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Home Business News

Fidelity Bank to drive retail strategy via open banking

Joseph Olaoluwa by Joseph Olaoluwa
August 19, 2019
in Business News, Politics
Fidelity Bank Plc ,CEO Nnamdi Okonkwo, Fidelity Bank Plc growth plan, SMEs funding

CEO, Fidelity Bank Plc, Nnamdi Okonkwo

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In order to sustain its growth as a digital-savvy bank, Fidelity Bank has signed a Memorandum of Understanding with Open Technology Foundation. Through the MoU, both companies will collaborate to develop a programming interface for the bank’s financial operations through open banking.  

 In a statement released by the CEO of Fidelity Bank, Nnamdi Okonkwo, the move was a step in the right direction with the satisfaction of customers in mind. 

“As a digitally innovative and forward-thinking bank, we believe in the importance of investing in digital technologies and its significant contributions to shaping the future of banking globally.” 

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“Therefore, this partnership with the Open Technology Foundation for the adoption of a standard, industry-wide API is a step in the right direction and is in alignment with our commitment to digital innovation, for the satisfaction of our customers.”

 Why this matters: This move was carried out in order to deepen retail strategy, cut cost and improve revenue for the digital-inclined customers that rely on technological advancements to cater for their needs. 

 About Open Banking: Open Banking is a financial transparency system that provides a user with a network of financial institutions’ data using application programming interfaces (APIs) majorly built by third-party developers. 

[READ ALSO: Two insurance stocks to keep an eye on this week]

Nigeria’s Open Banking System defines the processes that outline how financial services should be created and accessed. It helps customers to share financial details without risk among other financial institutions. 

 About Open Technology Foundation (OTF): It is a non-profit organisation established two years ago by a group of bankers and fintech experts to drive Application Programming Interfaces (APIs) for the country, most especially financial institutions. 

The Foundation was established to also: 

  • provide a sandbox and other testing tools for certification;
  • promote the adoption of an Open Banking standard with stakeholders across Nigeria; and 
  • enable further innovation in the financial services industry.

[READ ALSO: 5 things Buhari’s new Finance Minister must do within 100 days]


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Tags: Fidelity Bank PlcFinTechOpen Technology Foundation
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Greenwich NSE, Dangote lauds Buhari over Economic Advisory Council Africa’s richest man and President of Dangote Industries Limited, Alhaji Aliko Dangote, has lauded the President Muhammadu Buhari over the formation of the Economic Advisory Council (EAC). Dangote commended the president for constituting a council that will advise him on the nation’s economic growth and overall development. He said the move was a proactive one capable of elevating Nigeria’s economy to greater heights. Speaking during the inauguration of the new secretariat of the Chemical and Non-Metallic Products Employers Federation, the billionaire urged the Federal Government to take advantage of the rare opportunity to strengthen the economy and put the country on the path of growth, job creation and competitiveness. https://punchng.com/dangote-hails-buharis-economic-advisory-council/ Dangote also hailed the members of the council calling them tested and respected patriots. According to him, they were independent and ever willing to put the country’s interest first and ahead of themselves. Recall that Nairametrics reported that President Muhammadu Buhari constituted an Economic Advisory Council (EAC) that was disclosed in a press release signed by the Special Adviser to the President on Media and publicity, Femi Adesina. https://nairametrics.com/2019/09/16/breaking-buhari-constitutes-new-economic-advisory-council-as-soludo-rewane-make-list/ Those who made the list are Prof Doyin Salami as the chairman, Dr Mohammed Sagagi as Vice-Chairman of the Council and Dr Mohammed Adaya Salisu as the Secretary. Other members are Prof Ode Ojowu, Dr Shehu Yahaya, Dr Iyabo Masha, Prof Chukwuma Soludo, and Mr Bismark Rewane. What you should know: The advisory council will replace the current Economic Management Team (EMT) and will be reporting directly to the President. The Economic Advisory Council will be tasked to advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies. Similarly, the team will have monthly technical sessions as well as scheduled quarterly meetings with the President. However, the Chairman may request unscheduled meetings if the need arises.

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