FITC engages stakeholders on fintech as CEO Newman lists achievements

The Financial Institutions Training Centre (FITC) has held its thought leadership Series 2.0, on the implications of the disruption of the banking industry by financial technology( fin tech ).

The event, held in Lagos and attended by industry leaders from banking, insurance, pension fund Administrators (PFAS), National Pension Commission (Pencom), Nigerian Stock Exchange (NSE), Securities and exchange commission( SEC ), fin tech firms and the Central bank of nigeria( cbn), was an opportunity for the participants to review preliminary findings of a Fintech Awareness and Skill survey deployed by FITC, Fintech Association and fin tech circle, uk and pr offer regulations and operational solutions for the emerging landscape of the financial services sector.

The event, with the theme: ‘Emerging Financial Technology and the nigerian financial services Sector: Exploring Opportunities for Global Competitiveness’ had a panel session, where both regulators and operators spoke on opportunities and threats presented by the emergence off in tech sand the preliminary findings of the survey.

Speaking at the event, FITC managing director/ceo,lucysurhyel Newman, said the financial services sector had experienced disruption because of the innovation related to technology. She said that FITC and its partners as named, chose to start from the basis of the research, by getting data on the industry and then get stakeholders to discuss key industry issues.

Also speaking at the event, CBN deputy governor, Financial System Stability and chairman, FITC Board, Aishah Ahmad, said fintechs present a huge opportunity for the financial sector, especially in getting more unbanked to embrace financial services.

She said fintech would help

in cross-boarder payment and help bring in more funds from the Diaspora into the economy, saying a large part of the Diaspora remittances were still in the informal sector, as there was a need to bring them into the formal sector through fintechs.

Mary Uduk, acting directorgeneral, SEC, said the fintech market needed to be ahead of regulation. She said regulators would always watch to see loopholes in the industry operation and intervene through laws and guidelines for the sector.

Ad eba jo mo, executive director, Information Technology at Access Bank plc, who was one the discussant at the panel list session, said the financial sector should welcome and adopt digital technology adding that fintech was the way to go.

Other panellist included the director-general SEC, Mary Utuk, who chaired the session, CEO/ executive secretary, E-payment Providers association of nigeria( ePPAN), Onajite Regha, Babatunde Obrimah, representing Fintech Association Nigeria, and Aderemi At and a, representing system specs.

Newman speaking at an interview after the event, said: “You can see from the panellist’s discussion, first of all, how they responded to the survey, and what their respective institutions are doing, and what they think regulators should do to help the system. For us at FITC, from the fact that financial technology has entered the financial services sector, we think it is better for the financial services sector to embrace it. For us at FITC, we are happy to bring such conversations, and hopefully, apt policies can emanate from today’s discussion.”

Newman also spoke on her legacies at the FITC at the event, saying her biggest legacy was being able to take FITC beyond the aspired Financial System Strategy (FSS) 2020 environment, for FITC institutional members and stakeholders.