Over 63% of the population of West Africa is unbanked and has a high mobile usage of 83%, thus suggesting the scope of successful digital transformation of banking and fiscal operations to establish growth not only in technology usage but also in the banking customer base.
The region is ripe for technological disruption and is witnessing a fintech boom and Governments, regional Central Banks and financial institutions are implementing policies to support the same. The digital banking landscape in the region is expected to transform West Africa as a fintech hub and thus financial institutions are on a drive to update and upgrading themselves in order to meet the pace of the digital transformation and be competitive.
According to Oluyinka Afolayan, Head of Treasury Operations at Wema Bank, “It is imperative to say that the reaction of the west African region, most especially Nigeria has been positive in recent years to the digital transformation of the financial industry. This is orchestrated by two main drivers: changing consumer needs and the disruptive challenging products from innovative banks. The consumers’ needs are increasing daily and this has led to automating transactions which were previously consummated manually. This has driven aspiration for more robust technology to assist in improving customers experience. The banks are now competing for being on top of digital innovation. The first fully digital bank in West Africa was introduced by Wema Bank in 2017. Other banks are now operating in this space.”
Keeping the need of the hour in mind,Exibex is pleased to announce the West African edition of the Global Finnovex Series, under the Patronage of Central Bank of Nigeria, after the successful conclusion of Middle East and South Africa editions under the same series.
Taking place on the 22 – 23 October at Lagos Continental Hotel, Nigeria, FINNOVEX – West Africa, is all set to gather eminent industry names to brainstorm strategies and explore opportunities for banks and financial institutions to utilise technology to champion innovations in areas such as financial inclusions, digital disruptions, blockchain, CX, cyber security, cards & payments, ewalltets and much more.
Confirmed participation of C level experts from Central Bank of Nigeria, Central Bank of Republic of Guinea, EcoBank, United Bank of Africa, CRBD Bank Burundi SA, Sterling Bank, Accion Microfinance Bank, Wema Bank, Guaranty Trust Bank, West African Monetary Institute, Mainstreet Microfinance Bank, First Bank, Unity Bank, Heritage Bank and many more.
The event will also be conducting the Finn0vex Leaders Awards recognize and celebrate achievements of pioneer individuals and establishments in their operations of the region’s financial sector. The West Africa edition has confirmed sponsorship from Oracle (Strategic Digital Sponsor), Temenos, FSS, Openfactor and Backbase (Gold Sponsors), OneSpan, Maxut and PioTech (Silver Sponsors) Rubrik and Turbonomic (Networking Partners) has already confirmed their participation for the event while Fintech Nigeria, African Fintech Network, E-PAN, CAIA Association, Blockchain Association of Africa, Association of Mobile, Money Agents of Nigeria are extended their support and partnership. Register: https://financialinclusionnigeria.org/event/finnovex-west-africa/
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