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FirstBank’s FINTECH 5.0 Summit: Unleashing Possibilities for Operators, Customers
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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.
Headlines
Tinubu’s Absence: There’s No Vacancy in Aso Rock, Akpabio Declares
President of the Senate, Godswill Akpabio has dismissed calls for President Bola Tinubu to hand over power to Vice President Kashim Shettima, saying there is no leadership vacuum despite the President’s continued working vacation abroad.
Speaking on Tuesday, in Akwa Ibom State, while commissioning road projects executed by Governor Umo Eno, Akpabio addressed public concern over Tinubu’s three-week holiday, which was recently extended by one week. He insisted the President remains fully in office and continues to carry out his constitutional duties.
“I am the Senate President, and I am not the acting President of Nigeria, because President Tinubu is still in power. He is on a working leave, and there is no absence in Aso Rock. The world is a global village, and one can give instructions over the internet. So, why are people complaining?” he retorted.
Akpabio emphasized that only his office can declare a presidential vacancy and that no such condition currently exists. “Right now, there is no vacancy. Asiwaju Tinubu is still in power, and he is still running the affairs of Nigeria,” he added.
To underscore the President’s continued engagement, Akpabio disclosed of recent diplomatic contacts, including communications with French President Emmanuel Macron.
His remarks may have finally put to bed, unnecessary concerns raised by critics who claim the extended absence has hindered governance. Invoking modern communication, Akpabio argued a “remote” presidency can still function effectively.
The Presidency has not provided a formal return date for President Tinubu. Akpabio’s comments, however, signal a united stance within the ruling All Progressives Congress (APC) aimed at quelling speculation about a leadership crisis.
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Nigeria Can Not Be on Vacation, Who is in Charge? Atiku Queries over Vacuum in Aso Rock
Former Vice President Atiku Abubakar has asked the Presidency and the National Assembly to clarify who is constitutionally exercising the powers of President Bola Ahmed Tinubu following the expiration of the 21-day period announced for the President’s annual vacation.
Recall that Tinubu left Nigeria on August 30 for a three-week annual vacation in Europe. The President’s absence coincided with Vice President Kashim Shettima’s official engagements outside the country, including his current representation of Nigeria at the 81st United Nations General Assembly in New York.
In a personally signed statement on Monday, Atiku argued that the expiration of the 21-day period had raised questions under Section 145 of the 1999 Constitution regarding the transfer of presidential powers.
Section 145(1) provides for the President to transmit a written declaration to the President of the Senate and the Speaker of the House of Representatives when proceeding on vacation extending beyond a specified period or when otherwise unable to perform the functions of his office.
Atiku said Nigerians had not been shown any such declaration transferring presidential functions to Shettima.
“President Tinubu left Nigeria on 30 August. The Presidency publicly announced a three-week vacation. Yet, to date, Nigerians have not been shown any constitutional letter transmitting presidential authority to Vice President Kashim Shettima.
“The 21 days have now elapsed. If such a letter exists, the Presidency should publish it immediately,” Atiku said.
The 2027 African Democratic Congress (ADC) presidential candidate, said the constitutional provision also addresses a situation where the President fails to transmit the required declaration.
He referred to Section 145(2), which provides that where the President is unable or fails to transmit the declaration within 21 days, the National Assembly can, by a simple majority in each chamber, mandate the Vice President to perform the functions of President as Acting President.
Atiku therefore asked the National Assembly to explain whether the constitutional procedure had been activated.
“If it does not, then the constitutional mechanism contemplated by Section 145(2) has been triggered, and the National Assembly owes Nigerians an explanation as to why it has not acted.
“This is not a matter of political convenience. It is a matter of constitutional order,” he said.
Atiku further drew attention to Shettima’s presence in New York, where he is leading Nigeria’s delegation to the 81st United Nations General Assembly based on the President’s directive.
Atiku said the situation raised a question about who was exercising presidential authority in Nigeria and under what constitutional instrument.
“So again: who is exercising presidential authority in Nigeria today, and under what constitutional instrument?” he asked.
The former Vice President also criticised what he described as reliance on informal indications of presidential activity while the President remains abroad.
“Nigeria cannot be governed by assumptions. It cannot be governed by presidential social-media posts from Europe.
“It cannot be governed by photographs from private dinners at the Élysée Palace.
“It cannot be governed on autopilot,” he said.
Atiku also said President Tinubu should be in the country at a time like this, linking his concerns to recent domestic developments in the country, including the deaths of 37 Nigerians in the custody of the Nigeria Security and Civil Defence Corps in Minna.
He said the incident had led to investigations, suspensions and calls for independent scrutiny.
He also raised concerns about petrol prices, claiming that the product was selling for as much as ₦1,500 per litre in some parts of the country.
