Heritage Bank Plc has stressed the need for sustained collaboration between banks and financial technology companies (fintechs). This will support Central Bank of Nigeria’s (CBN) drive for financial inclusion and promote economic growth.
Managing Director of Heritage Bank, Mr. Ifie Sekibo, said this while delivering a goodwill message at the 2018 Annual National Conference of the Finance Correspondents Association of Nigeria (FICAN) held in Lagos, recently.
Sekibo, was represented at the event by the bank’s Divisional Head, Corporate Compliance, Mr. Wumi Adeniyi.
Sekibo, pointed out that over the years, Heritage Bank has developed solutions to promote financial inclusion.
He said Heritage Bank had taken bold steps to boost the CBN’s initiative of reducing the numbers of unbanked Nigerians the country, by offering financial services to the nooks and crannies of Nigeria thus providing access to the under-served markets.
“We all agree that our target is to achieve acceleration of financial inclusion. Those who are financially excluded are majorly technologically excluded.
“That means that we cannot push financial inclusion if we do not also push technology inclusion. We believe that by partnering fintechs, the financial services industry will push for inclusion and improve the economy. “That is because the financially excluded persons actually constitute a gap in the financial system and there is no way we can create a perfect economy except we bring all these people on board.
“Another issue is that the older generation is averse to technology because they have not been exposed to it and the fear of fraud. The CBN and the banks will continue to improve on our technology space.
“We might still have issues, but with the creation of the Consumer Protection Department of the CBN, the customers are sure of protection.”
Heritage Bank Plc, has entered into a partnership with the Lagos branch of the Chartered Institute of Bankers (CIBN) to host the 2018 Lagos Bankers & Stakeholders’ Nite.
General manager and chief compliance officer of Heritage Bank, Mr. Wumi Adeniyi, who disclosed this in a statement at the weekend, said the bank decided to support the Lagos Bankers’ Nite initiative because the event will foster a robust engagement among professionals in the sector as well as customers of banks.
“We take very significant recognition of the fact that we are a bank which must interface with our colleagues and customers at a time like this. It is a significant event in the calendar of the banking community in Nigeria and Heritage Bank, being a member of that community, must participate in it and we have supported the initiative over the years.”
The guest speaker at the event, Mr. Austin Okere, founder/ executive vice chairman of CWG Plc, in his paper entitled: “Big data, Fintech and the future of banking,” noted that the evolving technology which goes beyond financial application is expected to disrupt global supply chain by boosting transaction schemes across borders and improving the transparency of the process.
He said the technology uses the blockchain technology which has created the backbone of a new type of internet which was originally devised for the digital currency, remarking that it is this technology that Fintechs are leveraging to disrupt traditional banks.
He noted that the most disruptive application of the blockchain technology would be in the financial sector as consistent complaints about banks have reached a crescendo in recent times.
According to him, after centuries of receiving deposits and making loans, two customer groups have emerged, and both are calling for a change. The first group comprises of under-banked adults while the second comprises of members of the elite who believe that the relationship is absolutely skewed in favour of the banks.
He said the biggest threat to banks is the perception that they can always make profits even in times of economic downturn when the real sector of the economy suffered the most.
Okere contended that this has led many banks to believe that they are invincible, that is now characterized by loss of touch with customers.
He said the way forward for the banking industry is to collaborate with Fintech companies to deliver financial services because Fintechs have taken over financial services up to a third percentage of the population in volume and in value in countries like Kenya and China.
Also speaking, the chairman of the occasion, Mrs. Foluke Abdul-Rasaq, a director with United Bank for Africa (UBA), observed that a strong banking system is imperative to the economic growth of any country. She stressed that the strength of the sector will depend on the confidence of its practitioners.
Earlier in his address of welcome, Mr. Kola Abdul, Chairman, CIBN Lagos State Branch, reminded the audience that Bill Gates, the world’s richest man, once said in the mid-90s that banking is necessary, but banks are not.
Abdul said this sentiment has deepened among the population over the last decade with public opinion turning against banks. According to him, technology has begun to open a range of options in financial management following the financial crisis of 2008.
ISO 27001 is the current international benchmark for Information Security Management
Heritage Bank Plc, Nigeria’s most innovative banking service provider, has achieved the Information Security Management Certification from International Standards Organisation (ISO).
This certification also known as the ISO 27001: 2013 is part of the ISO 27000 family of standards which helps organisations keep information assets secure.
The certification was achieved on the heels of the bank’s drive to revolutionalise the banking sector digital experience with Octopus, by putting in place a systematic approach to managing sensitive organisational information, ensuring it remains seamless, secure and available.
