Ecobank Sees Economic Growth in Fintech, Banks, Telcos Collabo

By Modupe Gbadeyanka

If Fintech, banks and telecommunications companies can work together more, Nigeria could experience huge economic growth, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has opined.

The reputable banker maintained that for Nigeria Fintechs to accelerate positive disruption for value, there is a strong need to develop talents, solve a problem beyond payments, monetize data and challenge the status quo.

Mr Akinwuntan, who made this submission at the Nigeria Fintech Week themed Evolving Economic Disruptions; Fintech as a Solution, stressed that efforts must be for the establishment digital school of Fintech to groom talents, deepen skills for businesses and grow knowledge of the financial services industry.

“We must take the lead to introduce a continent-wide Bank Verification Number (BVN) and Global Standing Instruction (GSI) for Africa under the African Continental Free Trade Area (AfCTA) agreement, champion blockchain for cross-border payments in agriculture, education, and the government i.e. leveraging technology for better productivity.” He also emphasized that we must look at ways to improve cybersecurity & defence,” he said in his keynote address.

The bank chief informed participants of the event that the industry is sitting on a trove of data as big data can be leveraged to create values for customers including adopting superior user experience and interface for affordable payment and improved credit access.

According to him, with a Pan African reach, award-winning capabilities, and a customer base of over 25 million, Ecobank is enabling and partnering with Fintech platforms across the continent.

He noted that Ecobank’s flagship pan African switch connects countries where it operates across Africa. This centralized switch allows easy integration, enabling instant transfers between 33 African countries while offering real-time settlement across Africa in 18 local currencies.

President of the Nigeria Fintech Association, Dr Olusegun Aina, while speaking, stated that with the economic vulnerability following the COVID-19, Fintechs are undoubtedly the solution to the current disruptions. He said we must as a country position digitally, as digital readiness will spur our recovery in 2021 and beyond.