Fintech poses huge threat to traditional banking, says CIBN

The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State branch, has said the financial space is being revolutionized with the deployment of financial technology by Deposit Money Banks to meet the financial needs of their customers.

The Chairman, CIBN Lagos branch, Mr Kola Abdul, said in a statement that recent reports indicated that investment in technology in sub-Sahara Africa was witnessing growth.

According to him, this justifies the need to carry out a study on the real threats the growth portends for the nation’s banking industry and allied service providers.

He said, “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.”

Abdul, who described the threat as socio-economic, said the CIBN was willing to collaborate with relevant stakeholders to embark on sensitising the banking industry and stakeholders on the real threats posed by fintechs.

The Publicity Secretary, CIBN Lagos branch, Jide Iyanda, noted that the financial innovation brought on by the emergence of fintechs also came with opportunities and challenges.

According to Iyanda, these developments informed the decision of the CIBN Lagos branch to focus on fintech in its forthcoming ‘2018 Bankers and Stakeholders Nite’.

He said the event, with the theme ‘Big data, fintech and the future of banking’, would hold in Lagos, Nigeria this month.

END.

This article was earlier posted here

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