Techpoint Forum Tasks FinTech, Banks on Financial Inclusion
Emma Okonji
Speakers at the Techpoint Inspired 2018 forum, which held in Lagos recently, identified key factors that will drive technology growth among African countries.
The speakers equally tasked the Banks and Financial Technology (FinTech) service providers to collaborate and come up with solutions that will deepen the financial inclusion drive of the Central Bank of Nigeria ( CBN).
Decrying the huge volume of physical cash that is still in the hands of Nigerians, which negates CBN’s cashless policy that seeks to reduce physical cash flow and encourage electronic transactions for all forms of businesses, the forum called for a deeper collaboration between the Banks and FinTech, to enhance financial inclusion.
Area Head, West Africa at Mastercard, Omoke Adebanjo, said that banks and the Fintechs needed to collaborate more to spark further innovation in the financial sector.
According to her, tackling financial inclusions collaboratively will be a win- win situation for the bricks and mortar banks and the FinTechs operators hence they pursue a common goal.
The conference, which was organised by Techpremier Media Limited, publishers of Techpoint. ng, attracted over 5000 participants from different parts of Nigeria, and other Africa countries.
In her presentation, the Divisional Head, Transactional Banking at First City Monument Bank ( FCMB), Rolayo Akhigbe, said although technology has changed the way people live, learn, communicate and execute assignments, however, improved education and awareness will further drive innovations in the ecosystem.
Akhigbe said as people spend more time and money online, which has shifted business emphasis to digital sources of revenue and digital channels, the financial industry still requires startups to innovate on tackling issues around financial inclusion.
Narrowing it down to the conference theme: “The Future is Now”, Akhigbe maintained that the startups themselves must understand the key elements to build businesses that stand the test of time.
Senior Fellow and Director, Centre for Leadership in Journalism, SMC, PanAtlantic University, Dr. Richard Ikiebe, said: “One thing this conference has reminded us is that Nigeria is a country of very young people. Young people are known for creativity which connects with the theme of the conference. This also brings us to the issue around education. It is very paramount in everything we are talking about today, whether formal or informal. The lady ( Cynthia) who is teaching mathematics in local language is an inspiration, because no nation survives or develops without education.
“So, Techpoint Inspired is such a wonderful platform to expose young people to the dynamics of modern economy, which is part of the education we are talking about.
“Also, the government needs to play critical attention to some raised by speakers. For instance, it is unfortunate that about 60 per cent of the Nigerian population is financially excluded. To address this requires.”
He advised young people to be specialists in the technology world and put their minds to work; seek knowledge, display passion and master the niche they have carved for yourself. Though knowledge is limited, but you have opportunity to reinvent them, Ikiebe charged the participants.
Founder of Techpoint.ng and convener of the event, Adewale Yusuf, said the platform was borne out of the need to explore the tech-trends that will shape the economy’s future in the years ahead.
“Unemployment is skyrocketing, therefore, as a people we need to pay attention to the right solutions. That’s why this event was conveyed to trigger interests to topics around robotics, machine learning, robotics, etc. It is not like there are no jobs but the skills are few. To make matter worse, the few skilled ones are been poached by international companies. So, we need to address these issues. That is the essence of Techpoint Inspired”, Adewale said.
General Manager of MDXi, a subsidiary of MainOne West Africa, Gbenga Adegbiji, said: