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Osinbajo: What banks must do to challenge Fintechs

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Nigeria’s Vice President, Prof. Yemi Osinbajo, has stressed the need for banks in the country to carry out urgent reforms so as not to be caught off-guard by rising innovations in financial technology space, noting that the effect of new innovations in fintech was inevitable.

Speaking at the Africa Investment Forum which was organised by the African Development Bank in Johannesburg, South Africa, he stated that fintech would disrupt the financial space and apart from reforms, banks could avoid being affected negatively if they also invested in fintech companies.

According to him

“They have to invest in some of the fintech companies themselves, and they have to see this revolution as inevitable . I think what we are seeing today is the reform around that space, and many of the banks are looking up and understanding that this is going to happen, and it’ s already happening.”

He, however, allayed fears of the banks, noting that even though the quick convergence between technology and financial products was happening faster than many of the banks could cope with, the government would work with them to ensure the development of the sector, assuring that there would be effective regulation for consumers and the space.

President of African Development Bank (AfDB) Group, Dr Akinwumi Adesina, had in his opening address said the goal of the forum was to allow investments land smoothly on investment runways in Africa, adding that the forum was a 100 percent transactional platform to develop projects, derisk deals, fast-track the closure of deals and improve the business environment for investments to thrive on the continent.

The Africa Investment Forum (AIF) is a meeting place for investors interested in Africa. It showcases bankable projects, attract financing, and provide platforms for investing across multiple countries.

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