FirstBank pledges support for startups, innovators in fintech ecosystem



FirstBank pledges support for startups, innovators in fintech ecosystem

By Itohan Abara-Laserian

First Bank of Nigeria Ltd. is committed to supporting startups and innovators in the fintech ecosystem by providing relevant data and infrastructure that would enable them to succeed.

FirstBank Managing Director / CEO Dr Adesola Adeduntan made this promise at the bank’s FinTech Summit 5.0 in Lagos.

The Nigeria News Agency reports that the summit, which is the fifth in its series, was themed: “Open Banking and its Derivatives Opportunities in the Financial Ecosystem”.

Adeduntan said the summit was being organized to create a global brainstorming platform on the future of innovation in the financial services industry and particularly in the financial technology space.

The boss of FirstBank said part of the summit’s goals were to help rapidly evolve the delivery of banking and financial services.

“The summit provides us with a very good platform to hear from leading experts in the field, as open data, cloud technology, artificial intelligence and how they work together to create the right environment for innovation or l evolution become important.

“For us, Open Banking demonstrates the practical merging of these variables, presenting a potential that can redefine product development, customer experience and overall value creation within the financial services system with a significant multiplier effect, not only for players but also for consumers of financial services products. .

“We believe that there is enough space for continuous innovation and for us as an economy to quickly embrace it with the aim of materially improving the quality of public services in Nigeria.

“As a more than 127-year-old institution, our bank is going through a series of industry transformations and will continue to play a leading role in shaping conversations about refining regulatory frameworks and shaping the industry not only. for Open Banking, but for all contemporary issues to be supported. our industry.

“We will also continue to demonstrate our support to fintech startups and innovators by providing them with relevant data, support and infrastructure to enable them to scale appropriately, through our SMEConnect platform,” said he declared.

Professor Ndubuisi Ekekwe, Keynote Speaker and Senior Professor of the Tekedia Institute, spoke about: “Open Banking: The Grand Unification of Application Utility Age”.

According to Ekekwe, Open Banking is the mechanism by which banks are required to share their market data through APIs, which are third-party companies, to help drive innovation.

Ekekwe said that thanks to APIs, different companies will have access to customers.

He called for the development of the credit system to grow the economy, noting that Open Banking could create the credit architecture to help individuals rise in the economic ecosystem.

“Open Banking gives us a very large toll, it allows you to share customer data as a bank with trusted third parties through APIs without any form of privacy breach or risk.

“It gives retail customers the ability to aggregate their data and, through the analytics system, you can get insight into what’s going on in your banking experience.

“There will be no catalytic evolution of Nigeria’s economic architecture without a credit system, which we urgently need to have the opportunity to develop our economy.

“I think open banking through data aggregation and analytics system can also bring a national credit architecture that will allow each of us to rise up and imagine that every person with a BVN will have a credit rating, ”Ekekwe said.

The Deputy Director of the Central Bank of Nigeria Payments System, Mr. Musa Jimoh, represented by Mr. Olubukola Akinwunmi of the apex bank, said the framework specifically addresses the risk management that needs to be built.

Jimoh said, “At the end of the day, when we fully open the banking system, we take care of the top customer concerns.

“One of the main aspects of open banking is the ledger.

“The current framework has already indicated that the bank will engage industry stakeholders to come up with defined guidelines on how a number of the framework’s positions will be translated into operations,” he said.

He said the Open Banking ledger would promote transparency and ensure customers know who they are dealing with, ”he added.

reports that other leading players in the fintech space in a panel discussed the issues surrounding Open Banking and the guaranteed prospects for the Nigerian financial services industry as well as the economy in general. (www.)

Source: NAN

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