Category: FINTECH
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FinTech Association of Nigeria Appoints Dr. O. Obrimah as COO
Fintech Association of Nigeria was established in 2017 to foster an ecosystem that supports all stakeholders to achieve a thriving and growing Nigerian FinTech industry and to make Nigeria one of the world’s leading markets for FinTech Innovation and Investment. The association has embarked on the implementation of its three (3) year strategic plan (2019…
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Stakeholders Explore Ways of Maximising Digital Banking Benefits
Chris Uba The fast growing electronic banking segment has equally thrown up major challenges in the system with its vulnerability to fraud estimated at $31 billion as at 2018. The development has put industry stakeholders, including financial experts in the country on their toes, as they rethink ways to retool the system to minimise these…
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Access Bank adopts agency banking to deepen financial inclusion
Helen OJi Access Bank Plc has introduced agency banking to deepen financial inclusion in Nigeria, to enable branches to focus more on complex customer obligations. A banking agent is defined as an authorised third party (a retail or postal outlet) contracted by a financial institution to process clients‘ transactions. The Head, Agency…
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Interswitch, Paga Adopt Open Banking
Oluchi Chibuzor Interswitch, Africa’s integrated digital payment company and pioneer mobile payments firm, Paga, have joined other stakeholders in Nigeria’s financial services industry to adopt Open Banking to deepen financial services in the country. This, the companies said was aimed at driving innovation and choice for customers, businesses, financial technology firms, banks and other players…
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Financial Inclusion: Access Bank Introduces Loan For Smartphone Purchase
Access Bank has introduced a financing scheme for procurement of phones for more Nigerians to get connected to more businesses online and deepen financial inclusion. Victor Etuokwu, Executive Director, Retail Banking, said in a statement on Wednesday in Lagos that the loan would provide more Nigerians with access to credit under its Device Finance scheme.…
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Lifting cash-less banking with multi-currency card
Collins Nweze The introduction of the cash-less banking was one of the biggest news that hit the sector in January 2012. The objective, the Central Bank of Nigeria (CBN) says, is to change the cash-driven economy and reduce the rising cost of banking. The policy was also designed to promote financial intermediation, financial inclusion, minimise…
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CAN CASH TRANSFER PROGRAMS DEEPEN FINANCIAL INCLUSION IN NIGERIA?
Tochukwu Okwuanya Lagos, Nigeria In the past five years, I have had boots on the ground in the quest to deepen financial inclusion in Nigeria; first as Agent Network Manager for one of the early Digital Finance Startups in Nigeria, but later as a Product Manager for one of the Mobile Money Operators in Nigeria.…
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Financial inclusion and cashless policy is still underserved if I cannot buy roasted corn without cash
Dear Fellow FinTech expert, To all of us in the financial sector, most especially those that are operating in the sphere of financial technology and money integration, I wish to say categorically that all our efforts are still far below the addressable market and I call on all of us to brace up our thinking…
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CBN’s renewed drive for financial inclusion
The Central Bank of Nigeria says it plans to broaden access to financial services to people in under-served parts of the country over the next five years and its ultimate goal is to ensure that 95 per cent of eligible Nigerians have access to financial services by 2024. Olayinka David West; Academic Director and Professor…