ATE 2026: Fintechs must prioritise trust and stronger governance as the industry matures — Experts

Experts in Africa’s fintech ecosystem contend that while fintech firms have not lost their direction, they need to transform into more robust, well‑governed entities that can draw long‑term investment and maintain financial inclusion.

They spoke on Saturday at a panel titled “Have Fintechs Lost the Plot?” during the Africa Technology Expo in Lagos.

During the discussion, Baobab CEO Eric Ntumba defended fintech firms’ role in broadening access to financial services, insisting they should not be held responsible for all sectoral challenges.

“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 fintechs have markedly improved financial inclusion and are now entering a new developmental phase, moving beyond the early‑startup mindset toward 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 next phase of the industry will demand stronger 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, NGX Chief Information Officer Afeez Ramoni said the wider technology ecosystem—not only fintech startups—must evolve to cultivate 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 added that fintech firms must mature into businesses that can meet the expectations of public markets and overseas 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 are essential to attract 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 although fintechs have spurred innovation and broadened financial inclusion across Africa, the sector’s future growth hinges on building trust, reinforcing governance frameworks, and establishing institutions capable of attracting long‑term capital.