Educational Alpha - Episode S2: Conversation with Aishah Ahmad, Former Deputy Governor of the Central Bank of Nigeria

Release Date: October 23, 2024

In this compelling episode of Educational Alpha, host Bill Kelly engages in an in-depth dialogue with Aisha Ahmad, a distinguished figure in the African financial landscape. As the former Deputy Governor of the Central Bank of Nigeria and a board member at the Financial Alliance for Women, Aisha brings a wealth of experience spanning private wealth management, regulatory policy, and advocacy for female leadership. Their conversation delves into themes of innovation, regulation, financial inclusion, climate action, and the pivotal role of women in shaping the future of finance.

1. Introduction

Bill Kelly opens the episode by welcoming Aisha Ahmad to Educational Alpha, highlighting her impressive background and diverse interests. He sets the stage for a discussion that promises to explore Aisha's professional journey and insights into the evolving financial sector in Africa.

Bill Kelly (00:05):
“Educational Alpha is sponsored by iCapital, the financial technology company with a mission to power the world's alternative investment marketplace.”

2. Aisha Ahmad's Career Journey

Aisha recounts her multifaceted career in finance, emphasizing her unique position of having worked on both the private side—as a wealth manager—and the regulatory side within Nigeria's Central Bank. This dual perspective has fueled her passion for using finance as a tool to address inequality and drive economic growth in Africa.

Aisha Ahmad (02:44):
"I think underlying the whole of my experience is how we can use finance to address inequality, how we can use finance to drive growth on the continent, how we can use finance to create more opportunity."

She also highlights the transformative impact of digital technology on alternative investments and development opportunities, signaling optimistic prospects for the future.

3. Promoting Female Leadership

A significant portion of the conversation centers on Aisha's commitment to female leadership. She shares her journey to becoming the first female Deputy Governor in charge of financial stability at the Central Bank of Nigeria—a monumental achievement in a predominantly male-dominated field.

Aisha Ahmad (04:47):
"I was the chair of an NGO called Women in Management, Business and Public Service. I was very visible promoting advocacy for female leadership in the private sector and the public sector."

Aisha credits her active advocacy for female representation as a key factor in her career advancement, underscoring the importance of creating platforms that empower women to lead and excel in finance.

4. The Story of Perseverance

Bill invites Aisha to share a personal story that underscores her perseverance and proactive approach to career development. Aisha narrates her experience attending a John Maxwell conference despite initial resistance, leading to an invaluable networking opportunity.

Aisha Ahmad (09:55):
"Your objective must not be that you're seeking attention or you're seeking glory. You should have a bigger objective for yourself, which is you want to improve, you want to grow, you want to have opportunity and then just go for it."

This anecdote serves as a powerful lesson for young professionals, especially women, about the importance of taking initiative and not being deterred by obstacles.

5. Fintech and Financial Inclusion in Nigeria

The discussion shifts to the fintech landscape in Nigeria, where Aisha highlights the country's remarkable progress in financial inclusion. She credits the Central Bank's proactive regulatory framework and collaborative efforts with the banking sector for fostering an environment ripe for fintech innovation.

Aisha Ahmad (15:55):
"Nigeria has had faster payments for over a decade. Using your mobile phone, you can make a transfer to the next person. And that has totally changed the landscape of small business."

Aisha points out that Nigeria boasts four out of six fintech unicorns in Africa, a testament to the dynamic and innovative spirit driving the sector.

6. The Role of Regulation and DeFi

Aisha elaborates on how regulatory innovation has been a cornerstone of Nigeria's fintech success. By establishing robust payment rails and biometric platforms, the Central Bank has facilitated seamless financial transactions and enhanced financial identity verification.

Aisha Ahmad (15:55):
"Regulation was not just nascent, it was actually proactive. And that is the advantage."

Comparing Nigeria to more regulated markets like the US, Aisha argues that emerging economies have the flexibility to leapfrog legacy systems, fostering greater innovation in decentralized finance (DeFi).

Aisha Ahmad (20:40):
"The solution has to be a collaborative one in arriving at it."

7. Climate Action and Financial Stability

A pivotal segment of the conversation addresses the intersection of climate action and finance. Aisha discusses the critical need for integrating climate-related financial risks into policy-making to ensure long-term financial stability.

