CoinNewsExtra has officially launched Stakeholders Insight, its new executive interview series designed to bring Africa’s foremost leaders in fintech, blockchain, artificial intelligence, digital assets and financial services into one-on-one conversations on the future of the continent’s digital economy.
The inaugural edition featured Dr. Stanley Jacob, President of the Fintech Association of Nigeria (FintechNGR), Vice President for West Africa at the Africa Fintech Network, and Group Chief Innovation and Technology Officer at Meristem Securities Group.
Hosted by Lee Ucheoma, CEO of CoinNewsExtra, the conversation explored Nigeria’s fintech evolution, the rapid rise of artificial intelligence, data sovereignty, digital regulation, capital market innovation and the opportunities that lie ahead for Africa’s technology ecosystem.
A New Platform for Meaningful Industry Conversations
Introducing the new series, Lee Ucheoma explained that Stakeholders Insight was created to provide a platform where policymakers, regulators, founders, investors and technology executives can share practical insights that shape Africa’s digital economy.
As the first guest, Dr. Jacob offered a broad perspective drawn from years of leadership across fintech, banking, payments and financial technology.
He noted that FintechNGR now represents more than 640 member institutions, while the Africa Fintech Network spans 48 countries, underscoring the growing collaboration taking place across the continent.
Why Nigeria Continues to Lead Africa’s Fintech Revolution
Speaking on Nigeria’s position as Africa’s largest fintech market, Dr. Jacob attributed the country’s success to a combination of demographics, entrepreneurial talent and a strong appetite for technology-driven innovation.
According to him, Nigeria’s population of over 200 million people provides enormous opportunities for financial inclusion and digital financial services.
He also highlighted the remarkable journey of Nigerian startups that have grown from small teams into globally recognised fintech companies.
“We’ve seen fintechs move from a small three-bedroom flat in Lagos and become a unicorn in Africa. It shows our commitment, energy, dexterity and the can-do spirit of young Nigerians.”
He added that the country’s vast untapped market continues to attract investment while banks, fintechs and regulators remain focused on expanding financial inclusion across every part of Nigeria.
FintechNGR’s Vision: Participation, Innovation and Expansion
Dr. Jacob outlined the association’s strategic roadmap through what he described as the PIE Agenda—Participation, Innovation and Expansion.
The initiative, introduced when the current leadership assumed office in 2024, remains the foundation of FintechNGR’s activities.
Under the agenda, the association is strengthening collaboration with regulators across banking, capital markets, insurance, pensions, telecommunications and government institutions while expanding participation for startups and established companies alike.
One of its major initiatives is the creation of Communities of Practice, member-led groups driving conversations around:
- Innovation and Technology
- Regulation and Policy
- Cybersecurity
- Advocacy
- Financial Inclusion
According to Dr. Jacob, the communities have significantly increased industry participation and collaboration, with FintechNGR preparing to showcase the outcomes as it celebrates its tenth anniversary.
AI Is Here to Stay—and Professionals Must Adapt
Artificial Intelligence formed one of the most compelling parts of the discussion.
Dr. Jacob observed that AI has rapidly evolved from being viewed as an experimental technology to becoming a core enabler across industries including healthcare, agriculture, education and financial services.
He explained that AI is already improving lending decisions, customer service, analytics and financial inclusion by enabling financial institutions to assess alternative sources of customer data beyond traditional banking records.
However, he acknowledged growing concerns about AI’s impact on employment.
Rather than dismissing those fears, he offered a realistic assessment.
“AI is going to replace people. If your job speaks to repetitive tasks—if it does not involve emotion or discretion—AI is going to take it from you.”
But he immediately followed with an important distinction.
“It’s not going to take your life. You need to repurpose yourself.”
According to him, the future workforce must focus on developing uniquely human capabilities such as emotional intelligence, relationship management, creativity and strategic thinking while simultaneously learning how to effectively use AI.
He delivered what quickly became one of the defining statements of the interview:
“The competition is not going to be between AI and humans. It’s going to be between those who can use AI versus those who cannot.”
Human Intelligence Still Matters
Despite AI’s rapid advancement, Dr. Jacob argued that technology will never completely replace essential human qualities.
