Sanwo-Olu further revealed that the Lagos State Government is intensifying its efforts to create a digitally oriented urban environment by implementing sophisticated traffic management systems throughout Lagos, with the goal of optimizing traffic flow and enhancing urban safety.
He made this announcement yesterday at the FirstBank FinTech Summit 6.0, themed ‘Banking on Partnerships,’ which brought together industry leaders, innovators, and venture capitalists to explore how collaboration and technology can transform the financial services sector.
During the summit, FirstBank’s Managing Director and Chief Executive Officer, Olusegun Alebiosu, highlighted the significance of strategic partnerships in propelling Nigeria’s financial technology sector forward. Speaking to an audience of tech innovators, industry leaders, and financial sector stakeholders, Alebiosu stressed that the intersection of finance and technology offers a unique opportunity to drive growth, encourage innovation, and enhance efficiency.
Representing Sanwo-Olu, the Commissioner for Innovation, Science and Technology, Olatubosun Alake, stated: “I would like to commend the team at First Bank of Nigeria for organizing such a meaningful and impactful event. The theme of this year, Banking on Partnerships, is particularly relevant as our industries, economy, and society urgently require more value-driven collaborations, innovations, and shared solutions.
“Digital innovation is also transforming healthcare, food systems, commerce, and much more. First Bank has been a leader in digital banking for many years, and we must acknowledge their contributions to fostering an innovative environment.”
Their initiative to facilitate these discussions and unite us all demonstrates a profound recognition of the significance of partnerships in today's digital landscape. In sectors such as banking, insurance, technology, and government, collaboration has transitioned from being a choice to a necessity. We are all integral components of a larger framework, and our collective success is interconnected.
Regarding the implementation of road management systems, he stated: “In traffic management, we have introduced intelligent transport systems that tackle challenges like expired registrations. Many individuals may have received notifications regarding their inspection or registration status.
“This is merely the starting point. As we continue, we are rolling out additional intelligent transport systems, including red-light cameras and speed cameras, which are already operational, along with devices for detecting improper lane changes that are currently being installed.”
Alebiosu emphasized that FirstBank’s commitment to technological innovation remains a cornerstone of its operations. He noted that FirstBank was a pioneer in introducing ATMs in Nigeria in 1991 and has since achieved several milestones, including the launch of biometric and cash deposit ATMs in 2011, culminating in a record of 100 million monthly transactions in 2015.
He further highlighted the bank's ongoing progress in digital transformation, marked by the establishment of its Digital Innovation Lab in 2018 and the recent introduction of an AI-enabled virtual assistant.
He stated that as we navigate the rapidly changing landscape of the financial services sector, it has become increasingly evident that collaboration and partnerships are essential for the bank to fully harness the potential of the digital and information age. The convergence of technology and finance currently presents unmatched opportunities for growth, innovation, and enhancement.
He expressed enthusiasm about convening with the brightest minds and most progressive organizations to exchange ideas and explore new opportunities.
He continued by noting that digital transformation has demonstrated its ability to expand assets, enhance efficiency, create new markets for everyone, and improve customer experiences across various touchpoints. However, he acknowledged that its full potential has yet to be realized.
He emphasized that there are still obstacles to overcome, technologies to advance, and, most importantly, customers to empower.
He concluded by stating that this event is more than just a conference; it serves as a catalyst for change. The goal is to cultivate partnerships, ignite creativity, and drive progress. By collaborating, we can unlock new opportunities and build a more inclusive, resilient, and innovative financial ecosystem.