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Patrick Njoroge, the former governor of the Central Bank of Kenya (CBK), has underscored the importance for fintech operators to adopt world-class standards in their operations. Speaking at BusinessDay’s Fintech event, themed “Fintech in Africa: Navigating Cross-Border Regulation,” Njoroge emphasized the rising expectations within the industry.
In his keynote address, Njoroge declared, “The era of mediocrity is over. Nigerian fintech operators must elevate their standards and ensure excellence in all aspects of their operations.”
Njoroge stressed that achieving world-class status requires rigorous accountability from fintech and payment industry players, ensuring they meet their responsibilities and uphold high standards. “In Africa, disconnection is now more of a feature than a bug. We need to hold all players accountable for their offerings because these disconnections impact the lives of millions of Africans,” he added.
The former CBK Governor highlighted the necessity of fostering borderless innovation across the continent. He remarked, “While innovation boundaries are starting to erode, the pace isn’t quick enough, in my view. Innovation transcends national borders, so don’t just see Nigeria as your endpoint; aim for a global reach. If you embark on any venture, strive to achieve world-class standards or don’t pursue it at all.”
Commenting on success metrics, Njoroge explained that payment operators should measure their success by how well they serve their customers, rather than by their fundraising achievements or similar activities.
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