*Dipo Fatokun, Chairman of Board of Flutterwave Technology Solutions Limited, Africa鈥檚 leading payment technology company, emphasises the importance of innovations, strategies and collaborations for a more interconnected, efficient, secure, and inclusive financial landscape across the African continent

Gbenga Kayode | 绿帽献妻

Mr. Dipo Fatokun, Chairman of the Board of Flutterwave Technology Solutions Limited, Africa鈥檚 leading payment technology company, has shared insights into the future of Africa鈥檚 financial ecosystem at Harvard Business School (HBS), Massachusetts, in the United States (US).

Fatokun, who participated in a recent panel discussion of Harvard Business School鈥檚 Africa Business Conference, titled, 鈥淏uilding Robust Pan-African Financial Systems”, stressed the significance of innovations and strategies in driving a more interconnected, efficient, secure, and inclusive financial landscape across the continent.

A statement also noted Fatokun highlighted the transformative potential of emerging technologies like Blockchain in improving payments in Africa.

Citing an example from Nigeria, the Chairman of Flutterwave stated: 鈥淭he Nigeria Inter-Bank Settlement System (NIBSS), which is the central switch, is collaborating with a local company to integrate blockchain technology. “This means we can eliminate, not reduce, payment failures.鈥�

He also stated: 鈥淚magine a scenario when your (debit) card payment fails at a fuel station after you filled your car, instead of waiting for manual reversal, the system automatically corrects in real time, increasing payment reliability.

鈥淲hen digital payments work seamlessly, adoption will naturally increase.”

It is equally noted while fraud can鈥檛 be fully stopped, it鈥檚 crucial for FinTech companies, regulators, and law enforcement to collaborate to reduce such risks in the FinTech space.

Fatokun said: 鈥淔lutterwave has taken significant steps in this regard by partnering with Nigeria鈥檚 Economic and Financial Crimes Commission (EFCC) to equip investigators with the necessary tools to combat cybercrime.

鈥淪trengthening fraud reporting and intelligence-sharing across Africa will be crucial in safeguarding the financial ecosystem.”

The Chairman of Flutterwave, who is a former Director of Banking and Payments System at the Central Bank of Nigeria (CBN), played a key role in initiatives like the Bank Verification Number (BVN) for digital identity in the West African country.

Speaking on the panel at HBS, he as well offered expert perspectives on the critical role of Central Banks in reviewing new financial products before they enter the market.

The statement noted: 鈥淎 well-regulated environment, Mr. Fatokun continued, not only prevents bad actors from exploiting the system but also enhances consumer trust in digital financial services.鈥�

The Chairman also expressed confidence in Africa鈥檚 FinTech evolution, stating that improvements in fundamentals, such as identity verification will be crucial in driving financial access and efficiency.

鈥淚n the US, for instance, identity verification is straightforward due to Social Security Numbers. Nigeria has NIN and BVN, but many other African countries might not have such systems.

鈥淏efore digital payments can gain widespread adoption, these foundational issues must first be addressed,鈥� he explained.

Mr. Mustapha Mourahib, a partner at Clifford Chance and panelist on the discussion, emphasised Africa鈥檚 advancements in financial innovation.

Mourahib highlighted the continent鈥檚 low default rates on infrastructure financing, and its leadership in mobile banking and real-time payments.

Contributing to the panel discussion also, Mr. Abdirashid Duale, CEO of Dahabshiil, lauded the contributions of mobile-first solutions in the financial ecosystem.

Duale stressed the significance of leveraging cutting-edge technology to develop tailored solutions, which he considers crucial for enhancing financial inclusion across Africa.

The Chairman of Flutterwave reaffirmed the FinTech鈥檚 dedication to providing the reliable payment infrastructure that connects Africa to the global economy.

Fatokun added: 鈥淭he only room that is never full is the room for improvement.

“The progress we see in cross-border payments today is just the beginning鈥攚e must keep pushing the boundaries.鈥