CIBN collaborates with stakeholders to sensitise banks on Fintechs

The Chartered Institute of Bankers of Nigeria, Lagos State branch says the financial space has been revolutionalised with the deployment of financial technology by Deposit Money Banks in meeting the financial needs of their teeming customers.

It said recent reports indicated that investment in the technology in the Sub-Sahara Africa was witnessing growth.

This, it said, had thrown up the need to carry out study on the real threats the growth portends for the nation’s banking industry and allied service providers.

In a statement, the Chairman, CIBN Lagos branch, Kola Abdul, was quoted as saying that “as relevant and transformative as financial technology is to the financial service providers globally, the threat it poses to the traditional banking industry is huge and must not be overlooked.”

The chairman stated further that the branch, in collaboration with its parent organisation, was willing to collaborate with relevant stakeholders to embark on sensitisation of banking industry on the real threats posed by Fintech.

The statement quoted the Publicity Secretary, CIBN Lagos branch, Jide Iyanda, as noting that the financial innovation brought by the emergence of Fintechs also came with its opportunities and challenges.

According to Iyanda, the developments informed the reasons the Lagos branch of the CIBN , in its forthcoming “2018 Bankers and Stakeholders Nite” is focusing on Fintech.

According to the statement, the one day event which has the theme, “Big data, Fintech and the future of banking,” will hold in Lagos in July.

The annual Lagos bankers and stakeholders’ event has become a veritable platform where topical national issues bothering on economy, banking industry and enterprise risk management are being thrashed out by experts in the fields.