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FirstBank’s FINTECH 5.0 Summit: Unleashing Possibilities for Operators, Customers
By Eric Elezuo
The FirstBank FINTECH Summit 5.0 held with total fulfilment of the promises made and expectations of the financial public, who waited with bated breath to experience the feeling and satisfaction only the financial giant can offer.
The event, which was in its fifth year/edition, and held via virtual, was as usual opened to the general public, who were privileged to register via https://firstbanknigeria.zoom.us/webinar/register/WN_NmkYfeckQqu4vjTWy5lr5w
Literally a financial technology hub, and themed “Open Banking and its Derivative Opportunities for the Financial Ecosystem”, the well attended summit was addressed by notable professionals, experts, policy influencers, regulatory officials as well as key and leading players from across the globe, with special emphasis to the Nigerian financial, banking and technology climate.
Among the discussants, who presented veritable papers were Prof Ndubuisi Ekekwe, the Lead Faculty of Tekedia Institute with a PhD in Engineering from John Hopkins University, USA, who led the discussion as the Keynote speaker and Ankit Sharma of Strategy&.
Other members of the panel were the Director at Strategy&, a part of the PwC network, based out of Mexico, Ankit Sharma; CEO (Chief Plumber) at One Pipe, Ope Adeoye; Aminu Maida, Executive Director, Technology & Operations at Nigeria Inter-Bank Settlement System Plc (NIBSS); Deputy Director, Payment Systems, Central Bank of Nigeria, Musa Jimoh; and Head, Corporate Transformation, FirstBank, Olayinka Situ, who completed the list of highly influential discussants.
Anchored by Rotus Odire, the free flowing interactive forum dealt on the importance of open banking system in Nigeria, noting that it goes beyond ‘convenience to its game-changing impact in transforming value creation, product conceptualization and closing the financially excluded gap’.
Leveraging on the CBN’s declaration that FINTECH has raked in over $500, 000, 000 to the Nigerin economy this year alone, FirstBank therefore, has positioned itself as the leading financial institution in the country, and with intimating presence in about six African countries, to initiate a conversation to continually increase earnings for the economy and provide veritable entrepreneurial opportunities for the Nigerian public. It is worthy that testimonies abound of how much FirstBank FINTECH initiative has changed lives.
Kick starting the summit, the ever performing Chief Executive Officer of First Bank of Nigeria Ltd & Subsidiaries and the event’s Chief Host, Dr. Adesola Adeduntan, CEO, delivered a stunning opening speech, which captured the vision and mission of the five years old financial conversation.
Acknowledging the pioneering efforts of FirstBank as Africa’s financial inclusion and innovation pacesetter, Dr Adeduntan noted that while the event was primarily to create a global platform for conversations around the future of innovation in the financial technology space of which objective is to contribute to the evolution of banking and finance service delivery, “this years edition themed “Open Banking and its Derivative Opportunities in the Financial Ecosystem promises to be exciting and engaging with a line-up of local and international thought leaders ready to spur the conversation around the prospects for open banking. The theme recognizes the increasing pervasive role open data, cloud technology and artificial intelligence play in the financial ecosystem.” And surely, with incisive and juicy presentations from the team on ground, the event lived up to its billing.
Open banking today demonstrates the practical fusion of these variables, presenting remarkable potentials that can redefine product development, customer experience and overall value creation; with multiplier effects for both players and consumers.
It is worthy of note that FirstBank has generously taken advantage of the the Regulatory Framework for Open Banking in Nigeria as issued by the Central Bank of Nigeria on the rules and premises under which financial data sharing can take place across the financial ecosystem and the National Information Technology Development Agency’s (NITDA) Nigerian Data Protection Regulation (NDPR) 2019. These, according to Adeduntan, are demonstrations of the future of regulations around Open Banking.
In its 127 years of existence, FirstBank has traversed series of regulatory transformation over the years, and is constantly keeping to promise of continuing to play its role in furthering conversations to refine regulatory frameworks and shape thoughts on industry and societal developments as was witnessed at the 5.0 summit.
He concluded: “We will also continue to demonstrate our support for start-ups and innovators in the fintech space by providing them the relevant data support and infrastructure to enable them scale appropriately.
“Every step we take continues to be geared towards strategically positioning us as the bridgehead and reference point for fintech and financial services providers across the African continent, as we will continue to lead the charge towards realizing the future of banking.”
Leading the lecture, a man described as the doctor of innovations, who doubled as one of the 60 great Nigerians listed as making Nigerians lives matter during the nation’s 60th anniversary, Professor Ndubuisi Ekekwe, took the audience on a classic tour of Mechanics of Market System, majoring on a sub-theme, Open Banking: The Grand Unification Application and Utility Age. In his dissection, Professor took the audience down memory lane, resuscitating Pythagoras theory of the world as consisting of numbers, invariably stating that human existence is a product of numbers. He proffered incredible and practical ideas to banking and application utility.
“If you understand the numbers of your customers, you will be a better bank… If you understand the numbers around anything you do on earth, you have a possibility of doing that thing better,” he said.