The Octopus platform owes numerous benefits to the users, thereby enable small businesses key into electronic payment system easily, efficient collections, social integration, retention strategy, bills payment, mobile virtual top-up, funds transfer, balance inquiry, movie show time, news.
With the introduction of Octopus, the ISO 27001: 2013 Information Security Management Certification is proof of the Bank’s demonstrated ability to consistently provide products and services that gives service consumers and customers an easily recognizable security hallmark.
Speaking on the award received, The MD/CEO of Heritage Bank Plc, Ifie Sekibo reiterated the bank’s commitment for secured services, whilst assuring customers that their information is appropriately protected and, as such, reduces the need to undertake time consuming and costly onsite security audits reducing time and cost for both parties.
According to him, the certification demonstrates credibility and trust, which reduces customer and supply chain audit and ISO 27001 certification reduces third party scrutiny of your Information Security Management by customers and the wider supply chain.
“The achievement of ISO 27001 will differentiate two competing organisations in the market place, providing a valuable competitive advantage. Increased legislative and regulatory compliance ISO 27001 supports compliance with relevant laws such as the Data Protection Act 1998 and software copyright legislation. This in turn reduces the risk of facing prosecution and fines. An organisation’s liability in security incidents may be reduced if it is certified ISO 27001 compliant,”
He further explained that it reduces customer and supply chain audit, stating that ISO 27001 certification reduces third party scrutiny of your Information Security Management by customers and the wider supply chain.
As ISO 27001 is the current international benchmark for Information Security Management, it is increasingly recognised that compliance with the standard is supportive evidence of adequate security. Considerations and outcomes To achieve ISO 27001 certification, an organisation must produce documentation that demonstrates that it has developed an Information Security Management System that complies with the standard. Organisations should consider producing most of this documentation even if they are not going for certification as it provides a best practice approach for compliance as well.
There are three key issues to note about the standard: Its generic requirements mean that it is applicable to all organisations, regardless of size, type or nature.
However, you tailor it to the exact needs of your organisation through the information security controls that you select to implement within your Information Security Management System. It takes a flexible, risk-driven approach.
It is dynamic – it focuses on continual improvement and helps the organisation keep ahead of changes both within and outside the organisation.
Heritage Bank Plc, Nigeria’s most innovative banking service provider has taken a bold step to revolutionalise the banking sector with the introduction of an advanced intelligent digital experience known as Octopus.
The solution which is full-fledged digital bank, has been described by financial technology experts as a game-changing innovation that is poised to connect all your bank accounts with your Debit Card details or account holder information.
Octopus by Heritage Bank represents an omni-channel multi-platform experience squarely targeted at the customers of tomorrow; young, smart, professional, tech savvy pioneers of the new digital economy. Bank agnostic, Octopus will provide all customers of any Nigerian Bank the opportunity to access a platform that consolidates and connects all their Bank accounts delivering convenience and ease of access on an innovative platform and digital community
It is designed to deliver omni-channel user experience across multiple devices; where most of customer’s daily city activities (banking, cinemas, stock markets, social interactions, churches, universities, meetings, restaurants, utility [e.g. DSTV, PHCN], fans clubs, associations and any other communities) have been digitized and consolidated.
It serves as a single window into several players of the same industry and it is embedded in the same social media platforms where people are such as Facebook and Telegram.
Announcing the launch of Octopus, the Managing Director of Heritage Bank, Ifie Sekibo described this initiative
“as a truly intelligent adventure that does everything differently. According to him, Octopus is an intelligent digital experience that combines digital transactions and a community lifestyle that empowers customers with the power to build their world and perform digital transactions how they want.”
He further added that Octopus would be available across all major platforms, including the revolutionary Octopus Bot on the Telegram platform, Facebook as well as Octopus Apps on the Google Play store (for Android) and Apple store (for iOS), which could be used by non-Heritage Bank’s customers.
All the information customers would need to begin to enjoy the Octopus service is available on www.octopus.ng
The platform owes numerous benefits to the users, thereby enable small businesses key into electronic payment system easily, efficient collections, social integration, retention strategy, bills payment, mobile virtual top-up, funds transfer, balance inquiry, movie show time, news.
Other benefits involve, engage customers, send messages, aadvertise, auto reminders for due payments, sell products, visible to millions, automatic product recommendation, create any kind of community and engage them freely.
Some of the transaction types including both domestic and Intra-Africa, the transaction channels are mobile devices, tablets and desktops, whilst the acquiring platforms are Mobile App, mobile USSD-based App and internet banking.
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