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Principles for Effective Engagement in the Fintech Industry

 

 

 

Principles for Effective Engagement in the Fintech Industry

At the 2nd National Corporate Governance Summit hosted by the Institute of Directors’ Centre for Corporate Governance (IoDCCG), Demola Igbalajobi, our Managing Director, participated as a keynote speaker in a session titled “Fintech Evolution and Corporate Governance Imperatives for Sustainable Impact.”


The session, moderated by Patrick Akinwuntan, former Managing Director of Ecobank Nigeria PLC, illuminated the rapidly evolving fintech landscape and the multitude of market opportunities for expansion within both the public and private sectors.
During this session, Igbalajobi shared valuable insights on the significance of values, drawing from his experience working with the Nigerian government on projects such as the Treasury Single Account (TSA), and imparted advice to newly emerging fintech leaders seeking to identify opportunities in the fintech ecosystem. He expounded on SystemSpecs’ success in upholding transparency and efficiency in government projects through the TSA, which has significantly transformed government revenue collection.

Igbalajobi outlined the following key considerations for achieving sustainable impact in fintech:
1. Integrity: Stressing the pivotal role of integrity as a fundamental value at SystemSpecs, he emphasised that prioritising a long-term perspective over short-term gains is essential in every project.
2. Responsibility: Whether operating in the private or public sector, adopting a responsible approach to all tasks is crucial. Also, documentation of processes and the maintenance of transparency serve as safeguards against future challenges.
3. Corporate Governance: The crucial significance of good corporate governance extends beyond fulfilling audit requirements. It prepares the company for intense scrutiny or challenges that may arise. A process-oriented approach and diligent board oversight are critical elements for effective governance. Robust governance practices can safeguard a company during tumultuous periods.
4. Core Values: Discouraging the sole pursuit of financial incentives, Igbalajobi encouraged prioritising integrity and ethical practices. Engaging corporate governance and compliance teams is imperative to ensure alignment of all actions with the company’s core values.
5. Partnership Alignment: It is essential to ensure that partnering companies are aligned with one’s values. Opportunities that do not resonate with the company’s principles should be foregone.
6. Accountability: Preparedness to stand by actions and decisions is crucial. Transparency and accountability are paramount, particularly in engagements with government projects.
In conclusion, for fintech companies to achieve sustainable impact, Igbalajobi stressed the pressing need to prioritise corporate governance, integrity, and responsibility. Engagement with the public sector and pursuing market opportunities within the fintech ecosystem necessitates a long-term perspective, extensive documentation, and a steadfast dedication to core values.