Stakeholders Move to Increase Financial Inclusion

Stakeholders and leaders in the banking industry across the West African region are set to gather in Lagos at ‘The Future Banking Technology Summit,’ to discuss efforts aimed at increasing financial inclusion in the sub-region by 2020.

The summit which holds in Lagos on 23rd and 24th, would focus on the future of digitising banking services for central banks in West Africa.

“This is as leveraging off experiences of similar regions can aid in the adoption of best financial inclusion practices, as it is becoming incumbent on banking stakeholders to be rapid, yet savvy in incorporating disruptive mobile money platforms, automated banking systems, tailored credit facilities and crypto-currencies for this dynamic market.

“The two-day summit will also tackle several paramount topics including, innovation in regulation- Overcoming gaps in rural banking strategies, supporting innovative financial institutions to improve financial inclusion, improving credit facilities to underbanked and small and medium scale enterprises, throughout main panel discussions and networking breaks,” a statement explained.

Commenting on the Future Banking Tech West Africa Summit, the Chief Information Officer, Ghana Commercial Bank, Umar EL-Farouk, said, “the summit represents a platform to converse about risk, rewards, security and transparency. How are you coping as a financial services provider with the Board of Directors, with Regulators, with Cyber-security, with Technology integration, with internal Auditors and Compliance, with internal stakeholders and customers, with Market and Competition?”

Also speaking, the Chairman of e- Business Industry Heads Committee in Nigeria and Head of Consumer Distribution, Ecobank Nigeria, Mr. Stanley Jacob, said, “Technology in Banking & Payments has evolved significantly and Nigeria as a major actor has become the key factor to be considered in setting the pace for digital ideation, innovation and the application of enterprise payment systems to transform businesses and lifestyle.”