Bank Profits May Suffer As A Result Of Fintech’s Intrusion Into Financial Services

Financial analysts have warned that as Fintechs’ services become more prominent in the delivery of financial services, they may pose a significant threat to bank profitability. Although many banks are unconcerned about the threat, analysts from Coronation Merchant Bank observed in a research on Nigerian banks titled “Nigerian Banks, Resilience Built In” that fintechs will be one of the greatest threats to banks’ total profitability. This is because their (fintech) banking platforms would appeal to tech-savvy customers who dislike visiting their local bank offices and could provide far more efficient services than traditional banks, they claimed. While most of the […]



The CBN Has Asked Stakeholders To Design A National Fintech Strategy That Is Inclusive

The Central Bank of Nigeria (CBN) has urged financial sector players to work together to build a strong, inclusive, and effective national fintech strategy. At the virtual meeting for the establishment of a national fintech strategy in Nigeria in conjunction with the Alliance for Financial Inclusion, Aishah Ahmad, CBN deputy governor in charge of financial systems stability, gave the charge (AFI). She asked all stakeholders to devote time and resources to developing a national fintech strategy for the benefit of financial service users, the financial system, and the country as a whole. Digital financial services (DFS) are at the heart[…]



Collaboration Between Banks And Fintechs Encouraged By Stakeholders

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[…]