Fintech festival: Job losses loom for only tech skeptics – expert warns

Mr. Lanre Adelanwa, co-founder and chief executive officer of Optimus AI Labs, has urged tech sceptics to embrace ongoing advancements leveraging on opportunities provided by artificial intelligence (AI) to prevent job losses.

He gave the counsel while delivering a keynote address on Thursday at the maiden Nigeria Fintech Festival.

The event, which had the theme “Nigeria’s Digital Payments Ecosystem," was sponsored by First Bank and Parallex Bank in Lagos.

The festival brought together thought leaders, innovators, and emerging talents to exchange ideas, foster new collaborations, and drive the next wave of growth in the fintech industry.

The event featured panel sessions, including one on modernised cybersecurity and data protection measures in the age of artificial intelligence (AI) and machine learning.

The event also had two fireside chats, including one on the expanding growth and influence of women in technology.

Adelanwa stressed the importance of using AI ethically to boost productivity.

Giving a detailed history of the evolution of technology from the analogue to the digital age, he said that technology had made operations in various sectors easier, seamless, and faster.

He said, “AI is not here to take our jobs but will take the jobs of those unable to leverage it.”

Adelanwa commended collaboration and cohesion among fintech industry stakeholders, saying that it was responsible for the rapid growth in the sector in Nigeria.

However, Chijioke Eze, the Head, Banking Technologies at Interswitch Ltd., warned during a panel session that AI, while improving productivity, could breach customer privacy if sensitive data were mishandled.

Gbolabo Awelewa, Chief Solutions Officer, Cybervergent, added that AI and machine learning, when used ethically, could mitigate risk and prevent fraud in the fintech industry.

Awelewa cited automated notification alerts for customers as an example of how risk could be mitigated and fraud prevented.

A fireside chat panel delved into the growing influence of women in technology.

Adaobi Igwe-Okerekeocha, Chief Innovations Officer at Interswitch Ltd, and Sheila Ash Nelson, CEO of Ash Nelson Partners Ltd, discussed the barriers faced by women in tech at the fireside chat.

They proffered solutions to issues of gender bias and leadership opportunities for women.

They urged tech companies to promote employees based on merit, while emphasising the need for women mentors, flexible work arrangements, and showcasing female achievements and contributions.

Experts in the lending industry, including Austine Abolusoro, Founder and CEO of P2Vest Technology Ltd., and Damilare Odueso, Co-Founder of Crendly, addressed the role of credit and lending in the Nigerian economy.

They highlighted the challenge of high loan default rates and the prohibitive cost of tools needed to profile customers effectively.

The session on building cross-border rails for African trade and commerce featured Oladimeji Akano, Country Director of Onafiriq Nigeria, and Samuel Chukwu, Director of Sales at Comviva Anglophone West Africa.

They discussed the challenges of cross-border money transfers and proposed blockchain technology as a potential solution to simplify global trade.

Ikechukwu Ugwu, convener of the Nigeria Fintech Festival, also held a marketing masterclass on strategic approaches for driving growth beyond equity, which provided valuable insights to the attendees.

The event was concluded with an after-party, allowing participants to network, relax, and enjoy a night of dining and dancing.