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FirstBank Hosts FinTech Summit, Edition Four, Calls for Activation of Vibrant Ecosystem
By Eric Elezuo
Nigeria’s leading financial institution and financial inclusion services provider, FirstBank of Nigeria Limited, has successfully held the 2020 edition of its annual FinTech Summit, which is also the fourth in the series.
The summit, which held via virtual, had about 12, 000 participants in attendance, and featured prominent innovator and Chief Executive Officer, Love and Magic, Chinedu Echeruo as keynote speaker with other professionals including the Director, Payments System Management Department, Musa Itopa Jimoh; the Executive Director, Technology & Operations, Nigeria Inter-Bank Settlement System Plc (NIBSS), forming a high profile panel of discussants.
Also on the panel were the duo of the Group Executive, Technology & Services, Callistus Obetta, and Group Executive, e-Business & Retail Products, Chuma Ezirim, who represented FirstBank.
In his opening speech, the Chief Executive Officer, FirstBank Nigeria Limited, Dr. Adesola Adeduntan, reiterated that FinTech industry is currently the fastest growing sector within Nigeria, and is mostly run by a sizable number of young entrepreneurs, stressing that FirstBank has been positioned as the FinTech partner of choice having established relationships with companies like PiggyVest, Terragon, VoguePay and PayStack.
He noted that the bank’s rating has soared with its digital payment channels and has remained in the forefront of providing financial inclusion solutions across board and round the clock with it’s FirstMobile app, USSD (*894#) and FirstMonie, with the popular Firstmonie Agent Banking Network.
“FirstBank has become the foremost financial inclusion solutions provider with over 9 million USSD users, processing over 200 million transactions to date. Also, with more than 60,000 Firstmonie Agent Banking locations we have to date processed over 320 million customer transactions worth over NGN6 Trillion on the FirstMonie Agent Network as at July 2020, further cementing our leadership in the Agency Banking space,” Adeduntan said.
He recollected that the bank has picked awards after awards with the FirstMobile App, which was “awarded the Best Mobile Banking App in Nigeria in 2019 by the UK-based Global Business Outlook.”
Rather than mourning the outbreak of the Coronavirus pandemic, Adeduntan remarked that the bank has leveraged on the scourge to become more innovative in providing services for the benefit of the customers
“The sudden emergence of the Covid-19 pandemic era has provided a ready canvas for stretching our Fintech readiness and exploits, and I am happy to note that, once again, FirstBank has been demonstrating outstanding preparedness in this all-important space.
“Indeed, the Covid-19 pandemic has become a catalyst for the accelerated technology and digital transformation that we are witnessing across so many industries and areas of human endeavour,” he said.
Speaking on the theme “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria” the keynote speaker, Echeruo, who is a product of Kings College, Lagos and Harvard Business School, with virtual descriptions, informed that one can solve any problem if he puts his mind to it. He noted that the “use of artificial intelligence to personalise and deepen customer experience, grow new market opportunities with lower cost blockchain model” will greatly improve the culture of innovation.
He pointed out that building and activating vibrant ecosystem are basically the outcome of inculcating blockchain and artificial intelligence in FinTech. He advised corporate bodies to open organisation’s ecosystem and recreate from the outside to the inside.
Responding, FirstBank’s Group Executive, e-Business & Retail Products, Chuma Ezirim, who represented FirstBank in the panel, and spoke on the sub-theme, “How Current Trends in Artificial Intelligence Are Impacting Business Product Development in FirstBank”, noted that the bank is a technology company offering financial services, but not in any way usurping another’s duties.
Ezirim was also quick to point out that FirstBank processes over 90 customer initiated transactions per second only on digital channels while acknowledging that the bank is poised re-architect its system and attract the right skills from within and outside.
Concluding his presentation, he invited stakeholders to partner with the bank, noting that “we believe big data and AI will bring upward the revenue of this country…”
In his remarks, Aminu Maida, who spoke on Industry Infrastructure to Support New Development in the Financial Industry, acknowledged the need for synergy while advising that the way out is “leveraging on artificial intelligence, leveraging on dynamic machine learning that can go into the environment and adapt in relation to human capacity.”
Other speakers who lent their voices to the viability of artificial intelligence towards creating and activating a vibrant ecosystem included Callistus Obetta, who was of the view that there is the need to build people who will in turn build technologies.
“Our realisation that the effectiveness of Artificial Intelligence is determined by data quality available on the platform and this is beyond the structured data in the bank,” he said.
Representing Okra, Fara Ashiri Jituboh, who spoke on the theme Unlock the Power of AI, and Musa Jimoh, agreed that blockchain and artificial intelligence are souls of FinTech.
In his closing remarks, the Deputy Managing Director, FirstBank, Mr. Francis Shobo, appreciated everyone that turned up for the educative webinar, and reiterated that “FirstBank will continue to embrace emerging FinTech opportunity”.