“These are not ordinary times. Yet the President is abroad. The Vice President is abroad.
“The Senate President is abroad. And Nigerians have not been told, in the clear constitutional language required of a serious democracy, who is exercising the powers of the President,” Atiku said.
Atiku acknowledged the diplomatic significance of Tinubu’s private dinner with French President Emmanuel Macron in Paris but argued that Nigeria’s governance responsibilities could not be suspended while the President was abroad.
“President Tinubu’s private dinner with President Emmanuel Macron in Paris may serve diplomatic purposes. But Nigeria itself cannot be placed on vacation.
“The Constitution does not recognise a ‘working vacation’ as an alternative system of presidential succession.
“It provides a procedure. That procedure must be obeyed,” he argued.
Atiku consequently called on the Presidency to disclose whether Tinubu transmitted the declaration required under Section 145(1) before leaving Nigeria.
He also asked the President of the Senate and the Speaker of the House of Representatives to state whether they received such a communication.
“If no declaration was transmitted within the constitutionally stipulated period, the National Assembly must explain why the procedure provided by Section 145(2) has not been activated,” he said.
Atiku concluded that the issue was bigger than the President’s personal movements, arguing that Nigerians were entitled to know who was constitutionally responsible for the exercise of presidential powers.
“Nigeria is bigger than any President.
“At a time of severe economic hardship, rising energy costs, security challenges and the shocking deaths of citizens in government custody, the country deserves visible, accountable and constitutionally grounded leadership.
“The question will not disappear: Who, constitutionally, is in charge of Nigeria?” Atiku questioned.
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Tinubu Gushes over Wife, Oluremi, at 66, Calls Her Truest Friend, Confidante
President Bola Tinubu has celebrated his wife, Oluremi, on her 66th birthday, describing her as his “truest friend and confidante”.
In a birthday tribute to the First Lady on his verified X handle on Monday, Tinubu praised her patience, courage, compassion and unwavering support throughout their years together.
The President, who described Oluremi as the woman who had stood by him through different seasons of his life, said she had shared his burdens and provided counsel during difficult moments.
“Today, I celebrate the woman who has walked beside me with patience, grace and uncommon courage. Àwọn àgbà sọ pé, ‘Ìyàwó rere ni adé ọkọ rẹ̀.’ A good wife is her husband’s crown,” he said.
Tinubu said Oluremi had given practical meaning to the biblical description of a virtuous woman, adding that she had remained a source of strength and understanding to him.
“The burdens that were mine to bear often found their way onto your shoulders. The thoughts I could not put into words somehow found their way to you.
“In difficult times, when the future was uncertain, you stayed calm beside me and prayed with me,” he stated.
The President described the First Lady as his “truest friend and confidante”, saying she was never afraid to offer him honest counsel.
“I call you my truest friend and confidante because you speak the truth plainly, even on the days I would rather not hear it,” Tinubu said.
He also praised Oluremi for her role in raising their children and grandchildren, saying her values of faith and kindness had shaped the family.
“Our home bears the lasting imprint of your devotion. Our children and grandchildren have grown beneath the shelter of your prayers. They carry your values of faith and kindness wherever life takes them,” he said.
Tinubu also highlighted the First Lady’s humanitarian activities, recalling her work through the New Era Foundation and the Renewed Hope Initiative.
“Nigerians know you for your compassion, kindness, generosity of spirit and steadfast faith. I have watched you touch lives quietly and consistently, offering hope and support to those in need,” he said.
He added that her initiatives had supported young people, widows, elderly citizens and women farmers across the country.
“From the New Era Foundation during our years in the saddle in Lagos to the Renewed Hope Initiative today, your care has reached many young boys and girls, widows, elderly citizens, and women farmers across the country,” the President stated.
Tinubu also acknowledged Oluremi’s advocacy for people affected by tuberculosis and other diseases, describing her as a compassionate advocate and determined champion.
He said her compassion transcended ethnic, regional and religious boundaries.
“For you, compassion has never recognised the boundaries of tribe, region or religion,” he said.
Reflecting on their years together, Tinubu said their shared experiences, including difficult decisions and sacrifices, had strengthened their relationship.
“A long journey teaches a man the true value of a good partner. We have travelled a long road together. I think of the difficult decisions we talked through for hours and the sacrifices no one else saw.
“Laughter and prayer carried us through many of them,” he said.
The President said he would choose Oluremi again if given the opportunity to relive his life.
“If life returned me to the beginning, I would choose the same road that led me to you. Through every mile, my heart has always remained at home with you,” Tinubu said.
The President wished the First Lady many more years in good health and happiness.
“Happy 66th birthday, my darling Oluremi. I pray that God Almighty will grant you many more years in good health and joy,” he said.