Using a light-hearted example, he remarked:
“AI cannot love. AI cannot express anger. AI cannot calm anger.”
His message was clear: artificial intelligence should be embraced as an enabler that complements human intelligence rather than replacing it.
AI Governance Must Keep Pace with Innovation
As AI capabilities continue to expand, Dr. Jacob stressed the importance of governance, regulation and public education.
He identified digital literacy as the first line of defence against threats such as deepfakes, misinformation and AI-enabled fraud.
According to him, users must understand how AI systems work and learn to verify the authenticity of digital content before trusting or sharing it.
He also pointed to Nigeria’s growing regulatory framework, including the Nigeria Data Protection Act (NDPA), as an important step toward ensuring responsible AI adoption while protecting citizens’ personal data.
Financial institutions and technology companies, he added, are increasingly deploying AI-powered fraud detection systems capable of identifying malicious bots and preventing large-scale automated attacks.
Why Data Sovereignty Matters
Another major topic was the Central Bank of Nigeria’s directive requiring sensitive payment data to be hosted locally.
Dr. Jacob described the policy as an important step toward strengthening Nigeria’s data sovereignty.
He explained that payment data has become a national security asset, making local data residency increasingly important.
Rather than discouraging international cloud providers, he believes the directive will encourage infrastructure providers to redesign their cloud architecture to comply with Nigerian regulations.
According to him, local data hosting is already common practice in several jurisdictions and represents a natural evolution of Nigeria’s digital economy.
Local Infrastructure Will Continue to Improve
Responding to concerns about whether Nigeria’s cloud infrastructure is sufficiently mature, Dr. Jacob acknowledged that compliance may present short-term challenges for startups and smaller businesses.
Nevertheless, he expressed confidence that the market would adjust.
He noted that several global providers already maintain local data centres, while domestic infrastructure providers continue expanding their capabilities.
“Nigeria is a lucrative market,” he explained, adding that cloud providers will inevitably adapt to meet regulatory requirements because of the country’s importance within Africa’s technology ecosystem.
Capital Markets Are the Next Frontier
One of the interview’s strongest themes centred on Dr. Jacob’s recent appointment as Group Chief Innovation and Technology Officer at Meristem Securities Group.
Reflecting on his new role, he described Meristem’s culture as being anchored on two values that resonate deeply with him: Clientocracy, representing customer obsession, and Einstein, representing innovation.
He believes the next decade will witness a major transformation of Nigeria’s capital markets similar to what fintech achieved within payments and banking over the last ten years.
According to him, technologies such as digital assets, stablecoins and emerging investment products will increasingly reshape wealth creation across Africa.
He also highlighted the growing role of regulators—including the Central Bank of Nigeria and the Securities and Exchange Commission—in creating policies that support responsible innovation.
At Meristem, he said, the goal is to deploy best-in-class technology across stockbroking, wealth management, trusteeship, investment banking and family office services while advancing clients’ financial wellbeing through innovation.
Commending CoinNewsExtra’s Contribution
As the interview concluded, Dr. Jacob praised CoinNewsExtra for its consistent contribution to Africa’s blockchain, fintech and digital asset ecosystem.
He commended the organisation for building momentum around its conferences and industry initiatives while remaining an advocate for emerging technologies.
“The transformation you’re driving in the digital space is commendable. The conversations you’ve been leading around digital assets and emerging technologies are now becoming mainstream. This is your moment. Continue building. We’re always here to collaborate as an industry.”
Building Conversations That Shape Africa’s Digital Economy
The launch of Stakeholders Insight reinforces CoinNewsExtra’s commitment to creating high-level conversations that connect industry leaders, innovators, policymakers and investors across Africa’s technology ecosystem.
As blockchain, artificial intelligence, fintech and digital assets continue reshaping global finance, the platform aims to provide decision-makers with practical insights that inspire innovation, strengthen collaboration and accelerate Africa’s digital transformation.
With Dr. Stanley Jacob setting the tone in the inaugural edition, Stakeholders Insight begins its journey as a platform where the people shaping Africa’s digital future share the ideas shaping tomorrow.
