Financial sector is under intense pressure from FinTech firms – FITC

FITC, a professional services firm owned by the Bankers Committee, has said that the Nigerian financial services sector has come under intense pressure from Financial Technology (FinTech) firms.

This was disclosed by its Managing Director, Chizor Malize, in a statement issued to announce the FITC TechNovate Conference 2021.

She said, “The Nigerian financial services sector has come under intense pressure from Financial Technology (FinTech) firms, which are agile and innovative firms leveraging technology to deliver tailored financial service offerings to consumers and corporates.”

Malize explained that the increasing use of smartphones, internet penetration, large unbanked and underbanked population, among other factors have also led to rising acceptance of FinTech services by bank customers.

“Still, the Fintech sector remains largely unregulated, with stakeholders yet to develop an acceptable regulatory framework for the sector. The FITC TechNovate Conference will attract the brightest minds in the financial system, within and outside Africa.

“The landscape of financial services is undergoing a paradigm shift, giving rise to new technology innovations, process disruptions and a landscape redefined by FinTech disruptors.

To take advantage of the opportunities ahead, financial institutions must implement novel strategies that will give them a competitive edge in today’s business environment. The two-day virtual conference will provide opportunity for participants and speakers to discuss topical issues in the FinTech and financial services ecosystem,” Malize said.

According to her, the FITC TechNovate Conference speakers are made up of local and international C-suite Executives, Subject Matter Experts, Thought Leaders, regulatory agencies, Digital Transformation specialists, insurance, investment companies, tech units of banks, financial inclusion specialists, and payment systems leaders.

The distinguished host for the programme is Aishah Ahmad, the Central Bank of Nigeria (CBN) Deputy Governor Financial System Stability while the keynote speaker is Adebisi Shonubi, CBN Deputy Governor, Operations.

The TechNovate Conference 2021 speakers include Konstantinos Tsanis, Digital Transformation & Fintech Specialist, International Finance Corporation (IFC), Ganiyu Musa, Managing Director/CEO Cornerstone Insurance, Niyi Ajao, Deputy Managing Director, Nigeria Interbank Settlement System (NBSS), Mitchell Elegbe, Founder & Group Managing Director, Interswitch, Ashely Immanuel, Managing Director/CEO Enhancing Financial Innovation and Access (EFInA).