To reap the full benefits of innovation in Nigeria’s financial sector, stakeholders in the banking and FinTech industries have called for increased cooperation between the two sectors.
On Wednesday in Lagos, stakeholders made the announcement at a virtual launch of the Nigeria FinTech Census 2020 Study.
In collaboration with the FinTech Association of Nigeria, Ernst and Young Nigeria, a business-to-business service provider that offers Assurance, Consulting, Strategy and Transactions, and Tax, hosted the event.
The conference’s theme was “Future of the Nigerian FinTech Industry – Growth, Collaboration, and Policy.”
Mr Chuma Ezirim, the group executive, eBusiness and Retail Products, First Bank of Nigeria, stated that the bank was already collaborating and interacting with some Fintechs.
“I believe the banking industry has a significant role to play in guiding Fintechs, as some of them are unfamiliar with the regulatory landscape,” he said. However, when I examine the market, I believe the opportunities are vast, and there is a need for cooperation between incumbents and Fintechs in order to achieve massive growth.
“I think it is irrational to view Fintechs as a concern because there are many ways to collaborate and communicate with them.”
Mr Wilfred Mamah, Head of Digital Transformation at Stanbic IBTC, stressed the importance of Fintechs being open about what they deliver when interacting with highly regulated banks.
“We need to understand the nuances of a regulated market; banks are also implementing risk management measures.
from the banks’ viewpoint, that the institutions we’re working with have the requisite processes to at least manage the type of data they’re communicating with,” Mamah said.
Mr Musa Jimoh, Director, Payment System Management, Central Bank of Nigeria (CBN), said the apex bank had been working hard to improve the consistency of its regulations.
Mr Bukola Akinwunmi, the CBN’s Head of Payment System Policy, represented Jimoh, who said the apex bank had also released more regulations around areas that had not been discussed for some time.
“For example, you’re aware of the open banking framework; you’re aware that there’s a lot going on in terms of Application Programming Interface, and we’re trying to give directions on how we expect operators to act in that regard.
“Aside from that, if you look back ten years, we’ve been very clear about the payment system vision 2020, which we hope to transition to a payment system vision 2025 soon.