforced the call for strong ethical leadership, open governance, and technology-driven accountability.
He said Nigeria’s financial market will only be future-ready if policymakers and operators embrace “radical transparency.”
“Confidence is now a currency that sustains everyone,” he said. “Market confidence is not built on temporary policy responses. It rests on two pillars, transparency and accountability.”
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Alebiosu added that investors will always trust institutions that exceed disclosure standards and operate openly.
He noted that Nigeria is already reaping early gains from recent reforms. Citing stronger macroeconomic management and improved financial governance.
Nigeria attracted $20 billion in foreign capital inflows between January and October 2025, a 70 percent rise in two years and a 400 percent increase from 2023. The Nigerian Exchange (NGX), he said, recorded N4.2 trillion in first-half 2025 transactions, a 61 percent surge from 2024.
He applauded reforms such as the Investment and Securities Act (ISA) 2025, which expands the Securities and Exchange Commission’s capacity to regulate digital assets, combat cyber threats, and strengthen governance.
Alebiosu argued that technology will be central to future market stability. “Technology creates systems that are automated, traceable, and less susceptible to fraud or manipulation. Investors trust the financial system when they can see how decisions are made and how funds are used.”
He warned that inconsistent policy environments undermine long-term investment, urging government and regulators to maintain stable, predictable reforms.
“The future belongs to the transparent,” he said, calling for a culture where asking tough questions is encouraged rather than discouraged.
Reinforcing the message from a regulatory perspective, Monsurat Modupeola Vincent, Director of Strategy and Innovation Management at the Central Bank of Nigeria (CBN), said Nigeria is entering an era where regulation must evolve as fast as market innovation.
Speaking on “Regulatory Frameworks for Innovation,” Vincent said emerging technologies require regulators to rethink traditional supervisory approaches.
“In today’s ever-changing world… the future is already here. The question is, are we ready?” she asked. Vincent said outdated legislation must not be allowed to stifle innovation, stressing that the CBN is committed to supporting emerging financial technologies and the innovation ecosystems behind them.
“We want to stand against legislation that will not allow innovation to prevail. More than ever before, the Central Bank of Nigeria is supporting innovation,” she said.
While emphasising openness, she noted that innovation comes with risks and urged operators to strengthen internal controls and invest in risk mitigation frameworks. “As we embrace technology, we value innovation… but it is important to ensure you can mitigate the risks attached to it.”
Vincent called for broader collaboration among regulators, operators, policymakers, and global partners to ensure Nigeria keeps pace with global technological shifts. She noted that the CBN is increasingly focused on innovation hubs, industry capacity building, and regulatory alignment to support sustainable market development.
“We are shifting away from prohibiting product vitality to regulating holistic product vitality that will help drive progress and development,” she added.