Fintech will not displace banks: Experts insist at LBS

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A faculty member, Lagos Business School (LBS), Dr. Olayinka David-West, has said that Financial Technology (FinTech) companies will not displace banks in their competition for market share and provision of financial services to customers.
She spoke at the 2018 Finance Correspondents Association of Nigeria (FICAN) Annual Workshop help at the weekend in Lagos.
David-West, who was represented by Faculty Member, LBS, Prof. Olawale Ajai, spoke on the theme, ‘Banks, FinTechs and Nigeria’s Financial Inclusion Journey’, said banks that fail to innovate will however lose their market share to the FinTechs. She said banks needed to embrace innovation if they want to succeed.
She said banks and other financial services providers are important actors in scaling up FinTech solutions. Scale is important, both financially and digitally, to include the vast amount of people and companies at the bottom of the pyramid.
Also speaking, Managing Director, Proshare, Femi Awoyemi, said banks see FinTechs more as partners than threats. He said FinTechs are supposed to provide digital financial services to the unbanked.
According to him, financial inclusion has been declining since 2014 and has widened about 20 basis points.
Central Bank of Nigeria (CBN) Deputy Director, Taiwo Oladimeji said regulation for the FinTech is done by the department adding that Nigeria’s payment system remains one of the best in the continent.

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