Dr Segun Aina is currently the President, Africa Fintech Network and Board Chairman, Fintech Association of Nigeria. He is a past president of Chartered Institute of Bankers of Nigeria, a past president of the West African Bankers Association (Nigeria Chapter), founder of Fintech Associates Ltd and founder/chairman of The Fintech Institute (TFI). In this interview conducted by LASISI OLAGUNJU, he speaks on a broad range of issues: banking, community engagement, youth development and technology and the banking industry, etc.
Pioneering Fintech in Nigeria is a credit that goes to you. What gave you that vision of a future that was really not a challenge when you started?
I started my banking career quite early, at a time when banking operations were manual and rudimentary. Everything was paper-based, and technology hadn’t made its mark in banking yet. When I joined the bank, I didn’t even know banking was a career path for me—I was simply filling time while waiting for university admission to study medicine or engineering. But I ended up staying and pursuing professional banking qualifications, which led me to take on more significant roles in banking.
By the time I joined Ecobank in late 1989, technology had started to change how banking services are delivered. As the Executive Director, Technology and Operations in Ecobank from 1994 to 1998, I focused on using technology to provide delightful service experience to customers. Later, when I moved to Fountain Trust Bank as MD, I led the team to focus on using technology as a differentiator to support the growth of the bank, despite it being small at the time. We created a technology company as a subsidiary of the bank and that company is still doing extremely well to date.
As I progressed, I realized that the future of banking was in technology, particularly in financial technology (Fintech). I believed this was the path forward, even when the concept was still emerging. I launched initiatives to support innovative ideas in banking technology and invested in early-stage companies. Today, many of those companies are thriving. It’s been a journey, but I’m proud to have contributed working with others to shape the fintech ecosystem in Nigeria, and now, across Africa.
How safe is fintech in the hands of AI, especially with its disruptive possibilities?
Fintech is a broad term that encompasses technology platforms that facilitate financial transactions. The advent of technologies like blockchain has significantly improved the security and efficiency of banking services. For instance, stablecoins and central bank digital currencies (CBDCs) have emerged as innovations that holds great promise for financial inclusion and security.
When we talk about technologies like AI, machine learning and deep learning, these technologies are rapidly transforming how we approach financial services. AI can process large volumes of data far more efficiently than humans, which can reduce errors and improve service delivery. However, like any technology, AI has limitations. There’s always a need to ensure that security, privacy, and ethical considerations are handled properly to prevent misuse or errors. But overall, AI has the potential to significantly make financial systems and transactions more secure, efficient, and inclusive.
Of course, with every new emerging technology, there are challenges. We need collaboration between the ecosystem—government, policymakers, regulators, and operators—to harness the benefits of any technology, including artificial intelligence, while mitigating the potential negative impacts.
The future of finance, and indeed, the world, will be shaped by technology. However, how we use it and ensure it doesn’t cause disruption or harm is crucial. “Disruption” can sound negative, but it’s through disruption that we see innovation. We must focus on positive disruption, the kind of change that leads to progress without undermining the system. It’s the role of all stakeholders to ensure that when new technologies emerge, we assess their pros and cons and prepare to address the challenges they bring. This includes the integrity of systems. Organizations such as FintechNGR and Africa Fintech Network play essential role in ensuring these systems evolve in a responsible way.
Clocking 70 comes with a lot of joy and challenges. How do you feel achieving this milestone?
Reaching age 70 feels nice and refreshing. It’s surprising how time flies. I don’t feel 70—in my younger days, I always look at people that age as quite old. I feel truly blessed by God realizing that I’ve reached this milestone. I feel super good, and I thank God for the gift of life.
Your story shows a brilliant child with an eye on a bright future. Are you satisfied with all you’ve achieved in seventy years? Do they meet up with your life expectations and ambitions?
