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CIBN Cautions Nigeria On Threats Of Fintechs

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Leadership Nigeria News Today

The Chartered Institute of Bankers of Nigeria (CIBN) Lagos State branch has called for a look at the threat the growth of financial technology poses to the Nigerian banking system.

Noting  that investment in the technology in the Sub-Saharan Africa was witnessing growth, the Lagos chapter of the institute said  the financial space has been revolutionised with the deployment of financial technology by deposit money banks  (DMBs)in meeting the financial needs of their teeming customers.

Chairman, CIBN Lagos branch, Mr. Kola Abdul, in a statement yesterday said the growth of fintech in the country had thrown up the need to carry out study on the real threats the growth portends for the nation’s banking industry and allied service providers.

“As relevant and transformative as financial technology is to the financial service providers globally, the threat it poses to the traditional banking industry is huge and must not be overlooked,” he said.

He described the threat as a socio-economic, stating that the branch, in collaboration with its parent organisation, was willing to collaborate with relevant stakeholders to embark on sensitisation of banking industry on the real threats posed by fintech.

Publicity secretary, CIBN Lagos branch, Mr. Jide Iyanda, on his part noted that the financial innovation brought by the emergence of fintechs also came with its opportunities and challenges.

According to Iyanda, the developments informed the reasons the Lagos branch of the CIBN , in its forthcoming “2018 Bankers and Stakeholders Nite” is focusing on fintech. According to the statement, the one- day event which has the theme: “Big Data, Fintech and the Future of Banking,” will hold in Lagos in July.

The annual Lagos bankers and stakeholders’ event has become a veritable platform where topical national issues bothering on economy, banking industry and enterprise risk management are being thrashed out by experts in the fields.



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