Takeaways From #FintechConf18: Fintechs vs Banks – Compete or Collaborate to Live!

David Afolayan
Takeaways From #FintechConf18: Fintechs vs Banks- Compete or Collaborate to Live!

The 2nd National Fintech Conference began with some preliminary events over the span of a week. However, the main event took place on January 25 & 26, 2018, at the Landmark Centre in Lagos.

The major highlights of the event were the panel discussions which provided unique platforms for major industry stakeholders to make contributions to key conversations about the Fintech space in the country.

These featured individuals such as Mr Austin Okere, Founder, CWG Plc Nigeria, Mr John Obaro, CEO Systemspecs (REMITA), Mrs Funke Opeke, CEO, MainOne Cable Nigeria and Mr Tunde Badejo, Founder, Soft Alliance, Mr Ayotunde Coker, CEO, Rack Centre. It also featured a host of other keynote speakers such as Dr Ogbonnaya Onu, Honorable Minister for Science and Technology and Barrister Adebayo Shittu, the Honourable Minister of Information.

Fintechs Versus Banks: To Compete or Collaborate?

One of the hot-button issues in the technology/finance space is the conversations around the impact of the success of Fintech on traditional banking institutions and the possibility of the small players dislodging the big players.

This issue was neatly addressed in a panel discussion themed “Entrepreneurship Stories – Developing and Sustaining Unique Digital Finance Solutions for Africa and Infrastructure Implications” and moderated by Austin Okere. The panel made very many significant points. The first is that it may not be a win-win for everyone.

It was also noted that we cannot wish away the present and emerging realities. Mr Obaro succinctly puts it this way:

Likewise, it was pointed that both the Banks as well as Fintechs will fare better when they collaborate and the customers will be happier for it.

In all, the industry veterans all agreed that if providing affordable, convenient and safe services is the goal of innovation, both the Banks and the Fintechs must use their areas of strength to improve users experience and bring more users to the table.

Other major thoughts: Convenience, Access, Education are key to Growth!

Other panel discussions and keynote presentations highlighted some important points in other areas of conversation around the Fintech narrative. These include the question of scale and efficiency.

Of course, an impressive twist was the discussion on the possible impact of Fintech on the stock markets. This, to a large extent, indicates a realisation of the importance of this innovation to regulators as well as seemingly well-regulated spaces.

In conclusion

This event has lived up to its promise of providing superior content to audiences on emerging issues in the Fintech space. I look forward to a great year for the Fintech industry made possible by improved regulations, exciting collaborations and breathtaking milestones.

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