The 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.
Speaking at the event, 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 also disclosed 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 digitalized economy and financial services delivery. “Partnership between banks and fintechs is pivotal to economic growth as it were and could unlock massive opportunities within the economy such as employment generation,” he said.
The event featured a panel of discussants on banks and 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 said 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.