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Ecobank CEO seeks Fintech, banks, telecoms collaborations to boost market growth

By on November 3, 2020 0 137 Views

Nigerian Fintech, banks and telecommunications firms should collaborate more to spur markets in health, agriculture, education, transportation, fashion and creative industry, commodities, and capital markets.

Ecobank Nigeria Managing Director, Patrick Akinwuntan said that for Nigeria Fintechs to accelerate positive disruption for value, there is a strong need to develop talents, solve problem beyond payments, monetize data and challenge the status quo.

He canvassed the establishment of digital school of Fintech to groom talents, deepen skills for businesses and grow knowledge of the financial services industry.

According to him, the industry is sitting on a trove of data as big data can be leveraged to create values for customers including adopting superior user experience, and Interface for affordable payment and improved credit access.

“we must take the lead to introduce a continent-wide Bank Verification Number (BVN) and Global Standing Instruction (GSI) for Africa under the African Continental Free Trade Area (AfCTA) Agreement, champion blockchain for cross-border payments in agriculture, education, and the government i.e. leveraging technology for better productivity,” Akinwuntan said.

The Ecobank Managing Director stated that with a Pan African reach, award-winning capabilities, and a customer base of over 25 million, Ecobank is enabling and partnering with Fintech platforms across the continent.

He noted that Ecobank’s flagship pan African switch connects countries where it operates across Africa. This centralized switch allows easy integration, enabling instant transfers between 33 African countries, while offering real-time settlement across Africa in 18 local currencies.

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In his opening remark President of the Nigeria Fintech Association, Olusegun Aina stated that with the economic vulnerability following the COVID-19, Fintechs are undoubtedly the solution to the current disruptions.

He said we must as a country position digitally, as digital readiness will spur our recovery in 2021 and beyond.

Aina said businesses and stakeholders in general must appreciate changes in the customers’ behavior, which is the main thing that determines a company’s success. He reiterated that regulation and funding is the main challenge hindering Fintechs from occupying their space fully, as they are fully adapted to the need of customers in the present generation.

The Nigeria Fintech Week with the theme “Evolving Economic Disruptions; Fintech as a Solution” has participants from all over the world.

According to the Nigeria Fintech Association, with the evolving global economic disruption, the Nigeria Fintech Week (NFW) 2020 aims to discover, launch and bring to limelight the new Fintech solutions that can be leveraged in key important but neglected sectors such as health, agriculture, education, ecommerce, logistics amongst others.

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