Secretary General of the International Digital Economies Association (IDEA), Cristina Amor Maclang, shed light on the role of fintech and blockchain in shaping a borderless digital economy. Speaking passionately in an interview with CoinNewsExtraTV, about Africa’s potential in the digital revolution, she highlighted Nigeria’s position as a key player in the global fintech and blockchain landscape.
Nigeria: A Powerhouse in the Digital Economy
Cristina Amor Maclang, in Lagos for the 70th birthday celebration of Dr. Segun Aina, a fintech pioneer and IDEA chairman, acknowledged Nigeria’s growing influence in the digital world. “Nigeria is the largest economy in Africa, and it is unstoppable once the full potential of its digital economy is unlocked,” she stated.
She emphasized that despite its economic strength, Nigeria still faces challenges in cross-border transactions, pointing out that even simple international money transfers can be difficult. With the country’s payments industry processing transactions in the quadrillions, she believes that integrating blockchain technology and decentralized solutions could significantly streamline financial interactions.
The Mission of IDEA: Fostering Digital Collaboration
As the Secretary General of IDEA, Amor Maclang oversees an organization that spans 90 countries across the Global Digital Majority—regions often referred to as the Global South but which account for 82% of the world’s population. IDEA’s core mission is to create seamless digital bridges between economies, particularly in fintech, e-commerce, decentralized finance, and digital creative industries.
She outlined three major programs currently spearheaded by IDEA:
1. A Global Majority Fund – Providing financial support and incubation for startups in emerging markets, ensuring they remain in their home countries rather than seeking opportunities in foreign fintech hubs like London and Silicon Valley.
2. A Startup Incubation and Acceleration Program – Connecting startups with mentorship and funding to help them scale within their own economies.
3. A Global Majority Payment Network – Aiming to facilitate easier, faster, and cheaper cross-border transactions between countries in the Global Digital Majority, particularly in Africa, South Asia, and South America.
The Role of Blockchain and Fintech in Africa and ASEAN
Discussing the fintech revolution, Amor Maclang noted the striking similarities between ASEAN (Southeast Asia) and Africa. Countries like Nigeria, Vietnam, and the Philippines are among the top three nations globally in cryptocurrency adoption. She attributed this trend to young populations, high mobile penetration rates, and limited access to traditional banking.
“If rap is the music of the revolution, crypto is the language of finance for the youth,” she remarked.
She emphasized the critical role of blockchain in financial inclusion, especially in remittances. With millions of Nigerians and Filipinos living in diaspora, blockchain-based payment solutions could offer cheaper, faster, and more secure transactions.
However, she highlighted a key challenge: digital identity verification. Many fintech services struggle to onboard users due to a lack of verifiable identity data. She cited India’s DigiLocker system as an example of how blockchain could be used to create digital identities, facilitating access to financial services, healthcare, and other essential services.
Future Trends: AI, Tokenization, and Enterprise Blockchain Adoption
Looking ahead, Amor Maclang sees artificial intelligence (AI) and blockchain working hand in hand to drive digital transformation. She envisions tokenization playing a significant role in sectors like education, law, and research, where intellectual property and credentials could be securely stored on-chain.
She also emphasized the importance of real-world use cases for blockchain beyond cryptocurrencies. For example, Nigeria’s economy, which is largely driven by agriculture and digital services, could benefit from blockchain applications in supply chain management, agri-tech, and digital payments.
Advice for Startups: Build Locally, Scale Globally
For aspiring fintech and blockchain entrepreneurs, Amor Maclang encouraged building solutions that cater to local challenges while thinking globally. She referenced Andela, the Nigerian-founded unicorn, as an example of how talent can thrive locally while serving international markets.
“Many Nigerians are eager to move abroad in search of opportunities, but the real gold—both literal and figurative—is right here in Nigeria,” she said.
A Cultural Connection with Nigeria
Beyond the professional discussions, Amor Maclang shared her admiration for Nigerian culture, even mentioning her experience in Oshun, a sacred Yoruba site. Dressed in Nigerian attire, she expressed excitement about collaborating with Africa’s brightest minds to shape the future of digital finance.
She concluded with a powerful remark: “Africa has already taught the world how to use mobile money through M-Pesa in Kenya. You don’t need deep tech to innovate; you just need to solve real problems.”
Final Thoughts
As the interview wrapped up, Amor Maclang reiterated her optimism for Nigeria’s digital future. She recalled a conversation with Alex Panikan of the Luxembourg House of Financial Technologies, where he stated, “I think it’s the Nigerians that are going to teach us a lot about fintech.”
With blockchain adoption accelerating, fintech startups flourishing, and Nigeria solidifying its place as Africa’s digital leader, the world is undoubtedly watching. The question is not if Nigeria will shape the future of the digital economy, but how fast it will do so.
