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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.
Candidate of Labour Party in the last Presidential election, Mr. Peter Obi, has confirmed that he is on his way out of the African Democratic Congress (ADC).
In a personally signed statement released on Sunday, Obi said he arrived at the decision after deep reflection, describing the move as necessary despite “every constraint.”
“I woke up this morning after my church service with a deeply reflective heart… and felt compelled to share these thoughts,” he wrote, adding that many people do not understand the “silent pains” and private struggles faced by those trying to serve in Nigeria’s political space.
Obi painted a grim picture of the current political climate, describing it as increasingly hostile and discouraging.
“We now live in an environment that has become increasingly toxic, where the very system that should protect and create opportunities… often works against the people,” he said, pointing to intimidation, insecurity, and persistent scrutiny as defining features of the system.
The former Anambra State governor also expressed disappointment over what he described as a lack of solidarity, even among close associates.
“Some who publicly identify with you privately distance themselves or join in unfair criticism,” he noted, lamenting that humility is often misinterpreted as weakness, while compassion is seen as foolishness.
Obi, however, clarified that his decision was not driven by personal grievances against key leaders within the party. He specifically exonerated ADC National Chairman, David Mark, and former Vice President, Atiku Abubakar, saying neither treated him unfairly.
“Let me state clearly: my decision to leave the ADC is not because our highly respected Chairman… treated me badly, nor because… Atiku Abubakar, or any other respected leaders did anything personally wrong to me,” he said.
Instead, Obi attributed his exit to what he described as a recurrence of the same challenges that plagued his time in the Labour Party, including internal divisions, legal battles, and external interference.
“The same Nigerian state and its agents that created unnecessary crises… now appear to be finding their way into the ADC, with endless court cases, internal battles, suspicion, and division,” he stated.
He further lamented that sincere contributions are often undervalued, with individuals becoming scapegoats for broader systemic failures.
“Even within spaces where one labours sincerely, one is sometimes treated like an outsider… as though honest contribution has become a favour being tolerated rather than appreciated,” Obi added.
Despite stepping away, the former governor said he continues to face criticism and attacks on his character, even as he seeks to pursue national development with sincerity.
Reflecting on Nigeria’s broader challenges, Obi questioned societal values that, according to him, often misinterpret integrity and prudent management of resources.
“Why is doing the right thing often misconstrued as wrongdoing in our country? Why is integrity not valued?” he asked.
Obi reiterated that his ambition is not driven by a quest for political office but by a desire to see a better Nigeria.
“I am not desperate to be President… I am desperate to see a society that can console a mother whose child has been kidnapped or killed,” he said, highlighting issues of insecurity, poverty, and displacement.
He concluded on a hopeful note, affirming his belief in Nigeria’s potential for transformation.
“Yet, despite everything, I remain resolute. I firmly believe that Nigeria can still become a country with competent leadership based on justice, compassion, and equal opportunity for all,” he said.
“A new Nigeria is possible.”
Source: Daily Trust
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US Threatens to Withhold 50% of Aid to Nigeria over Lapses in Security, Civilian Protection and Accountability
The United States is considering to withhold 50 per cent of its aid to Nigeria under a new legislative proposal that ties continued support to measurable progress on security, civilian protection, and accountability.
The U.S. House Appropriations Committee approved the measure as part of the Fiscal Year 2027 National Security, Department of State, and Related Programmes appropriations bill, reflecting growing concern in Washington over persistent violence in Africa’s most populous nation.
The broader bill allocates about $47.32 billion for foreign aid and diplomacy, a reduction of roughly six per cent from the previous year.
If enacted, the proposal would require the Secretary of State to certify that Nigeria is taking “effective steps” to address insecurity, protect civilians, and prosecute perpetrators before half of the allocated aid can be released.
Lawmakers linked the conditions to continued attacks by militant groups and violence affecting vulnerable communities.
The legislation also directs Nigerian authorities to prioritise support for victims, particularly internally displaced persons, and to facilitate the safe return and reconstruction of affected communities.
It calls for investigations and prosecutions tied to armed groups.
In addition, Nigeria would be required to match U.S. funding for supported programmes, effectively introducing a dollar-for-dollar framework that could increase pressure on government finances.
A committee statement said the bill aims to “hold foreign governments accountable for persecuting people of faith”, adding that assistance to Nigeria would remain restricted until “measurable actions are taken” to protect vulnerable populations.
The proposal also places Nigeria under heightened congressional scrutiny, requiring the U.S. administration to notify Congress at least 15 days before any funds are disbursed.
The bill, however, is yet to become law and must still pass both chambers of Congress and be signed by the U.S. president.
Nigeria has previously rejected claims that violence in the country is driven by religious persecution, arguing instead that insecurity reflects a complex mix of terrorism, banditry, and communal conflicts.
Nonetheless, the proposed measure signals a shift toward stricter U.S. oversight of foreign assistance and could reshape bilateral relations if approved.
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Peter Obi Weeps for Nigerian Workers, Says Minimum Wage Can no Longer Guarantee Modest Living
A frontline presidential aspirant on the platform of the opposition African Democratic Congress (ADC), Peter Obi, has regretted that the minimum wage can no longer guarantee a most modest standard of living in Nigeria.
In a post on his X handle on Friday to mark Workers’ Day, the former Governor of Anambra State said this has happened as inflation, rising food prices, transportation costs, and economic hardship continue to erode the value of honest work.
He said no nation can truly develop beyond the strength, productivity, and wellbeing of its workforce, stressing that the progress of any society rests on the quality of its human capital, the skill of its people, and the commitment of its workers.
‘When workers suffer, the nation suffers. When workers are empowered, the nation prospers,” he noted.
The presidential candidate of the Labour Party (LP) in the 2023 general elections said a productive nation must be built on justice, fairness, and respect for labour, adding that “it is the Nigeria we must work together to achieve.”
Obi said through democratic participation, the Nigerian workers have the power to shape governance and determine the future direction of the nation.
He, therefore, urged Nigerian workers to recognise the strength they hold collectively.
“But beyond their labour, workers also possess another powerful tool, their voice and their vote.
“They owe it to themselves, their children, and future generations to support and demand leadership built on competence, character, capacity, credibility, and compassion. By refusing to reward failure, corruption, ethnic division, and bad governance, they can help build a nation where hard work is respected and rewarded with dignity.
“With the support and participation of Nigerian workers, a new Nigeria is possible,” said Obi.
He saluted workers across the world, especially Nigerian workers whose daily sacrifices continue to sustain our families, communities, institutions, and national economy in the face of severe hardship and uncertainty.