He itemised perceptions, expectations and needs as the major ways of setting the basis for competition, describing open banking as actually open financial services. He mentioned that across the length and breadth of the nation, the quest for open banking is actually the quest for prosperity.
Following in quick succession was the Director at Strategy&, Ankit Sharma, who spoke on Global Perceptions of Open Banking.
“In the world of open banking, there is a collaboration model that allows you to share data and services through APIs, and this collaboration is not only between financial services fund, but even with non-financial services fun,” Sharma enlightened.
He further itemised personal finance manager, credit scoring and payments as avenues to explore in the world of open banking.
A governing council member of the FINTECH Association of Nigeria and Director of Information System, Dr. Olayinka David West was next on line, as the anchor for the well endowed panel discussion. After a brief expose on the activities of open banking as it relates to fintech, she went ahead to introduce members of the panel including a representative of Central Bank of Nigeria, Director of Payment Systems Management Department, Mr. Musa Atope Jimoh, represented by Olubukola Akinwunmi, Aminu Maida, Ope Adeoye and Olayinka Situ.
All the panelists agreed that FINTECH has come to stay, and bring about the great transformation that everybody is talking about in terms of providing the derivatives of open banking and giving the operators and customers a great leverage in the world of finance.
FirstBank’s FINTECH Summit has remained a regular dish in the menu of financial inclusion in the last five years, and has assisted both operators and customers to operator seamless banking operation in the open – anywhere other than the banking hall.
The bank has through standardized and accessible open API technologies, availed innovators and product developers a wealth of big data and attendant insights. This is in addition to the potential to completely redefine standards for product conceptualization, customer satisfaction and service delivery across Africa’s largest economy.
As Dr Adesola Adeduntan says: “our annual FinTech Summit in the past four years has been a platform of leading conversations and practices that have impacted the financial technology and electronic banking eco-system which has been integral to bridging the gap and digital divide of modern banking in today’s global village. Participants at our summits have been enlightened on ways to optimally carry out their digital transactions and business activities in safe and seamless ways.”
The 2021 5.0 edition was no different.
The next edition of FINTECH Summit to be known as 6.0 is due for 2022.
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Abiola Cannot Be Recognised As Former President; He Was Never Sworn-in – Gen Ishola Williams
By Eric Elezuo
One of the prime actors of the June 12, 1993 incidents, General Ishola Williams, has said that much as Chief MKO Abiola wrong was created having won the election, and denied victory, he cannot be recognized as a former President of Nigeria.
Gen Williams made his revelation while speaking as a guest on Channels television socio-political programme, Inside Source.
He maintained that only those who were sworn in that recognised as former presidents, and Abiola was never sworn in.
“Abiola cannot be recognised as former president because he was never sworn in.
The General, who said that he resigned from the army as a result of the wholesome reception given to General Sani Abacha, when he overthrew Chief Ernest Shonekan-led Interim National Government, contrary to expectation, also picked flaws in the narratives given by former Military President Ibrahim Babangida, in his recently launched book, A Journey In Service.
Williams rose in the army to become the Commandant of Army Signals, Commander of Training and Doctrine (TRADOC) and Chief of Defence Training and Planning, from where he resigned.
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Breaking: Supreme Court Recognises Martin Amaewhule As Rivers Assembly Speaker, Orders CBN to Stop Releasing Funds to State
By Eric Elezuo
The Supreme Court of Nigeria has in its ruling on Friday recognised Hon Martins Amaewhule as the authentic speaker of the Rivers State House of Assembly, mandating him to urgently resume sitting with elected members of the assembly.
The apex court also ordered the Central Bank of Nigeria to stop releasing to the Rivers State government until a proper assembly is constituted.
Details soon…
Tension escalated at the Lagos State House of Assembly on Thursday as impeached Speaker Mudashiru Obasa made a dramatic return to reclaim his position.
Accompanied by heavily armed men, Obasa stormed the Assembly complex in a bold move that has thrown the State’s legislature into turmoil.
In a stunning turn of events, security details assigned to the substantive Speaker, Rt. Hon. Mojisola Meranda, were abruptly withdrawn on Thursday morning, clearing the path for Obasa’s controversial comeback.
Sources revealed that the Inspector General of Police (IGP) ordered the withdrawal of all security operatives attached to Meranda, leaving her exposed in the midst of an intensifying power struggle.
The Speaker’s Special Adviser on Information, Mr. Victor Ganzallo, expressed concern over the security vacuum created by the withdrawal of personnel.
“In the early hours of Thursday, we woke up to the startling news that all security details assigned to Madam Speaker, Mojisola Meranda, had been withdrawn.
This includes the police and DSS officers, leaving her exposed to threats amid the ongoing speakership crisis,” Ganzallo stated.
He further called on Governor Babajide Sanwo-Olu, as the State’s Chief Security Officer, to intervene urgently to prevent a complete breakdown of law and order within the Assembly.
“The withdrawal of security personnel has left the Assembly naked and vulnerable at a critical time. Urgent action is needed to restore order,” he pleaded.
With the speakership battle taking a dramatic new turn, political watchers are keenly observing how the crisis will unfold in the coming days.
