Friday, November 02, 2018 6.45AM /
Key players in the financial services and technology agreed yesterday that the way forward for boosting financial inclusion, is effective collaboration to reach the broader market of the unbanked population in the country.
This was part of the key issues raised at the Fintech Nigeria Social Meet 3.0 hosted at the Chartered Institute of Bankers in Nigeria learning academy in Yaba, Lagos.
The event which had as its theme “Banks & Fintechs: The Issues” brought together industry players, the academia, business leaders and major stakeholders in the ecosystem.
In his welcome address the President of the CIBN Dr. Uche Olowu lauded the sterling leadership of Fintech Nigeria by Dr Segun Aina, which has grown in membership and has expanded its frontiers in advocacy.
Dr Olowu believed the theme for the Social meet 3.0 was apt and critical for unlocking the Nigerian economy, that had a large population in need of financial services.
He said the CIBN has been engaging regulators like the Central Bank of Nigeria to push for a conducive environment, that will enable the growth of fintech.
The CIBN President also made a strong case for increased level of cyber-security as the nation leverages on the fourth industrial revolution, driven by digital technology.
At the panel session moderated by Mr Adeniyi Akinlusi, the President of the Mortgage Bank Association of Nigeria, discussants shared their perspectives on the relationship and interaction between banks and fintechs, as it concerned financial inclusion.
Mr Bolaji Lawal, the Executive Director, Digital Services at Guaranty Trust Bank said the concept of banks working technology companies was not new but harped on the need for a broadening of the financial market, to accommodate the unbanked.
He shared that financial inclusion entailed the following;
-Access to Insurance
-Access to Pension
-Access to Loans
-Access to Savings
For Mr Blessing Osio Managing Partner, ABIT Professional Services Limited there must be a win-win attitude on both sides (banks and fintechs) with a focus on developing products that improve financial access to Nigerians.
Osio was of the view that the banks should be the ones driving the fintech process across the country.
The Abolore Salami of Riby fintech services was of the view that there was need for resource inclusion in the nation, noting that without people having income or being empowered, it will be a challenge of financial inclusion.
Salami also called on banks in the country to embrace the open banking policy and give top priority to digital services, that covers the fintech space.
Highlights of the event was the induction of new members into the Fintech Nigeria Association, the Nigeria stock exchange, Africa Prudential and BlockSpace technologies.