Digitisation Now Minimum Requirement For Business Relevance

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FinTech Association of Nigeria, known as FintechNGR, has said digitisation is now the minimum requirement for business relevance in Nigeria.

It, therefore, urged Nigerian business leaders to make digital transformation a boardroom priority to build future-ready enterprises.

Its President, Dr Stanley Jacob, made the call at the maiden edition of the Nigerian-British Chamber of Commerce (NBCC) Business Innovation Series on Thursday in Lagos.

The News Agency of Nigeria (NAN) reports that FintechNGR is a Nigeria-based non-partisan organisation focused on creating an enabling financial technological environment for innovation in Nigeria.

Jacob is also the Group Chief Innovation and Technology Officer at Meristem, a Nigerian company that provides various services in the capital market.

He noted that the divide between digitally native companies and legacy businesses had become a survival gap, rather than merely a technology divide.

He said organisations that failed to embed digital transformation into their core business strategy risked losing competitiveness in an increasingly technology-driven economy.

“With more than 200 million people, about half of them under the age of 30, and approximately 3.5 million young Nigerians entering the workforce annually, digitisation is the minimum requirement for relevance,” he said.

Jacob said the growing digital relationship between Nigeria and the United Kingdom (UK) was creating significant opportunities for businesses.

According to him, UK-Nigeria bilateral trade has reached about £8.1 billion annually, with digital and technology services becoming an increasingly important driver of growth.

He noted that Nigerian fintech firms, including LemFi, Moniepoint and Kuda Bank, were expanding their operations in the UK, while British fintech company,…