People-Component, Critical In the Development of Digital Financial Services - Victor Asemota

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Tuesday, October 22, 2019 / 3:37 PM / Bukola Akinyele for Proshare WebTV / Header Image Credit: Proshare WebTV

 

The People component has been described as a critical aspect in the delivery of digital financial services in the 21st century. 

Mr. Victor Asemota, the Founder of Swifta Systems, disclosed this as the keynote speaker at the Fintech 3.0 Summit organized by First Bank Nigeria Limited.

Asemota asserted that beyond the equation of "Banking +Tech=Solving Real Problems," the People part is critical in achieving impact in financial services.

He cited the example of NuBank a Fintech-based digital bank that has adopted the people-approach and made great strides in the area of deepening its penetration in rural areas in Brazil, through the provision of financial services.

The Swifta Founder also highlighted how his firm, the OMN Branches, a platform he has worked with, has improved transaction services across Nigeria, with solutions designed for people.

According to him, there is need to end the deficit narrative, i.e. financial exclusion with human-centred innovation.

He noted that between 2001 and 2019, almost 18 years now, a lot has happened, but when it comes to lending money to small businesses no bank has moved and the biggest problem is data. 

Asemota believed it was time to allow Fintechs to play a major part in the payment space of the financial market, while the banks can focus on lending to corporates.

Asemota said, banking is an innovation that serves people, and a tech is a tool that also serves people. People in both institutions are serving people. Without the component of people to interact, banking and technology institutions will not work.    

He urged financial institutions to always consider the people component before deploying tech and innovation to deepen financial services.   

 

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