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.
According to him, fintech firms are transitioning “from individual hype into a more consolidated approach” and “from founders’ mode to a more institutional framework.”
He added that the industry’s next stage would require greater emphasis on governance, risk management and public confidence.
“The need to make sure that risk is managed, trust is built and, in turn, profit is made, would be a more critical metric to look into,” he said.
Also speaking, Chief Information Officer of the Nigerian Exchange Group (NGX), Afeez Ramoni, said the broader technology ecosystem—not just fintech startups—must evolve to produce the next generation of industry leaders.
“Everything needs to change. Not only startups need to change; everything has to align if we are to see the next leaders in the tech ecosystem,” he said.
Ramoni said fintech companies must mature into businesses capable of meeting the expectations of public markets and international investors.
“Fintechs need to mature. We are already seeing some public listings on foreign exchanges. That is when foreign investors will begin to look into what you are doing. The African market also needs to evolve to accommodate that,” he said.
He stressed that deeper capital markets, stronger corporate governance and sound internal controls would be essential for attracting domestic investment.
“With robust regulations and flexible requirements, there must also be market depth. There must be enough depth. If the business is properly governed, with robust internal controls, the local market will go after them and invest,” Ramoni added.
The speakers agreed that while fintech firms have driven innovation and expanded financial inclusion across Africa, the sector’s future growth will depend on building trust, strengthening governance frameworks and creating institutions that can attract long-term capital.
