FirstBank Drives Cross-Border Digital Finance Innovation at Canada-Africa Fintech Summit

FirstBank has reaffirmed its leadership in advancing cross-border financial innovation and inclusion as a key sponsor of the Canada-Africa Fintech Summit (CAFS 2025), held from August 5–8 at the Sheraton Centre in Downtown Toronto.

Organised by Dr. Segun Aina, President of the African Fintech Network, the summit brought together fintech leaders, regulators, startups, and investors from Africa and Canada to develop scalable digital solutions, strengthen investment flows, and promote inclusive economic growth across both continents.

With a 131-year legacy in financial services, FirstBank’s sponsorship underscored its pivotal role in shaping the future of global fintech. During panel discussions, the bank’s representatives emphasised the need for regulatory clarity, security, consent, and robust performance to drive cross-border digital finance. They noted that Nigeria’s fintech ecosystem has evolved from a disruptive force to a collaborative network, integrating banks, fintechs, and regulators into a more accountable financial system.

On a separate panel, Rachel Adeshina, FirstBank’s Chief Technology Officer, shared insights on the bank’s use of artificial intelligence to extend credit access to underbanked communities. Leveraging alternative data, FirstBank has disbursed over ₦1 trillion in digital loans, achieving a repayment rate of more than 99%. She attributed this success to enabling policies such as API banking regulations, data privacy laws, and the transition from account-based to wallet-based banking.

Adeshina also highlighted interoperability as the key to unlocking Africa’s digital potential, noting that integrating the continent’s 54 markets remains a challenge that fintech innovators are uniquely positioned to solve.

The summit forms part of Canada’s wider Africa Strategy, aimed at building stronger economic ties and enhancing digital cooperation. As Africa’s digital finance ecosystem continues to expand and Canada progresses toward open banking, CAFS 2025 created a platform for aligning strategies and forging partnerships that could redefine financial services across both regions.