Lagos, Nigeria – April 10, 2025 | Naija247news — The Programme Director of Lagos Blockchain Week, Chukwuemeka Mbaebie, has spotlighted blockchain technology as a game-changer in Nigeria’s push for financial inclusion, even as he raised the alarm over persistent regulatory and knowledge gaps stalling its widespread adoption.
Thank you for reading this post, don't forget to subscribe!Speaking at the second edition of the Payments Forum Nigeria (PAFON) 2025, held Thursday in Lagos, Mbaebie emphasized that blockchain’s secure, transparent, and decentralized architecture holds tremendous promise to transform access to financial services, especially for underserved populations across Nigeria.
Delivering remarks under the theme: “Bridging the Financial Inclusion Gap: The Role of Fintech, Blockchain and AI,” the tech expert noted that despite blockchain’s vast potential to simplify transactions, cut costs, and eliminate intermediaries, Nigeria is yet to unlock its full value due to fragmented policies and limited understanding among regulators and financial stakeholders.
“Its widespread adoption in Nigeria is currently hampered by significant regulatory challenges and a noticeable gap in understanding the technology among key stakeholders,” Mbaebie told the gathering of industry leaders, policymakers, and fintech innovators.
He observed that without urgent efforts to develop a clear, consistent, and innovation-friendly regulatory framework, blockchain applications in Nigeria may remain in experimental phases, unable to scale or integrate with the broader financial ecosystem.
“There is a pressing need for regulators to appreciate both the opportunities and risks of blockchain. The misalignment between fintech startups, traditional banks, and regulators continues to stifle adoption,” he said.
Mbaebie also emphasized that Nigeria’s complex regulatory terrain, marked by policy ambiguity and conflicting signals from authorities such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), has further deepened investor anxiety and stunted sector growth.
He called for robust collaboration and open dialogue between key players in the ecosystem—government agencies, financial institutions, blockchain developers, and educational institutions—to chart a roadmap for responsible innovation.
“Only through collaboration can we create the enabling environment required to deliver on the promise of blockchain—greater financial inclusion, efficient payments, and reduced dependency on intermediaries,” he added.
Mbaebie also underscored the importance of blockchain education and literacy among Nigerians, especially within regulatory institutions, noting that bridging the knowledge gap is as important as drafting new policies.
“Education is the first step. If we want to see blockchain-driven financial inclusion, we must first demystify the technology and build trust in its utility,” he noted.
The PAFON 2025 event served as a convergence point for financial service stakeholders to dissect the intersections between emerging technologies and Nigeria’s developmental agenda. It drew participation from banks, fintech firms, regulatory agencies, and global digital finance experts.
With over 38 million Nigerians still financially excluded according to the 2023 EFInA Access to Financial Services survey, stakeholders at the forum agreed that embracing new digital tools like blockchain, artificial intelligence (AI), and decentralized finance (DeFi) could help Nigeria meet its financial inclusion target of 95% by 2030.
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