The Central Bank of Nigeria (CBN) and the industry stakeholders have highlighted how digital technology is reshaping the banking industry and provided in-depth insights into various market trends and advances both locally and globally.
The apex bank was speaking at a forum organized by Inlaks, a leading system integrator in Sub-Saharan Africa in partnership with Temenos, the global banking software company, and HID, an American manufacturer of secure identity solutions in Lagos.
Presenting a keynote address at the forum with the theme “Banking in the Digital Age”, Deputy Director, Other Financial Institutions Supervision (OFIS) Department, CBN, Adedeji Adesemoye identified fundamental approaches that banks can use to enhance their digital capabilities.
Adesemoye itemized financial inclusion and digitization as a means that can foster innovation across products, business models and allow straight-through processing that can automate and digitize a number of repetitive, low-value, and low-risk processes. He further stressed that the need for banks to have a vision of their future, technology, infrastructure and a well-defined corporate culture are major factors that determine whether a bank is successful in this age.
In a similar vein, Head of Sales – Microfinance & Saas (Africa), Temenos, Nehal Batavia shared that Temenos has been providing innovative solutions to financial institutions worldwide for 25 years. Batavia stated that over 3,000 financial institutions use Temenos software, and among those are 41 of the top 50 banks in the world. He further shared that over 500 million end-customers rely on Temenos software in over 150 countries of the world.
Batavia said at the event that Temenos also provides innovative software solutions to banks of all sizes, “all around the world, helping them to thrive in the digital banking age”. He added that Temenos has been involved in this by building, delivering and supporting financial institutions through the world’s best packaged, upgradeable and open banking software.
In a joint presentation made by the trio of Kingsley Oseghale, general manager, Enterprise Business; Tope Dare, executive director, Sales & Strategy (Infrastructure Business Division) and Adeyemi Ademiluyi, Cybersecurity Manager, Ademiluyi stated that there was no way that the issue of cybersecurity could be left unattended to when discussing banking in the digital age.
Ademiluyi said,
“There are opportunities in this digital era, but there are also real threats in digital banking and it is important that organizations stay safe. Every day, attacks are launched at digital companies and these attacks are becoming more sophisticated.
The ‘cyber thieves’ are becoming more creative and innovative in their approach. Organisations spend thousands and millions of dollars trying to put in place security software and infrastructure to limit these threats. We have been helping our clients to stay safe using multiple steps which will keep them ahead of cyber thieves.”
The spread of mobile phones and cellular networks are facilitating easier access to financial services in hard-to-reach population and small businesses at low cost and risk in developing countries.
Managing Director and Chief Executive Officer of Sterling Bank Plc, Mr. Suleiman Abubakar, said this while delivering a paper as guest speaker at a breakfast roundtable organized by the Financial Services Group of the Lagos Chamber of Commerce and Industry (LCCI) on deepening financial inclusion through data analytics and financial technology in Lagos recently.
Abubakar, who was represented by Sterling Bank’s Chief Information Technology Officer, Mr. Olayinka Oni, noted that in the context of financial inclusion, “Fintechs hold tremendous potential, challenging old business models with greater speed, accountability and efficiency at a cheaper cost.”
He said access to financial products and services were becoming more attainable than ever for consumers that live in rural locations or regions without the equipment and infrastructure of a modern economy due to the prevalence of mobile phones and cellular networks.
Abubakar said financial institutions and fintechs could objectively use data analytics to extend credit to consumers who previously had to contend with sometimes exploitative informal credit because they had no formal credit history.
He said it was essential for a country to have strong political commitment and coordination across relevant stakeholder groups in both the public and private sectors of the economy to achieve financial inclusion.
In addition, the country must put in place wide-reaching policies that promote responsible financial access, financial capability, innovative products and delivery mechanisms, the guest speaker said.
He stressed the impact of data on financial inclusion, saying as customer transactions around the world become increasingly digitized, data analytics can shed light on patterns such as how frequently and for what purposes customers use their accounts to provide some benefits for financially excluded customers.
“Benefits that can be obtained from this approach include insights on financing, accelerating customer product adoption, improved marketing effectiveness, and agent network optimization,” he said.
The Nigerian Communications Commission, (NCC) on Thursday said it was partnering with the Central Bank of Nigeria (CBN) to sensitise customers on mobile money banking fraudsters.
Prof. Umar Danbatta, the Executive Vice Chairman of NCC made this known at the Consumer Conversation Forum held in Minna.
The forum was the fifth Consumer Conversation Forum organised by the commission within the North Central geopolitical zone.
Danbatta, who was represented by the Zonal Operations of NCC, Ms Helen Obi said it was important for the bank to talk to other banks to sensitise their customers on the issue.
According to the NCC boss, the sensitization is not to allow customers fall prey to fraudulent banking activities, especially as it regards to the disclosure of their Bank Verification Number (BVN).
“We entered a Memorandum of Understanding with the CBN to try and sort out the challenge customers are having with mobile money banking, especially with BVN.
“The reason for the MOU is to enlighten them to ignore deceitful or fraudulent message if sent to their mobile phones,’’ he said.
Danbatta said that the Consumer Conversation Forum was aimed at protecting, educating and empowering telecom consumers to know their rights as they played a strategic role in ensuring sustainable growth and development in the telecom sector.
He said that the commission was not leaving any stone unturned in ensuring that consumers got satisfaction from the services rendered by their telecom operators.
He debunked insinuations that the telecom masts transmit hazardous radiation as widely believed, saying `it is wrong’’.
“The antenna is positioned far away from human reach, therefore doesn’t pose any risk to human life.
“The commission has put in place guidelines that regulate the installation of telecom masts as well as consideration of environmental factors.
“Empowering the consumer is one of the commission’s driving forces for the year having declared it as the Year of the Telecom Consumer,” he said
He urged consumers to take advantage of sending “STOP” to the 2442 code to stop all unsolicited text messages, or “HELP” to the same code to be availed with options of interest.
He called on consumers to make their complaints to the commission via its toll-free line -622 if they were not satisfied with services from their telecom operators.
One of the participants, Mr Abdulahi Musa, the Desk Officer, Abdulsalami Youth Centre, Minna said that the forum was an opportunity for consumers to discuss the problems they encountered in their networks.
Musa said that the forum was a welcome development, adding that NCC should ensure that it was taken to every zone in the country.
Another participant, Mr Ahmed Bello said that NCC should ensure that all problems discussed in the forum were given adequate attention.
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