On January 10, 2024, the Nigerian Fintech Association held a seminar in Lagos dedicated to exploring decentralized finance (DeFi) and its potential to reshape the Nigerian economy. This event gathered a wide array of participants, including fintech entrepreneurs, investors, regulatory representatives, and academics, all keen to discuss the opportunities and challenges that DeFi presents.

Prominent speakers included Adedayo Adetunji, CEO of a leading Nigerian fintech firm, and Aisha Yesufu, a respected activist advocating for technology-driven solutions. Their presentations emphasized how DeFi could enhance financial inclusion and empower individuals economically.

The seminar was hosted at the Eko Hotel and Suites, a notable venue for conferences in Lagos. Participants engaged in panel discussions and workshops aimed at clarifying DeFi concepts and examining their practical applications in Nigeria. The event also provided networking opportunities, fostering collaboration among fintech stakeholders.

With over 200 million inhabitants and a significant unbanked population, Nigeria is primed for DeFi adoption. The technology can offer financial services without the constraints of traditional banking, potentially enabling millions to participate in economic activities. Adetunji stated, “DeFi can democratize access to financial services, allowing many Nigerians to engage in the economy in unprecedented ways.”

While enthusiasm for DeFi is high, the seminar addressed critical challenges such as regulatory ambiguity, cybersecurity risks, and the need for a solid technological foundation. Yesufu highlighted the necessity of building user trust, noting, “For DeFi to truly take off in Nigeria, we need to ensure that users feel secure and confident in the platforms they use.”

The Nigerian Fintech Association’s seminar is a vital step toward fostering understanding and dialogue surrounding DeFi in Nigeria. As the nation aims to leverage technology for economic development, events like this are crucial for creating a more inclusive financial ecosystem.