Banks, Fintech Companies Need to Learn from their Previous Mistakes - FITC Boss

L-R: CEO, MediaFuse Dentsu International, Mr. Emeka Okeke presenting The Industry Governor of the Year- Infrastructure award won by Akwa Ibom State Governor, Mr. Udom Emmanuel to the Commissioner for Environment, Akwa Ibom State, Mr. Charles Udoh while Convener, The Industry Summit, Mr. Goddie Ofose looks on... at The Industry Summit held in Lagos reecntly

The Chief Executive Officer of Financial Institutions Training Centre, (FITC), Mrs. Chizor Malize has said that deposit banks and fintech companies need to learn from their previous mistakes in driving financial inclusion in Nigeria.

Malize made this known recently in Lagos as the keynote at the third edition of Industry Summit/Awards formerly known as Industry evening summit with the theme: "Financial inclusion, digital payment and the challenges of banking the unbanked”.

According to her, "the CBN has led in the forefront of this drive. But to drastically reduced those segments of the unbanked and underserved, there is a need for synergy and collaboration between the deposit banks, fintech and financial regulators.

"Low cost of transactions, and greater expansion in reach and a reduction in the use of cash for business dealings will happen when synergy is achieved." She added.

While highlighting on the issue of collateral, she stressed that, "another major hurdle is the request for collateral when giving out loans. Most low-income earners cannot afford a collateral. Therefore, they opt not to go to deposit bank. Instead, they prefer borrowing money from loan sharks who give them at very high interest."

"According to Proshare Nigeria, there are over two hundred (200) Fintech

companies currently operating in Nigeria. This translates into about

$560million USD in investments between 2019 to 2021." She noted.

She pointed out that, the rise of these companies can be attributed to the increase in penetration of smartphone devices and the increase in the use of digital channels and agents to

reach the underserved an unbanked in rural areas, adding that, some of these fintech have also personalized their services to make it easy for person to use their services including mailing of ATM cards to customers who open accounts online.

Earlier in his welcome address, the convener of the event and the Editor-in-Chief of the Industry Newspapers, Goddie Ofose who welcomed everyone to the event said; "we are no expert on this subject matter, that is why we have gathered the best of the best in the industry to do justice to this matter, and we sincerely hope that, in the end, justice would be done. The missing puzzle would be found, issues around the growing unbanked population would be sorted."

He noted that, "let also use the medium to thank our panelists: Mr. David Okeme, Divisional Head, Payment Solutions & Vertical Market, Systemspecs, Mrs. Chioma Afe, Group Head, Retail Marketing & Analytics, Access Bank Plc, Mrs. Branka Mracajac, MD/CEO, 9 Payment Services Bank (9PSB), Ms. Cherry Eromosele, Group Chief Marketing & Corporate Communication Officer, Interswitch, Mrs. Bola Atta, Group Director, Communications UBA Plc, Mr. Babs Ogundeyi, CEO, Kuda Microfinance Bank and Mr. Chuma Ezirim, Group Executive, e-Business and Retail Products, FirstBank Limited, Oti Ukubenyenji, Snr. Vice President, Product Retail, Terragon as well as our moderator, Alhaji Mojeed Jamiu, an erudite financial journalist and publisher of Upshot Reports."

According to him, "this programme is two legged. The first is this morning session and the second leg is the dinner and awards that will be coming later this evening. I wish to appeal to everyone here to kindly honour us with your presence and we won’t take you for granted."

Meanwhile, the second leg of the event, which was the awards Night/Dinner saw a long list of individuals and corporate organisations rewarded under different categories for their contributions to the growth of the Nigeria’s economic space.

The award recipients include: The Udom Emmanuel, the governor of Akwa-Ibom State who emerged the best governor of the year 2021 (Infrastructure), also, the Chief Executive Officer of Modion Communications, Odion Aleobuah, was awarded PR Man of the Year, Rotimi Bankole, Chief Executive of SBI Stagwell, (Media Man of the Year) and First Bank Plc., (Advertiser of the Year).

Other awardees are; Simisola Hughes Obisesan, Insight Redefini (Creative Director of the Year), Akin Adewakun of Nigerian Tribune (Brand Journalist of the Year) and Emmanuel Oriakhi, Marketing Director, Nigerian Breweries (Marketing Man of the Year).

In the corporate awards category, X3M Ideas bagged the Ad agency of the Year Award, Heineken snatched the Best in Marketing- FMCG category, Trophy won the Alcoholic Beverage of the Year Award, as Dangote carted the Best in Sustainability Award -FMCG category among awardees.

The event attracted stakeholders from the Integrated Marketing Communications and Nigerian political space.

April 28, 2022