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FirstBank of Nigeria has reaffirmed its leadership role in driving financial inclusion and digital innovation by sponsoring the Canada-Africa Fintech Summit (CAFS) 2025. The bank said in a statement on Sunday that its sponsorship underscores its commitment to promoting cross-border collaboration, deepening financial inclusion, and encouraging forward-looking innovation in the global fintech space.
The summit, convened by Dr. Segun Aina, President of the African Fintech Network, brought together fintech leaders, regulators, startups, and investors from Africa and Canada to explore scalable digital solutions, encourage cross-continental investment, and support inclusive economic development.
Speaking on the bank’s participation, Acting Group Head of Marketing and Corporate Communications at FirstBank, Olayinka Ijabiyi, said, “Our support of CAFS 2025 reflects our belief that collaboration between African and Canadian fintech ecosystems can lead to transformative innovations. FirstBank is proud to help shape that future.”
During a panel discussion alongside Member of Provincial Parliament for Mississauga—Lakeshore, Rudy Cuzzeto, and Country Director for the United Nations World Food Programme (Nigeria), David Stevenson, FirstBank’s Group Executive for E-Business & Retail Products, Chuma Ezirim, stressed the importance of digital collaboration in strengthening Africa’s financial ecosystem.
“We’re building APIs that understand regulatory bifurcation, who has access to what, and why. The technology is the easy part. The real challenge lies in maintaining security, consent, and performance,” Ezirim explained. He noted that fintech in Nigeria has evolved from being a disruptive force to fostering convergence, integrating banks, fintech companies, and regulators into a more agile and accountable ecosystem.
Ezirim added that regulatory clarity is key to building public trust and attracting private sector investment. “The more we collaborate, the more lessons we learn, and the greater the benefits for consumers,” he said.
In another session, FirstBank’s Chief Technology Officer, Rachel Adeshina, spoke about using artificial intelligence to expand credit access to the underbanked. She said the bank is addressing “data poverty” by using AI to analyse alternative data sources, enabling lending to individuals who are often invisible to traditional credit systems.
According to Adeshina, this innovation has already led to the disbursement of over N1tn in digital loans, with a repayment rate exceeding 99 per cent. “This innovation was enabled not only by technology but also by a supportive environment, including API banking regulations, data privacy laws, and a shift from account-based to wallet-based banking,” she said.
She also emphasised that achieving scale in Africa’s fragmented markets will require interoperability, stating, “Connecting the 54 markets is the next big challenge, and fintechs are ideally positioned to lead that initiative.”
The Canada-Africa Fintech Summit is part of Canada’s wider Africa Strategy, which aims to strengthen economic partnerships, promote digital cooperation, and encourage innovation exchange. As Africa’s fintech sector continues to grow and Canada advances its open banking framework, forums like CAFS 2025 offer a timely opportunity for stakeholders to align strategies and build impactful collaborations.
