Friday, February 28, 2020 /
9.00AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV
Stakeholders in the digital financial industry emphasized the need for collaboration between banks, fintechs and telecommunications firms to improve local financial inclusion.
The need for broader collaboration was part of discussions held at the 2020 edition of Social Media Week in Lagos which had a session on the theme "Human Focused Lending In a Digital World: Collaborations Amongst Fintechs". The event was supported by Systemspecs Nigeria a leading local provider of financial technology.
The event panel which was moderated by technology journalist and columnist,Chukwuemeka Fred Agbata, provided an opportunity to explore the evolution of digital lending and how it can empower Nigerians and support businesses.
Esther Obiekwe, Business Head, Digital Banking Group, Access Bank Plc, said that in the area of human-focused lending, data analytics, has played a major role in supporting banks to improve lending.
Obiekwe noted that the banks in Nigeria today are tech-driven in their business models, and are giving collaboration with fintechs serious attention in the country.
Tunde Kehinde Co-Founder of Lidya Network in his contribution to the event identified transparency, empathy and know-the-buyers approach as key issues to consider in digital lending.
He also stressed the fact that the consumers credit behavior is an important part of the decision-making algorithm as it is a critical element of the rating system for lending.
Speaking on Small and Medium Enterprises he told stakeholders that with an SME financing gap of over $20bn in Nigeria, a structured digital lending framework and cooperation among key players is vital to bridging the funding gap.
Meanwhile, the CEO of Arvo Finance, Mr.. Ayotunde Bally, believed that it was important for fintechs and digital finance firms to give out responsibly, considering the capacity and character of their respective customers.
The Divisional Head, Payments Applications and Vertical, Systempecs, Mr David Okeme, pointed out that as an organization, the focus was to ensure that millions of Nigeria have access to credit in a fast, smooth and seamless process.
Okeme said the company was managing 3oo corporates with the strategy to leverage its digital mandate and touchpoints to provide innovative services.
Okeme also stated that Systemsspecs has developed a customer-centric approach to improving lending.
Speaking further he said through Remita a robust innovative collection system has been developedb in the ecosystem.
The panelists all made their case for collaboration between the key players in the digital financial value chain.