ICT
Technology driving Africa’s workforce to be the world largest in next two decades – Osinbajo
Vice President Yemi Osinbajo, SAN, in a speech at the weekend in Lagos, marking the 20th anniversary of Interswitch, a leading fintech company in Nigeria and Africa, was of the view that while there is much to be done, the youths will live up to expectation in using technology to transform the nation.
The vice president stated that with the rapid growth of innovation and technology recorded over the years globally, there are even more exciting new frontiers to be explored and harnessed by Nigeria’s talented and enterprising young entrepreneurs.
Prof. Osinbajo declared: “as innovation and technology open exciting new frontiers in medicine and healthcare, we can be rest assured that Nigeria will not lag behind.
“Innovative disruptions thrive on natural and human occasioned-gaps within the system,” noting that many of such are in Africa.
The Vice President maintained: “this is why our continent is undoubtedly the next and possibly the last frontier.
“All across the continent, there are yawning gaps waiting to be plugged by innovative ideas and entrepreneurial efforts. It is exciting to see how sprightly young people, particularly, are rising to the challenge and the accelerated pace of creative disruptions in their wake.”
Osinbajo noting the incredible talents and potential of Nigeria and Africa’s young people to drive socioeconomic growth, recalled that “in 2021 alone, African tech startups raised over $4 billion in funding, with over 564 startups across the continent solving critical problems in almost every sector.
“Within the next two decades Africa’s workforce will be the largest in the world. They are skilled and they are coming. As a result, more innovative disruptors will yet emerge to plug more of these gaps.
“Our responsibility as a government has been to meet them halfway, and perhaps outpace them with corresponding creativity in the provision of forward-thinking regulatory frameworks and adequate infrastructure. I can assure you that no effort is being spared in this regard.
“Nevertheless, there is still so much to be done; and a lot of ground to cover. I have no doubt though that we are up to the task.”
The Vice President further said: “it is through innovative disruptions that humans have managed resolve their most complex challenges and stay ahead of the survival curve.
“Oftentimes, these ideas are championed by mavericks who find better, safer and more cost-effective ways for us to live, do business, and govern; slight tweaks that improve our overall experience, and complete overhauls that lead us into new paths altogether.”
He noted that the ‘two rigorous decades of accelerated change,’ since Interswitch was founded 20 years ago, it was “incredible that what began as a novel idea to facilitate seamless payments across Africa, has in barely two decades become something of an icon of technology and innovation literally pioneering Africa’s ongoing Fintech revolution.”
He declared the Interswitch “as a leading company at the forefront of agency banking and financial inclusion in Nigeria,” which “also operates the largest and fastest growing private sector-led domestic card scheme in the world.”
He declared; “It is therefore a testament to the quality of the talent and courage of the founders of Interswitch that they saw the future clearly and predicted the potential of a nascent technology for scale and application.”
Prof. Osinbajo stated that the Interswitch further in the innovative disruption that has since transformed Nigeria’s fintech space, saying that “in 2002, only 569 million people were connected to the Internet worldwide. “Nigeria as a whole had less than 200,000 people with Internet access. In fact, PayPal, one of the pioneering electronic payment companies in the internet age, was barely four years old at the time.”
He observed that Africa’s domestic e-payments market has grown by 20% annually in the last two years and is projected to hit around $40 billion in 2025.
“It is estimated that around half of all future digital payments will come from Nigeria, Egypt, South Africa, Ghana, and Kenya; with Nigeria experiencing the fastest growth at 35% per year. A lot of this is, of course, owed to the trailblazing efforts of Interswitch. Your rapid expansion, already serving customers in over 23 African Markets, is an ample demonstration of growing vitality,” Osinbajo said.
Vice President Osinbajo commended the Interswitch group team, including the Chair of its board of directors, Sir Kenneth Olisa; founder and group managing director, Mr. Mitchelle Elegbe, for its leadership and dynamism, as well as its contributions to some social initiatives in the country.
Prof. Osinbajo also hoped that the firm’s 20th anniversary celebration of its corporate existence “will serve as an inspiration to the millions of young entrepreneurs across the continent who are throwing their hats in the ring to build better nations and a stronger continent.”