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Experts Advise Banks, Others on Tech Devices’ Usage

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Fintech - Investors King
  • Experts Advise Banks, Others on Tech Devices’ Usage

Experts in the banking and other financial institutions have said that financial institutions are being directly positively affected by rapidly expanding innovation.

They said this had the potential to disrupt the strategy and business models of many financial institutions globally.

The experts noted that these developments in financial technology in addition to impacting on businesses could also affect the direction of regulation in the financial services industry.

They spoke during the 2018 CBN-FITC continuous education programme for directors of banks and other financial institutions in Lagos.

The Chairman, FITC Board, Mrs Aisha Ahmad, said that the growing Fintech adoption as evidenced by an upsurge in the number of new business start-ups, user cases and applications developed were partly attributable to the surge in e-commerce and increasing migration to smartphones.

“Research provides strong evidence that financial technology could transform existing business models and invent new forms of businesses in a profound way,” she said.

According to her, a challenge policymakers contend with is the need to manage sometimes conflicting priorities such as market growth, competition and safety in the financial system.

Ahmed explained that striking that balance might involve altering mature regulatory structures; defining how non-traditional financial service providers such as technology companies and retailers could fit within these structures; creating agencies, licences, or rules to oversee innovation; or fostering desirable financial services.

Whichever approaches regulators chose could have substantial effects on people’s financial well-being, she added.

She said it was cogent to examine the opportunities and threats in the emerging disruptive financial technologies in the marketplace, as well as stimulate ideas on other critical issues necessary for sustainable value creation by boards.

Although innovation is fundamentally a neutral force, the FITC chairman said its consequences could be clearly positive, facilitating consumer transactions, as the ATM did start in the 1960s, or markedly negative, such as when novel forms of mortgage-backed securities helped cause the great recession of 2007/2008.

She said the CBN-FITC event provided another opportunity for directors of banks and other financial institutions in Nigeria to further enhance their skills while providing the opportunity to interact with industry regulators, directors of other financial institutions, as well as experienced subject matter experts.

“This edition of the programme, being the 13th in collaboration with the CBN and FITCs 34th edition from 1985, has been designed to bring stakeholders together, to explore the complexities of financial technology and provide insights to directors on how best to provide oversight for this emerging potentially disruptive area, while assessing and utilising this technology for smart growth and sustainable long-term value creation.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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