A financial expert, Mr. Samuel Olaniran, has called for deeper collaboration between financial technology companies (fintechs), traditional banks, and Other Financial Institutions (OFIs) in order to foster trust, improve customer engagement, and drive sustainable growth across Nigeria’s financial ecosystem.
Olaniran made the call in a statement where he emphasized that working together rather than in silos is the key to building a stronger and more resilient financial sector. He explained that a culture of collaboration would not only drive innovation but also help strengthen security, promote financial inclusion, and improve customer satisfaction.
According to him, the global financial landscape is changing rapidly with technological advancements and evolving consumer expectations, and Nigeria cannot afford to be left behind.
“Stronger collaboration between fintechs, banks, and other financial institutions is critical not only to build lasting trust but also to unlock diverse revenue streams, accelerate innovation, and drive sustainable, long-term growth across the entire financial ecosystem,” Olaniran said.
He noted that fintechs have already disrupted the financial services industry with digital innovations such as mobile money, digital lending, blockchain, and payment solutions. However, he stressed that fintechs alone cannot deliver full financial inclusion without the reach, stability, and trust that traditional banks and OFIs bring to the table.
“This collaborative approach will enable the financial sector to overcome existing challenges, foster greater resilience, and expand access to services for underserved and unbanked communities, ultimately shaping a more equitable and dynamic industry for the future,” he added.
The financial expert observed that collaboration will also help address issues such as fraud, data privacy, cybersecurity threats, and consumer protection, which remain major concerns in the digital finance space. He explained that pooling resources, expertise, and infrastructure will create stronger safeguards against risks while boosting investor and customer confidence.
Olaniran further explained that partnerships can open new revenue channels for players across the financial value chain. For example, fintechs can leverage the large customer bases and regulatory experience of banks, while banks can adopt fintech innovations to improve service delivery, reduce costs, and expand their digital offerings. OFIs, which often operate in rural and underserved areas, can also benefit by integrating digital solutions that make their services more accessible and efficient.
Industry watchers say collaboration in the Nigerian financial sector is still in its early stages, with many banks and fintechs often viewing each other as competitors rather than partners. However, some progress has been made in recent years, as seen in joint ventures, white-label technology solutions, and shared infrastructure in payments and mobile banking.
Experts also warn that for collaboration to be successful, regulators such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) must provide clear policies and a balanced framework that supports innovation while protecting consumers. They stress that an enabling regulatory environment will encourage partnerships that drive inclusion and expand the financial ecosystem.
Olaniran maintained that collaboration will be the decisive factor in determining which institutions thrive in the evolving financial landscape. He said those who embrace partnerships will not only stay relevant but also play a central role in building a financial system that meets the needs of Nigeria’s diverse population.
“As the financial sector continues to evolve rapidly with technological advancements and changing consumer expectations, collaboration is the key to unlocking new opportunities and ensuring long-term success,” he said.
With Nigeria home to over 200 million people, including a significant unbanked population, industry experts believe that collaboration among fintechs, banks, and OFIs could be the game changer in bridging the financial inclusion gap, boosting economic growth, and securing the future of the country’s financial system.