Yes, of course. At every stage in my life, I’ve always set long-term goals. For example, when I started my banking career, among many career aspirations, I set role targets like becoming an Executive Director by 40, and a Managing Director by 50. With divine guidance and support of people, i exceeded those targets. There are many things I’ve done that I never imagined I would be able to, but I was always very audacious in my pursuits, and the people who supported me have helped me achieve what some may consider as impossibilities. Even in areas I pioneered and faced challenges, I’ve learned so much, especially seeing how those efforts have impacted the industry. I’m grateful to have had the opportunity to do things others hadn’t done before, and I give all the credit to God. Whatever hasn’t happened, I trust it’s because God didn’t want it to be.
These days, the Abebi area in Ibadan, where you grew up, grapples with the challenges of decay. People who go there today say street boys are kings there. What advice do you have for children born and raised in such neighbourhoods today, not just in Ibadan but in other places, including Otan Ayegbaju, your hometown?
Yes, I was born and raised in Abebi, Ibadan. Back in the day, it was a fantastic area, populated by middle-income earners, teachers, civil servants and business people. The environment was safe, and crime was virtually nonexistent. We didn’t even need to lock our doors or windows. It was a close-knit community where people helped each other, and there was an incredible sense of security. As children, we walked to school, church, and played freely outside without any fear.
But things have changed. When I visited the area few years ago, I was deeply disappointed to see how the environment had deteriorated. What was once a peaceful, vibrant place is now riddled with crime and drug abuse. Street boys have taken over, and the once safe school grounds are now a place where I understand a lot of gang stuff is going on. This is heartbreaking, especially when we compare it to the environment in which we grew up.
For children growing up in such neighborhoods today, my advice would be to stay focused on education and make use of the opportunities that are available. Don’t let the negative influences around you define your future. The power of education, hard work, and resilience cannot be overstated. You must always strive to be better than your circumstances, and it’s important to stay away from negative influences like drug abuse and criminal activity. If possible, identify mentors or community leaders who can guide you. Change will not come overnight, but if everyone contributes to making their community better, improvement is possible.
As a member of the Osun Development Association what are your thoughts on the state of development in the state, compared to the expectations of its founding fathers?
The Osun Development Association (ODA), was formed in 1995 by prominent individuals who worked toward the creation of Osun State in 1991. Four years after the state was established, these founders felt the need to create a private initiative to bring together accomplished individuals who could use their resources, time, and networks for the development of the state without seeking personal gains.
Over the years, the private sector’s involvement in the state has been crucial. However, while there have been positive steps, I believe more still need to be done. The infrastructure still needs significant improvement, and the quality of life for many citizens remains below expectations.
The founding fathers envisioned a state that would thrive with a balanced mix of both public and private sector efforts. Today, while there are still numerous challenges—especially with unemployment, inadequate infrastructure, and insecurity—there have been strides made by various individuals, organizations, and even the government. But, in terms of achieving the vision of the founding fathers, I think more needs to be done. The state could certainly benefit from more private sector investment and better coordination between various stakeholders to bring about real change.
The development of the state must focus on addressing the basic needs of its people, such as education, healthcare, and security. We also need to invest more in youth empowerment programs to ensure that they are equipped for the future. It’s a collective effort, and I remain hopeful that with continued collaboration, we can fulfill the potential that Osun State holds.
These are areas that I hope future leaders will focus on and be sincere to the people in terms of what they really need. Sometimes, governments come up with projects that don’t really serve the people’s needs, so there’s always a need to put the people at the forefront of whatever initiatives they implement. We should adopt a bottom-up approach to understand the real needs of the people, rather than relying on perceived needs. These needs must be met by the government.
Let’s discuss some personal lifestyle issues. Who is your favorite musician?
I don’t really have a favorite. By my training as a banker, I was taught early in my career that, as a banker, you deal with people from all sectors and backgrounds. So, I should not be seen as tending toward any particular group. When it comes to music, if you invite me to an event, I’ll go there and be free. Invite me to a jazz session, I’ll go, ditto for owambe, hiphop, fuji and so on. So, I don’t really have a favorite. It depends on what attracts me at a particular moment and the company I am in and the vibe of the moment.
What in life gives you happiness?
I am happiest when I see the people around me feeling happy because of the little things I’ve done to make them happy. The kind of impact I can make in someone’s life to make them feel good, that is what makes me happy.
