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The future of global finance is no longer being shaped only inside traditional banks or regulatory institutions.

Increasingly, it is being built inside innovation labs, fintech ecosystems, AI research hubs, regulatory sandboxes and collaborative platforms where technology, policy, academia and enterprise converge.

The countries leading the next generation of finance are not necessarily those with the oldest banks or the largest economies.

They are the nations intentionally building ecosystems that encourage innovation, trust, collaboration and responsible experimentation.

Nigeria must become one of those nations.

Over the past decade, Nigeria has demonstrated extraordinary financial ingenuity. From the rise of fintechs and digital payments to agency banking, mobile money, and blockchain innovation, Nigerians have repeatedly shown an ability to create solutions despite infrastructure and economic constraints.

Today, Nigeria’s fintech sector is one of Africa’s strongest global success stories. Nigerian startups are attracting international investment, solving real-world problems and expanding financial access to millions.

Yet one major challenge remains: our innovation ecosystem is still fragmented.

Banks innovate independently. Regulators often operate in silos. Universities remain disconnected from industry realities. Startups struggle to scale responsibly. Policymakers frequently respond to disruption after it has already happened rather than shaping it proactively.

Nigeria needs a more coordinated national approach.

Recent private-sector initiatives, including Moniepoint’s proposed ₦3 billion innovation hub across three universities, are commendable. However, isolated innovation efforts alone will not be enough.

The real opportunity lies in creating a connected national ecosystem where regulators, financial institutions, startups, academia, researchers, investors and technology leaders collaborate around shared national priorities.

Having worked extensively within the City of London – one of the world’s leading financial and innovation ecosystems – I have seen firsthand what intentional collaboration can achieve. The strength of London is not simply its capital base or historic institutions. Its true advantage lies in the deliberate integration of finance, regulation, academia, technology, and innovation within one highly connected ecosystem.

My engagements with institutions such as the Financial Conduct Authority, Monetary Authority of Singapore, the Bank of Canada, the South African Reserve Bank, and the European Central Bank etc have reinforced one clear lesson: resilient financial systems are built through collaboration and intentional support, not isolation.

This is why Nigeria urgently needs an Innovation Centre for the Financial System.

Not another bureaucracy. Not another government building. But a living national platform where regulators, banks, fintechs, cybersecurity experts, AI specialists, universities, startups, and investors work together to solve Nigeria’s most pressing financial challenges.

Such a centre could become the nerve centre for financial innovation, AI governance, cybersecurity resilience, digital identity, fraud intelligence, financial inclusion, future-skills development, and regulatory experimentation.

Global examples already exist. Singapore built one. Dubai built one. The UK continues refining its model.

Nigeria can build its own – designed specifically for African realities.

As a board member of The Data Lab in Scotland, I have seen how innovation centres transform entire ecosystems. The Data Lab succeeds not simply because of data, AI and technology, but because it connects government, academia, businesses, entrepreneurs, and communities around shared innovation goals.