Joy Agwunobi
Yele Okeremi, managing director of Precise Financial Systems (PFS), has called on the Nigerian government to play a more proactive role in driving the nation’s fintech industry towards global prominence, stressing that only deliberate state intervention can unlock the sector’s full potential on the world stage.
Speaking during an episode of the C-Suite Café podcast, hosted by Ikem Okuhu, a journalist and brand strategist, Okeremi argued that while Nigeria possesses the market size and resources to develop globally competitive fintech solutions, the absence of strong governmental support and policy alignment continues to hinder meaningful progress.
“The growth of Nigerian fintech will remain limited unless the government begins to pay closer attention to the ecosystem and takes decisive steps to support it,” Okeremi warned. Citing China as a prime example, he pointed to the evolution of UnionPay—a local payment system that has now gained global acceptance—as a case of what intentional government backing can achieve.
“UnionPay started as China UnionPay. Today, its cards are accepted everywhere in the world. That wasn’t magic—it was a product of a deliberate strategy by the Chinese government. At that time, the card business was dominated by Mastercard and Visa. American Express had a foothold in the U.S., but today, UnionPay has become a global player. So, why couldn’t Verve become global?,” he explained.
Okeremi noted that Verve, a Nigerian card network, had the potential to go global but was stifled by inadequate state support and exposure to intense global competition. “The people behind Verve had a sellable technology, but they couldn’t withstand the headwinds,” he said. “We’re using Mastercard and Visa for local payments when we have Verve. Who does that?”
He argued that Nigeria’s fintech ecosystem possesses the critical ingredients required to thrive internationally, including a vast consumer base and abundant natural resources. However, without active government involvement, he said the private sector alone will not be able to scale to its fullest capacity.
“We have the market, we have the resources—these are the real assets for wealth creation. But until the government provides the policy leverage and support needed, private sector efforts will remain constrained. Without sovereign support, you’ll never be able to fly,” he asserted.
Okeremi also criticised the makeup of Nigeria’s political leadership, lamenting that many officeholders lack the practical experience necessary for building and sustaining wealth. He advocated for the institutionalisation of merit-based criteria for key political positions, especially those related to economic and industrial development.
“Too many people who have never been involved in wealth creation occupy our leadership space,” he lamented, adding that “We need to reverse this. Let’s reserve certain key roles for individuals with a proven track record in driving success.”
The fintech veteran also challenged the narrative that labels certain companies as Nigerian unicorns. He explained that many of these firms, in a bid to attract foreign investment and scale their operations, have shifted ownership and strategic control abroad.
“I’m one of the founding fathers of Interswitch,” he revealed. “Had the environment provided the necessary support, Interswitch would have blossomed here. But they saw that what they needed wasn’t available locally, so they partnered with and sold to foreign interests. I don’t blame them—it’s tough to withstand those pressures. But should we continue on this trajectory?”
He urged a national mindset shift, arguing that Nigerians have the capacity to develop technologies and systems rivaling those found anywhere in the world. “Even if we don’t have all the technical capacity right now, we have more than enough potential to learn, replicate, and innovate,” he said.
As part of the push for global relevance, Okeremi suggested that the government deliberately select and support promising local fintech players. According to him, crafting strategic narratives and positioning these players for global visibility would be a game-changer.
“We should be picking our best and brightest fintech solutions and backing them with national pride and policy,” he advised. “Let’s create global narratives around them that invite investment and respect.”
Additionally, Okeremi emphasised the need for visionary leadership that understands the real essence of wealth—not as cash in hand, but as the creative ability to generate value from limited or intangible resources.
“It’s not about how much cash you hold. True wealth is about the capacity to create from nothing,” he added.
When applause travels faster than hunger