Experts in Africa’s financial technology ecosystem have said fintech companies have not “lost the plot” but must evolve into stronger, better-governed institutions capable of attracting long-term investment and sustaining financial inclusion.
They spoke on Saturday during a panel session on “Have Fintechs Lost the Plot?” at the Africa Technology Expo held in Lagos.
Speaking during the discussion, Chief Executive Officer of Baobab, Eric Ntumba, defended the role fintech firms have played in expanding access to financial services, arguing that they should not be blamed for every challenge facing the financial sector.
“Fintechs are doing their part. They are bringing something that was missing in the financial world. But we should not put all the financial problems on fintechs alone. They are doing their part. They can do more, but what they are doing should be acknowledged,” he said.
Ntumba noted that fintech companies have significantly advanced financial inclusion and are now entering a new phase of development, moving beyond the early startup culture into more mature organisations.
