Banking

FirstBank pledges support for startups, innovators in fintech ecosystem

Published

on

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

Short Link: https://wp.me/pcj2iU-3CQ7

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

Red Cross renovates 12 houses destroyed by floods in Katsina Private varsity partners European private sector to curtail youth migration  –VC Democrats, Biden negotiate intensively on saving ambitious agenda Micronutrient deficiency: HarvestPlus to develop zinc enriched maize, rice Snake bite: Victims’ survival slimmer as anti-venom prices soar – Expert Kano police arrest suspected fuel suppliers to bandits in Katsina CSCS board renews Jalo-Waziri’s appointment for another 5 years Scam Alert: NNPC disclaims fake 50th anniversary quiz contest Erdogan begins 2-day official visit to Nigeria Oct.19 Facebook to settle U.S. employment discrimination claims with $14.25m Buhari greets Yakubu Gowon at 87 Coronavirus – Malawi: UK emergency medical team provides COVID-19 support and training to health workers in Malawi Buni approves 65 years as retirement age for Yobe teachers El-Rufai makes COVID-19 vaccination mandatory for all Kaduna civil servants Gunmen kill 2 traditional rulers in Imo NSCDC begins psychological assessment of its personnel – Official Buhari hosts Turkish President Erdogan, wife At Maulud, Sheikh Dahiru Bauchi says Nigerians are suffering from hunger, poverty, insecurity The African Broadcasting Union (AUB) and Canal + tackle piracy of television signals Snakebite victims in danger as cost of anti-snake venom hits roof Nigeria in dire shortage of pharmacists – PCN Buhari greets Yakubu Gowon at 87 UNESCO delivers religious leaders’ toolkit on adolescent sexual and reproductive health and rights Virologist wants upgrade of new malaria vaccine Tinubu 2023: APC gives letter of recognition to NDA WFP and Japanese government team up to help people in need in Cameroon Living and thriving, thanks to the Sudan Humanitarian Fund Maulud: Fintiri felicitates with Muslims, calls for prayers Djibouti deploys COVID-19 vaccines for migrants Maulud: Sanwo-Olu urges Muslims to emulate Prophet Muhammad Rwanda: crackdown on opposition, media intensify Police to investigate officer allegedly caught casting vote at Kano APC congress  “I see changes in people’s lives”: King Letsie III of Lesotho hails FAO’s work in Lesotho NASME lauds CAC RG for promoting  MSMEs Nigerian troops kill over 50 terrorists in Birnin Gwari Billboard Top 100: Wizkid’s ‘Essence’ climbs up to number nine Federal varsity Lafia denies students abduction   1 dies, 2 rescued as 2-storey building collapses in Lagos Police arrest 3 armed robbery suspects in Ogun African Energy Ministers to travel from African Energy Week in Cape Town to ADIPEC in Abu Dhabi COVID-19 vaccines safe, shun conspiracy theories – ECOWAS Speaker Maulud: Akeredolu felicitates with Muslims, preaches forgiveness, unity Orbih returns as Sports Ministry inaugurates Caretaker Committee for Badminton Federation UBEC earmarks N32m to support 31 schools in Katsina Housing development will boost economy, increase job creation–LASG #Endsars Anniversary: Stakeholders call for re-training of security agents Desist from drug abuse; it destroys lives – NDLEA warns students New sensor unit for the imagePRESS C910 series increases productivity by automating color registration and calibration Japanese Govt. earmarks $260,000 to combat piracy, kidnapping in Gulf of Guinea NEMA distributes fertilizers, seeds to 7,146 flood victims in Zamfara