The 4.0 edition was anchored by Aruoture Oddiri, with assistance from Taiwo Shonekan.
The Lagos State Police Command has restored normalcy in Onosa Community in the Elemoro area of Lagos State, according to a statement made available to the National Association of Online Security News Publishers (NAOSNP).
The statement, signed by the Lagos Command Public Relations Officer, CSP Benjamin Hundeyin, recalled that “In the early hours of today, August 29, 2025, six officers from Elemoro Division while on routine patrol encountered an irate mob. In the course of ensuring their own safety, the officers used their firearms, resulting in three individuals sustaining injuries. The injured persons were taken to hospital for medical attention.”
The statement further observed that “The Commissioner of Police, Lagos State Command, CP Olohundare Jimoh, promptly responded to the incident by personally leading a detachment of officers to the scene. The swift intervention led to the removal of all barricades, restoring the free flow of traffic in the affected area. CP Jimoh also moved deep into the community and engaged with youth and community leaders in the neighborhood to de-escalate tensions and foster understanding. He has further extended an invitation to these leaders for continued dialogue to address concerns and prevent future occurrences.
“The officers involved in the shooting have been taken into custody as investigations into the incident commence. The Lagos State Police Command is committed to a thorough and transparent inquiry to establish the facts surrounding the event.
“Normalcy has been restored to the area, and significant police presence remains in place to ensure the sustenance of the restored peace and order. The Command urges residents to remain calm, cooperate with law enforcement, and refrain from actions that could disrupt public safety.”
Hundeyin assured members of the public that further updates will be provided as the investigations progress.
Former Nigerian leaders, Chief Olusegun Obasanjo and General Ibrahim Badamasi Babangida (IBB), have expressed deep sorrow over the death of former President Muhammadu Buhari, who passed away on Sunday in London.
In separate condolence statements, the elder statesmen paid glowing tributes to the late Nigerian leader, describing him as a patriot who served the country with distinction as a soldier, administrator, and statesman.
Obasanjo, through a statement issued in Abeokuta, Ogun State, noted that Buhari played his role dutifully throughout his life and gave his best to the country.
“It is with a heavy heart that I received this afternoon the passing to glory of a colleague, a comrade, a co-patriot, General Muhammadu Buhari,” Obasanjo said.
“As a soldier, he played his role; as an administrator, he played his role; as a statesman, he played his role.”
He added that Buhari’s death comes at a critical time when Nigeria needed the wisdom and experience of leaders who have previously steered the country through difficult times.
“He will be sorely missed. May his soul rest in perfect peace,” Obasanjo added.
Babangida described Buhari as a brother, course mate, and fellow patriot whose life was defined by discipline, humility, and unwavering loyalty to Nigeria.
In a personal tribute, Babangida recalled their shared history that began in 1962 at the Nigerian Military Training College in Kaduna, noting that Buhari stood out early as a principled and deeply patriotic officer.
“Through the years, we shared trenches and trials, dreams and disappointments, victories and moments of reflection,” IBB said.
“Our bond was forged not only by military training but by a shared commitment to service and love for country.”
He acknowledged that while they may have held differing views at times, Buhari’s sincerity and patriotism were never in doubt.
“His passing today is not just the loss of a former Head of State or two-term civilian President—it is the loss of a symbol. He embodied the transition from the old guard to the new republic,” Babangida stated.
He prayed for Allah’s forgiveness for the late leader and extended condolences to his wife, Aisha Buhari, their children and grandchildren, as well as the entire nation.
“May his legacy endure, and may Allah (SWT) grant him Aljannatul Firdaus,” he concluded.
Veteran journalist and chieftain of the Peoples Democratic Party (PDP), Bashorun Dele Momodu, has reaffirmed his unwavering support for former Vice President Atiku Abubakar to emerge as the presidential candidate of the opposition coalition under the African Democratic Congress (ADC) for the 2027 elections.
Speaking on Channels Television’s ‘Politics Today’ on Monday evening, Momodu emphasised that while he stands with Atiku, he respects the right of other political supporters, including the Obi-dients to back their own candidates, particularly Labour Party’s Peter Obi.
“My best choice is Atiku, and that is what I expect Obi-dients to say, which I expect those who support Amaechi to say — there’s nothing wrong with that,” Momodu stated.
“I have never asked anyone not to support Obi. Obi is my very good friend. If you asked me about one of the people who should lead the coalition, I would say it should be Obi. But as a democrat, I’m appealing to them, hoping they will be able to do it democratically so that they will not say it was forced upon them.”
Momodu’s comments came amid heated debates surrounding who should lead the ADC-backed coalition ahead of the 2027 presidential election. He stressed that all aspirants, including Obi and former Transportation Minister, Rotimi Amaechi, should face the test of popularity through a democratic process.
