Monday, September 29, 2025
25.6 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

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

World Bank Dumps Doing Business Report over Data Irregularities

The World Bank Group issued the following statement on the...

First Bank, AIICO CEOs Lead Media Performance Audit in Aug

An independent analysis of the media performance and prominence...

Qatar Airways, 5 Others Join IATA Travel Pass Program

The International Air Transport Association (IATA) announced that Etihad...

DHL Partners Africa’s Largest e-Commerce Event

DHL Express Sub-Saharan Africa (SSA) has announced that the...

Tackling the Hazard of Protein Deficiency

Proteins are macronutrients. They are an indispensable part in...

NCC Targets Completion of First Digital Park in January 2023

Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC),...

NCC, FCCPC Ink MoU on Telecom Consumer Protection

From Left:  Executive Vice Chairman/CEO, Federal Competition and Consumer...
spot_img

Related Articles

Popular Categories

spot_imgspot_img