Technology Boosts Banking Industry in Nigeria- Dr. Boniface

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ASABA- A university don, Dr. Boniface Chizea, has said that financial technology, to a large extent has redefined the banking system in Nigeria as it has boosted the subscription level of mobile phones users.

Boniface spoke in Asaba during the 2017 annual lecture/dinner of the Chartered Institute of Bankers of Nigeria, CIBN, organized by the Delta State branch of the institute with the theme, ” FinTech and the Future of Banking in Nigeria.”

He held that FinTech was set to redefine banking business in a way that would deliver efficient services in a manner capable of capturing the needs of the current digital savvy generation.

He said ” This generation lives in a digital world and are used to digital channels and social media to meet their digital lifestyles. The millennial is in constant need of a 24 hour banking service that will fit with their lifestyles; a bank they can take with them, one without borders that offers them the opportunity to transact business anytime, anywhere and any day.

“Available data demonstrates that Nigeria is becoming Africa’s FinTech hub after experiencing a boost in mobile operations. According to a report by Fineextra in 2011 mobile money operations in Nigeria grew from an average monthly transaction valued at 5million dollars to 142.8 million dollars in 2016.

“It is shaking up a stodgy banking system and helping to build a more efficient one, especially for consumers and small businesses.”

Dr. Boniface argued that although, it was unclear whether the digital revolution presents more of a challenge or an opportunity for the industry players, but established financial service players have begun to take bold steps to engage with emerging innovations.

The keynote speaker warned that the digital revolution was capable of compromising the role and relevance of today’s banking, and simultaneously helps them create better, faster and cheaper services essential to the day-to-day business of individuals and institutions.

In his address, the Delta State Chairman of CIBN, Engr. Jude Mgbeze, stressed the need for enlightenment among Nigerians with regards to the current digital evolution on the direction to take in order cope with inevitable challenges and successfully plan to capitalize on emerging opportunities whenever it presents itself.

He called on all stakeholders to assist the institute in building a befitting Bankers House in the state capital.

On his part, a former House of Representatives member, Chief Godwin Elumelu, urged members of the institute to “Aim for integrity in the industry by upholding the ethics and professionalism, built on trust and honesty as this is the wheel for economic growth in any nation.”

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