Tuesday, September 2, 2025
22.7 C
Lagos

Innovations, Disruptions Will Continue to Define Future of Banking in Nigeria – Akinwuntan

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has reiterated that the future of Nigerian banking would continue to be shaped by innovations and technology disruptions, stressing that only financial institutions that are amenable to such transformation will remain relevant in the sector. According to Akinwuntan, there was no way banks can remain competitive and relevant without embarking on digital transformation. He noted that banking has come to represent ‘what you do’ without necessarily referring to a particular location.

In his words “there is massive disruptions in the banking space and this is good of the sector. Take a second look at the evolution in the use of cards in ATM and PoS today and its interoperability, USSD, agency banking, blockchain, crypto currency and others. The sector is being democratized for full participation. What about the mobile phone which was essentially for receiving calls but today every Nigeria can make transaction on their phones using the mobile app, or the USSD string. The whole idea is bringing financial services to every household so that we can all participate effectively in the growth of the largest economy in Africa.”

Akinwuntan who was speaking on “Innovations and disruptions: How Fintechs are defining our future at the 13th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN) pointed out that Fintechs are making impacts in the financial services.

Also speaking, Ade Bajomo, Executive Director, Information & Operations, Access Bank, said the emergence of Fintechs startups is threatening to displace incumbents with innovative solutions, noting that digital transformation was no longer optional as companies can no longer stay relevant and compete with others than going through digital transformation process.

He observed that the journey from the industrial age into the information age, more specifically the birth of internet, has unlocked unprecedented disruption of business models.

Further Bajomo said “Digital disruption will hit every industry; it is what you make of it that counts. Fintechs are instrumental to closing the financial inclusion gap. Regulation is key to building the desired Fintech ecosystem. Cyber security will be one of the top risks facing financial institutions, upskilling and reskilling is key. Any bank that doesn’t have an online platform will struggle to survive the pandemic. “

 

 

 

 

spot_img
spot_img

Hot this week

Ecobank Nigeria @ 40: Group Unveils N60m in Cash Rewards Program for Customers

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

GOCOP 2025: Conference on Governance Challenges, Prospects Set for October 9

The Guild of Corporate Online Publishers (GOCOP) has announced...

NCC Advances Cybersecurity Framework to Safeguard Nigeria’s Telecom Infrastructure

L-R: President, International Youth Parliament, Hon. Promise Digos; Chief...

Northwest: The Lion’s Share of Tinubu’s Projects

By Tanimu Yakubu Director-General Budget Office of the Federation The Lagos Illusion The...

From Devaluation to Domination: How Tinubu’s Exchange Rate Reforms Turned the Naira into Nigeria’s Export Engine

By Tanimu Yakubu When President Bola Ahmed Tinubu’s administration...

Topics

Symphony for Sovereign Trust Insurance @ 30!

“The journey of a thousand miles they say begins...

U.S. is No. 1 Source of Spam Emails, Down 11.4% in 2O15

According to the latest Kaspersky Lab Security Bulletin, the...

Equity Market Remains Upbeat… NSE ASI Advances for 8th Session

The Nigerian equities market sustained its bullish run today,...

Sovereign Trust Rights Issue Extended to Aug 16 by SEC Approval

Following the approval from the Securities and Exchange Commission,...

Insurance Sector: N2.3tr Total Assets, N726bn Premium, N318bn Claims in Q4 2022

  The insurance market data released by the National Insurance...

ITU Telecom World 2015 Accelerates Global ICT Innovation

ITU Telecom World 2015 closed its doors at Hungexpo, Budapest following an exceptional week of dialogue, debate, networking and showcasing. The event, which welcomed over 4,000 participants from 129 countries, brought together an impressive line-up of top-level government representatives, leaders of industry – from established players to SMEs (small and medium enterprises) and young start-ups, from emerging and developed markets – along with high-level representatives of international organisations, entrepreneurs, accelerators, incubators and academia.

NSE CEO to Review 2018 Market Performance, Project 2019

The Nigerian Stock Exchange (NSE) is set to hold...

ITU Unveils Guidelines to Help Countries Develop Telecom Plans

In the face of the global coronavirus crisis, as...
spot_img

Related Articles

Popular Categories

spot_imgspot_img