Aisha Ahmad (22:02):
"Climate is linked to those problems [poverty, lack of infrastructure, income inequality]. I tend to look at climate action in emerging markets as an opportunity to solve those age-long development challenges, not a distraction from those challenges."

She advocates for innovative financing solutions, such as health bonds and impact investing, to fund climate initiatives that simultaneously address broader social and economic issues.

8. Personal Insights and Legacy

Aisha reflects on her role as a global citizen, emphasizing her commitment to leveraging global opportunities to benefit Nigeria and Africa. She shares insights into her children’s career paths, highlighting her pride in nurturing responsible and impactful professionals.

Aisha Ahmad (34:37):
"In my heart I'm African, I'm Nigerian and I always see those opportunities that I see globally. I'd always see them from the lens of how we can improve home, improve Nigeria, Africa and make it what it is meant to be."

9. Involvement in Non-Profits

Beyond her professional endeavors, Aisha is deeply involved in non-profit organizations that focus on empowering women and supporting vulnerable children. Her roles with Women in Management, Business and Public Service (WIMBIZ), the Financial Alliance for Women, and SOS Children's Villages demonstrate her dedication to fostering social impact through finance.

Aisha Ahmad (30:20):
"Whatever I'm doing on women, on youth, on driving, on reducing income equality in Africa, it's all about giving people opportunity."

10. Conclusion

As the conversation wraps up, Bill commends Aisha for her enthusiasm and the breadth of her contributions to finance and society. He acknowledges her global perspective and unwavering commitment to leveraging finance for social good.

Bill Kelly (34:10):
"Aisha, my world is better with you as a member and having met you and I know I can guarantee you I'm going to bump into you somewhere because you refuse to disclose where it is you are which is everywhere and I know I'll see you somewhere so I feel very fortunate for that."

Aisha reiterates her dedication to Africa's potential and the indispensable role of finance in achieving sustainable development goals.

Aisha Ahmad (34:37):
"I feel that there's nothing you can do without finance. But finance alone is not enough. That's where all of these conversations coming."

Key Takeaways:

• Dual Expertise: Aisha’s experience in both private wealth management and regulatory roles provides her with a comprehensive understanding of the financial sector.

• Female Leadership: Advocacy and active promotion of women in leadership positions have been central to her career and contributions to the industry.

• Financial Inclusion: Proactive regulatory frameworks and collaboration between public and private sectors have been pivotal in advancing fintech and financial inclusion in Nigeria.

• Climate and Finance: Integrating climate action with financial policies can address broader socio-economic challenges, especially in emerging markets.

• Perseverance: Aisha’s journey underscores the importance of taking initiative and seizing opportunities despite obstacles.

• Social Impact: Her involvement in non-profits reflects a commitment to leveraging finance for social good, particularly in empowering women and supporting vulnerable children.

Notable Quotes:

• Aisha Ahmad (02:44):
  "I've been on both sides of finance... how we can use finance to address inequality, drive growth, and create more opportunity."

• Aisha Ahmad (09:55):
  "Your objective must not be that you're seeking attention or you’re seeking glory. You should have a bigger objective for yourself, which is you want to improve, you want to grow, you want to have opportunity and then just go for it."

• Aisha Ahmad (15:55):
  "Regulation was not just nascent, it was actually proactive. And that is the advantage."

• Aisha Ahmad (22:02):
  "Climate action is linked to poverty, lack of infrastructure, and income inequality. It’s an opportunity to solve age-long development challenges."

• Aisha Ahmad (34:37):
  "In my heart I'm African, I'm Nigerian and I always see those opportunities that I see globally to improve Nigeria, Africa and make it what it is meant to be."

Conclusion:

Aisha Ahmad’s insights offer a profound understanding of the interplay between finance, regulation, and social impact in emerging markets. Her dedication to female leadership and financial inclusion serves as an inspiring model for professionals striving to harness finance as a force for positive change. This episode is a must-listen for anyone interested in the future of finance in Africa and beyond.

Learn More:

For more episodes of Educational Alpha, visit kaya.org and subscribe to stay updated on conversations with industry leaders shaping the financial world.