Ecobank Advocates More Collaboration between Fintech, Banks, and Telcos

Tuesday, November 04, 2020 / 12:12PM / Ecobank /Header Image Credit: WebTV

The Managing Director, EcobankNigeria, Patrick Akinwuntan says more collaboration is needed between Fintech,banks, and telecommunications companies to spur markets in health, agriculture,education, transportation, fashion and creative industry, commodities, andcapital markets. Akinwuntan, who stated this in his keynote address at theon-going Nigeria Fintech Week maintained that for Nigeria Fintechs toaccelerate positive disruption for value, there is a strong need to developtalents, solve problem beyond payments, monetize data and challenge the statusquo.

Specifically, he made a case for theestablishment digital school of Fintech to groom talents, deepen skills forbusinesses and grow knowledge of the financial services industry. He added thatthe industry is sitting on a trove of data as big data can be leveraged tocreate values for customers including adopting superior user experience, andInterface for affordable payment and improved credit access.

According to him "we must take thelead to introduce a continent-wide Bank Verification Number (BVN) and GlobalStanding Instruction (GSI) for Africa under the African Continental Free TradeArea (AfCTA) Agreement, champion blockchain for cross-border payments inagriculture, education, and the government i.e. leveraging technology forbetter productivity." He also emphasized that we must look at ways to improvecybersecurity & defense.

Further, the Ecobank ManagingDirector stated that with a Pan African reach, award-winning capabilities, anda customer base of over 25 million, Ecobank is enabling and partnering withFintech platforms across the continent. He noted that Ecobank's flagship panAfrican switch connects countries where it operates across Africa. Thiscentralized switch allows easy integration, enabling instant transfers between33 African countries, while offering real-time settlement across Africa in 18local currencies.

In his opening remark President ofthe Nigeria Fintech Association, Dr Olusegun Aina stated that with the economicvulnerability following the COVID-19, Fintechs are undoubtedly the solution tothe current disruptions. He said we must as a country position digitally, asdigital readiness will spur our recovery in 2021 and beyond.

According to Dr Aina, businesses andstakeholders in general must appreciation changes in the customers' behavior,which is the main thing that determines a company's success. He reiterated thatregulation and funding is the main challenge hindering Fintechs from occupyingtheir space fully, as they are fully adapted to the need of customers in thepresent generation.

The Nigeria Fintech Week with thetheme "Evolving Economic Disruptions; Fintech as a Solution" has participantsfrom all over the world. According to the Nigeria Fintech Association, with theevolving global economic disruption, the Nigeria Fintech Week (NFW) 2020 aimsto discover, launch and bring to limelight the new Fintech solutions that canbe leveraged in key important but neglected sectors such as health,agriculture, education, ecommerce, logistics amongst others.

The weeklong event would feature20-product pitches/launches, 10-keynotes, 15-panels/presentations, 70+speakers, 2000+ attendees, would promote solutions for health, education,agriculture and advance insights around customer experience, digital skills,future of fintech, blockchain amongst others. Some of the speakers includePatrick Akinwuntan, Managing Director & Regional Executive, Ecobank Nigeria, Dr Chikwe Ihekweazu, DG, NCDC, Oremeyi Akah, Chief Core Officer, Interswitch,Sitoyo Lopokoiyit, Interim, CEO, M-PESA, Ebenezer Onyeagwu, GMD, Zenith Bank,Alan Sinfield, CEO, 9mobile, Jay Alabraba, Co-Founder, Paga, Ade Bajomo, ED, IT& Operations, Access Bank, Dr Segun Aina, President, FintechNGR and severalothers.