By Businessday

Stakeholders in Nigeria’s fintech ecosystem have underscored the urgent need for deeper payment integrations to drive financial inclusion and cross-border transactions. This call to action was made at the Nigerian Fintech Week, a premier industry event attended by government officials, fintech leaders, and corporate executives, known for fostering discussions that shape the future of financial technology in Africa and beyond.

Speakers at the event included Aminu Maida, CEO, Nigerian Communications Commission; Wayne Eyong, PalmPay; Mike Odusami, Maxut Consulting; DeRemi Atanda, Managing Director, Remita; Jimoh Ehi Okoh, Solutions Architect, Huawei; and Ugochukwu Onwuta, Senior Product Manager, AZA Finance. As a leading voice in payment technology, Onwuta emphasised the growing need for seamless cross-border payment solutions, highlighting their critical role in global trade.

“Cross-border payments are the lifeblood of international commerce,” Onwuta stated during his address. “The industry is ripe for disruption due to evolving customer expectations, rapid technological advancements, and the push for greater financial inclusion.”

He stressed that financial institutions must prioritise interoperability, ensuring payment systems across different jurisdictions can communicate effectively. “For digital payments to be more reliable and hassle-free, we must move beyond siloed systems and focus on improving existing integrations,” he added.

The Case for Interaction and Collaboration.

During his speech, Onwuta discussed the urgent need for collaboration across payment infrastructures, reinforcing key themes from his recent publications. He advocated for the adoption of unified compliance frameworks to streamline regulatory requirements and enable smoother, more efficient transactions across borders.

His insights resonated with industry professionals, regulators, and technology experts in attendance, all of whom engaged in discussions on regulatory challenges, fintech innovation, and the evolution of digital payments.

“The future of payments will be shaped by collaboration,” Onwuta noted. “New market entrants will challenge incumbents to innovate, fostering a more dynamic and inclusive financial ecosystem.”

Shaping the Future of Fintech

The 7th Nigerian Fintech Week which was held in October 2024 explored strategies for harnessing generative AI, fostering economic inclusion, and shifting from revenue-driven models to sustainable, profitability-focused fintech businesses through smart regulation and innovation.

Onwuta closed his session with a forward-looking statement:

“Achieving true collaboration requires collective commitment from all stakeholders. Only by working together can we build a truly inclusive, efficient, and resilient global financial system—one that serves individuals, businesses, and entire economies alike.”

His thought leadership at the event reinforced his reputation as an influential figure in the fintech space, further cementing his role in shaping the future of global payment technologies.

By investopedia

U.S. stock futures fell sharply on Sunday evening as the Trump administration showed no signs of backing off from a wide-ranging plan to impose tariffs.

Futures tied to the Dow Jones Industrial Average were recently down 2.2%, pointing to a decline of more than 800 points at Monday's open, while futures linked to the S&P 500 and Nasdaq fell 2.7% and 3.4%, respectively. Dow futures had been down more than 1,600 points at one point Sunday evening,

The major indexes are coming off their worst week since the early days of the Covid pandemic in March 2020, after stocks plunged on Thursday and Friday following President Trump's announcement of sweeping tariffs on U.S. trading partners. The benchmark S&P 500 declined 10.5% over the last two days of the week, while the Dow shed nearly 4,000 points.

White House officials provided no indication over the weekend that the president would consider scaling back on the tariffs. The so-called reciprocal tariffs that Trump announced on Wednesday— which include new levies of 20% on imports from the European Union, 26% on Japanese imports, and 34% on imports from China—are due to take effect on Wednesday.

The Trump administration, which has also indicated more sector-specific tariffs are coming, says the measures are needed to restore competitive balance and bring manufacturing and jobs back to the U.S. However, the speed and depth of the policies announced in recent weeks—and the prospect that countries will retaliate, as China did on Friday—have heightened concerns among economists and investors that the economy could slide into a recession.

Speaking Friday, Federal Reserve Chair Jerome Powell said that the tariffs announced last week were higher than expected and raise the risks both of inflation rising and economic growth slowing. Powell said the Fed is awaiting greater clarity on the impact of Trump's policies before considering adjustments to interest rates.

Asian stocks also tumbled to kick off their week amid fears of the consequences of a trade war, with Hong Kong's Hang Seng index down 9%, while Japan's Nikkei 225 dropped 6% and South Korea's Kospi index and Australia's S&P ASX 200 each fell more than 4%.

Bitcoin was also down sharply Sunday, tracking the move lower in equities as investors abandon risky assets. The digital currency was at $78,700 recently, down from an earlier high on Sunday of nearly $84,000 and trading at its lowest levels since early November.

Crude oil prices also retreated amid the growing concerns about slowing global demand. West Texas Intermediate futures, the U.S. crude oil benchmark, fell 2.6% to $60.40 per barrel, after falling as low as $59.38, their lowest level since last April.