Fintech Association of Nigeria held it Social Meet 3.0 on Thursday 1st November 2018 hosted by the Chartered Institute of Bankers of Nigeria, CIBN at its state of the art digitally equipped learning Centre situated at Yaba Lagos.
In his welcome remarks, the president, CIBN, Dr Uche Olowu expressed his satisfaction at the level of partnership that exists within the ecosystem, he strongly affirmed the belief of the Institute in collaboration with relevant organisations in driving financial inclusion through affordable, accessible and simple technology. He equally stated that the Institute has rejigged its curriculum to create space for the study of certain aspects of Fintech while reiterating the importance of upskilling and retooling of banking personnel to be able to meet up with vast demands of a digitized economy and financial services delivery. According to him “Partnership between banks and fintechs is pivotal to economic growth as it were & could unlock massive opportunities within the economy such as employment generation”
The event featured a panel of discussants on Banks & Fintechs: the Issues to explore how the banks and fintechs can collaborate better in driving financial services delivery and creation of shared values among key stakeholders. The chairman of the panel, Adeniyi Akinlusi, President, Mortgage Banking Association of Nigeria stated that regulation that often lags behind innovation must not stifle it as innovation must continue and progress with regulation coming closely. Bolaji Lawal, ED/head, Digital Banking, GTBank mentioned that the scope and nature of the partnership between the banks and fintechs must be clearly defined. According to him “Fintechs must ensure stability and profile management, adequate capacity to deal with expansion and commitment to long-term partnership with the banks”. In his own submission, Salami Abolore, Founder/CEO, Riby stated that resource inclusion, provision of complementary capacity to fintechs, establishment of Fintech focused department in banks headed by a top management staff are key to driving the partnership while fintechs must also ensure speed and compliance while innovating and integrating solutions while Blessing Osio, Managing Partner, ABIT Professional Services Ltd opined that collaboration between banks and fintechs must create enduring indigenous solutions capable of standing the test of time.
New members of the Association; First Bank, Nigerian Stock Exchange, Eyowo Integrated Payments Ltd, Africa Prudential Plc, Union Bank, Eagle Global Markets, Standard Platform Global Ltd and Blockchain Nigeria User Group were all inducted into the Association as membership certificates were presented to them.
In his closing remarks, Oluseye Awojobi, Registrar & Chief Executive, CIBN stated that the partnership between banks and fintechs must also look the side of telcos to promote an all-inclusive financial services delivery. According to him “every player in the space must ensure regular upskilling of members of staff taking advantage of collaboration that exist within the ecosystem”