Explore new technology to attract unbanked Nigerians, says expert

• Nigerian banks have been urged to leverage on the huge population of the unbanked to design a banking system that can bring banking closer to the people via financial technology. Brett King, New York-based international author and Chief Executive Officer of Moven, a mobile banking start-up, said this at an Interswitch-sponsored 2-day Product Fair and Industry conference, themed, “ Digital Transformation Imperatives: Innovative Evolution or Disruptive Innovation?” in Lagos, recently.
• Brett, who was a keynote speaker at the conference, noted that there is a greenfield opportunity to introduce new technology in Africa, especially in Nigeria as 1.4 billion people are still unbanked. He,however, expressed concern about the devastating effect smart technology will have on employees. “Technology has made many changes. There is the disruptive side of technology. By 2040 we are going to have machines that are smarter than humans. With a smart watch, you can predict that someone will have a heart attack in the next two years.There are going to be more robots than humans in 2035.We are going to have robots that will drive cars and those that will be cheffs. These are products of artificial intelligence,’’he said.
• On fears expressed in certain quarters that Fintech may pose a threat to the continued existence of banks , the CEO of Paystack, Sola Akinlade, opined that banks and Fintechs can coexist. Akinlade says Fintech provides alternatives for bank users who want faster solution to their problems, stating that there’s a new value to be created.
• On his part, the Deputy Director, Banking and Payment system, Central Bank of Nigeria, Musa Itopa, says banking and technology are inseparable as CBN is bracing up to catch up with changes in technology. Itopa said most of the services customers enjoy are from their devices, and technology companies and banks can interplay.
• The conference, which focuses on customer engagement across SMEs, government agencies, financial Institutions, tech community, media and original equipment manufacturers, will be rounded off on Friday.