Partnerships to Drive Nigeria’s Fintech – Alebiosu

Managing director and chief executive of First Bank Nigeria, Olusegun Alebiosu, has underscored the importance of strategic partnerships in driving Nigeria’s financial technology landscape forward, this is as Lagos State Governor, Babajide Sanwo-Olu commended the bank for its commitment to advancing technology within the financial ecosystem and its pivotal role in promoting financial inclusion.

Speaking at the FirstBank FinTech Summit 6.0, themed ‘Banking on Partnerships’, Sanwo-Olu who was represented by the Commissioner, of Innovation Science and Technology, Lagos State Government, Olatubosun Alake said: “Digital innovation is also driving healthcare, food systems, commerce the list is endless. First Bank, fortunately, has been at the forefront of digital banking for many years, and we must commend their efforts in fostering an environment of innovation.

“Their willingness to lead these conversations, to bring us all together, shows a deep understanding of the importance of partnerships in this digital age. Whether it is in banking, insurance, technology, or government, collaboration is no longer optional; it is essential. We are all pieces of a larger puzzle, and our success is intertwined.

“I must commend the team at First Bank of Nigeria for putting together such a thoughtful and impactful event. This year’s theme, Banking on Partnerships, could not be more timely, especially when our industries, economy, and society are in desperate need of more value-creating collaborations, innovations, and shared solutions.

On the deployment of road management systems, he said: “In traffic management, we have implemented intelligent transport systems that address issues such as expired registrations. I’m sure some people have received text messages that their inspection or registration has expired. This is just the beginning. Subsequently, as we speak, we are deploying other intelligent transport systems, such as red-light cameras and speed cameras, which have already started, as well as indiscriminate lane change detection devices, currently being installed.”

In his address at the summit, Alebiosu emphasised that the convergence of finance and technology presents an unparalleled opportunity to spur growth, foster innovation, and improve efficiency. He noted that FirstBank’s legacy of technological innovation was a focal point and that First Bank pioneered the use of ATMs in Nigeria in 1991 and has since introduced a series of milestones, including biometric and cash deposit ATMs in 2011, achieving a record-breaking 100 million monthly transactions in 2015.
Alebiosu reiterated that the bank has continued to advance in digital transformation with the establishment of its Digital Innovation Lab in 2018 and the recent launch of an AI-enabled virtual assistant.
“As we navigate the rapidly evolving landscape of the financial services industry, it has become increasingly clear that collaboration and partnerships are key for the bank itself to unlock the full potential of its digital and information age.
“The intersection of technology and finance presently unparalleled opportunities for growth, innovation and improvement. That is why we’re excited to meet together the brightest minds and most forward-thinking organisation to share ideas, and explore opportunities.