FirstBank Enhances Financial Inclusion With Fintech Summit

By Our Correspondent

First Bank of Nigeria Limited recently held virtual conference known as FirstBank FinTech Summit 4.0, with a theme: “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria”.

According to the foremost financial institution, the programme was aimed at deepening e-payment and enhancing financial inclusion in the country.

Speaking at the event, Group Executive, e-Business & Retail Products, Chuma Ezirim, said FirstBank has already adopted the open data policy, and is partnering with Fintechs in getting more customers into the financial system.

“We work closely with Fintechs, and our relationship with them is mutually beneficial. If you are a Fintech and you want to leverage on our data to get more people into the financial system, we will oblige you and ensure that whatever agreement we reach with you on your business idea is protected,” he said.

Speaking on the event, Deputy Managing Director, First Bank of Nigeria Limited, Mr. Gbenga Shobo said: “At FirstBank, we have been at the forefront of employing technology in the delivery of financial services in the country exemplified by our various products and services such as FirstMobile, USSD Banking services, FirstMonie Wallet, FirstMonie Agent Banking, FirstAdvance loans provisions.

The CBN recently promoted the use of regulatory sandbox which is a formal process for firms to conduct live tests of new, innovative products, services, delivery channels, or business models in a controlled environment, with regulatory oversight, subject to appropriate conditions and safeguards.

This would enable the bank stay abreast of innovations while promoting a safe, reliable and efficient Payments System to foster innovation without compromising on the delivery of its mandate.

He said the CBN has already released a framework that defines the establishment, rules and operations of a Regulatory Sandbox for the Nigerian Payments System in order to promote effective competition, embrace new technology, encourage Financial Inclusion and improve customer experience, with a view to engendering public confidence in the financial system.