Fintech
By Oluwatosin Areo
CBN added that consumer protection is key to developing a sustainable Fintech ecosystem, while introducing new service models to Nigerians.
Director, Payment Systems Management, Central Bank of Nigeria (CBN), Samuel Okojere, said it is the role of all to ensure that disruptive innovations do not create instability in the financial system.
He made this remark in Lagos on Wednesday, at the First Edition of the Lagos FinTech Week 2019, with theme, “FinTech: Exploring the huge opportunities.”
Okejere noted that Fintechs would catalyse drastic change in consumer payment behaviour, enhance market confidence and drive financial inclusion in the country.
“Looking at the adoption of innovation such as artificial intelligence and big data in enhancing service options for consumers of financial service, we have to evolve regulatory approaches as well.
“The convergence of platforms, product and services through digitisation demands that regulators should evolve a simplified inter-regulatory agency platform to support the dynamic fintech landscape,” he added.
Group Head, Switching and Processing and Terminal Services, Xpress Payment, Oluwatoyin Albert, noted that financial transactions have grown in volume and also in value, however, added that the available infrastructure are not sufficient to bear the increases.
“There are different players in the payment space in the transaction chain. We all need to work together to ensure that we add value by increasing capacity when necessary. We also need to ensure a seamless transaction happens on the PoS,” she added.
On Xpress Payment offerings, Albert said since it began operation in 2016, it has been able to impact the industry positively.
“We are a payment solution provider that for like government and private or corporate entities. We have the transaction switching and processing license that enables us move payment transaction from one entity to another.
“In Xpress Payment, we believe that the future of money is going to be about innovation and money is definitely going to change form.
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We promise an end-to-end experience and intend to present a smarter living. Experience determines the trust so we bring excellent service into bear,” she added Albert stressed that there is need to collaborate and ensure that we have products that actually meet the need of customers are offered. “Consumer behaviour is changing and it will continue to change. Before now, the e-payment space gives what they have but now customers make demand.
“Fintechs have made transactions easier, and movement of funds is easy for everybody. That helps to grow the economy,” she added.
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