Among its most prominent supporters was FirstBank, Nigeria’s oldest and one of Africa’s most respected financial institutions, whose 131-year history in banking underscores its enduring commitment to innovation and cross-border collaboration. The bank’s sponsorship of CAFS 2025 reflected its strategic focus on driving financial inclusion and shaping the future of fintech on a global stage.
Speaking on the bank’s involvement, Olayinka Ijabiyi, Acting Group Head of Marketing and Corporate Communications, noted:
“Our support of CAFS 2025 reflects our belief that collaboration between African and Canadian fintech ecosystems can lead to transformative innovations. FirstBank is proud to help shape that future.”
The summit featured high-impact discussions that bridged policy, technology, and practical solutions. In a panel alongside Rudy Cuzzeto, MPP for Mississauga–Lakeshore, and David Stevenson, Country Director for the United Nations World Food Programme (Nigeria), FirstBank’s Group Executive for E-Business & Retail Products, Chuma Ezirim, stressed the importance of digital collaboration in Africa’s evolving financial ecosystem.
He explained that while building advanced APIs to navigate regulatory differences is technically achievable, sustaining security, user consent, and system performance remains the more complex challenge.
“We’re building APIs that understand regulatory bifurcation, who has access to what, and why. The technology is the easy part. The real challenge lies in maintaining security, consent, and performance,” he explained. “In Nigeria, fintech has evolved beyond disruption to convergence, integrating banks, fintechs, and regulators into an agile and accountable ecosystem.” He further emphasized that regulatory clarity is essential for building public trust and attracting private investment in fintech, stating, “The more we collaborate, the more lessons we learn, and the greater the benefits for consumers.” Ezirim said.
He further emphasized that regulatory clarity plays a critical role in building public trust and attracting private capital.
In another session, Rachel Adeshina, FirstBank’s Chief Technology Officer, shared how artificial intelligence is expanding access to credit for the underbanked. By leveraging alternative data, the bank has disbursed over ₦1 trillion in digital loans with a repayment rate exceeding 99%.
“We’re addressing data poverty by using AI to interpret alternative data, allowing us to lend to individuals who might otherwise be invisible to the traditional credit system,” she noted. Adeshina highlighted that FirstBank has disbursed over ₦1 trillion in digital loans through this AI-driven model, achieving a remarkable repayment rate of over 99%. “This innovation was enabled not only by technology but also by a supportive environment, including API banking regulations, data privacy laws, and a shift from account-based to wallet-based banking,” she added. She also underscored the importance of scalability through collaboration, stating, “In a fragmented continent like Africa, digital scale will come from interoperability. Connecting the 54 markets is the next big challenge, and fintechs are ideally positioned to lead that initiative.”
Beyond the panels and networking sessions, CAFS 2025 fit neatly into Canada’s broader Africa Strategy, which seeks to deepen economic ties, encourage digital cooperation, and promote knowledge exchange. As Africa’s digital finance ecosystem continues to expand — and as Canada advances its own open banking framework — such forums offer a timely opportunity to align strategies and forge transformative partnerships.