What food puts you off? What food is your favourite?
I don’t have a favorite food. There are lots of different types of food from various countries, and I enjoy trying them. It feels good to explore and enjoy different foods. But when it comes to food putting me off, I can’t really say there’s any food that does. I’m always cautious when trying a new food for the first time, but if it’s nicely cooked and tastes good, I’m fine with it.
What is your opinion about good wine?
If it’s good wine, then it’s good. I like wine. At this stage of my life, I’ve enjoyed different types, including champagne, vodka, and others, all in moderation. When you’re younger, you may overindulge in some things, but later on, you learn to enjoy things in moderation. I don’t have any issues with enjoying a good drink, whether it’s water, wine, or something else.
How do you handle women who are attracted to successful professionals like you?
Well, when it comes to women, just like men, they are all human. There’s nothing wrong with men having female friends or professional colleagues, it’s only when boundaries are crossed or when things become sentimentally attached that you need to apply some principles. Over the years, I’ve had fantastic female friends who have supported me, and I’ve also supported many women in their careers. In my career, I’ve worked with people of all genders. You don’t judge people based on their gender, you assess their character and work with them to achieve mutual goals.
Do you watch football? Who is your favorite footballer? What about your favorite team? And what other sports do you like?
When I was in school, I used to play soccer, though I wasn’t one of the best. I used to enjoy playing football and athletics. Over the years, I’ve been very supportive of Nigerian football, especially in the days when we had great clubs like Shooting Stars, Rangers Internationa, Leventis United, Stationery Stores, and Plateau United. However, attention has shifted, and many of my friends are now fans of foreign soccer teams like Arsenal, Manchester United and others. I’ve chosen not to follow these trends, and I still hope to see the time when Nigerian football regains its strength, and we support our local teams as much as we do foreign ones. We should focus on developing our talents. If our music and movies have become global successes, why can’t our football do the same?
Who is your hero or heroine, and why?
I’ve always been a student of leadership and studying people’s leadership styles. Depending on the timing and context, I admire leaders who are selfless, results-driven, and people-focused. Recently, someone who stands out for me is Nelson Mandela. He was in prison for fighting for a dream and, after his release, went on to achieve great things. He’s an example of true leadership. It’s unfortunate that South Africa has struggled after his departure, but I still hope we can have Nigerian leaders who can live up to such standards. Even though Nigeria’s environment is challenging, I believe we can produce leaders greater than Mandela, who will leave an impact on their nation and the world.
The banking industry is highly regulated, yet it often faces crises. Directors fight over deals, which sometimes threaten the integrity of the system. How can we achieve stability in the sector?
The banking sector is very delicate. If certain rules are not followed, it can cause instability. Banks are custodians of people’s money, and it is critical that they use it wisely and professionally. Bankers must not live extravagant lives but should remain highly respectable, as they hold the trust of the public. Over the years, we’ve seen that some institutions fail to maintain professional conduct, which leads to crises. Corporate governance is key to ensuring stability in the banking sector. Leaders in the sector must lead with purpose and professionalism, and if a crisis does arise, it can be addressed effectively if the right practices are followed.
Life begins at 70. You’ve achieved everything a professional could hope for in the corporate world. What else should we expect from you?
Well, I don’t know if I agree with the notion that I’ve done everything. I’ve done the little I could, and I’ve been blessed with the results. To the glory of God, as a banker, I was privileged to make it to the top and achieved most things I set out to do, including being the CEO of a bank and president of several banking associations in Nigeria, West Africa and globally. After my banking career, I transitioned to fintech investment and leadership, and now I focus on providing support for young people by creating entrepreneurs and helping to develop skills. Through our Opolo initiative, we are also setting up innovation hubs in universities across Nigeria to help students and researchers innovate and create. As for what’s next, I’m now focused on documenting my experiences for posterity, and we’re launching books to share my thoughts on rethinking entrepreneurship in the 21st century, fintech and Leadership, working with various thought leaders. I’m also working with people to gather more insights to create stronger impact in various emerging areas that can be shared through documented endeavors.
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