For the first time in history, the Chartered Institute of Bankers of Nigeria (CIBN) has collaborated with the FinTech Association of Nigeria (Fintech NGR) and FinTech Development and Advocacy Initiative (FSI), to create Fintech Certification Programme.
Representatives and members of CIBN, FinTech NGR, and FSI witnessed the signing of the new Fintech Certification agreement on Thursday in Lagos at the Bankers House, Victoria Island, based on NAN reports.
The goal of the Fintech Certification Program is to educate industry participants about the value of utilizing technology for financial inclusion and expansion.
The initiative is expected to be a further step towards the realisation of the mandate of the institute to promote professionalism, whilst enhancing knowledge and competencies in the financial services ecosystem, according to the CIBN.
What they are saying
Dr Ken Opara, President/Chairman of CIBN, said “Under this Agreement, the three institutions have come together to award Fintech Certification, which offers an excellent opportunity to bridge the tech talent gap and indeed further drive the implementation of the Competency Framework in the banking and finance industry in Nigeria.”
He mentioned that “this is the first time the institute is collaborating with two partners at once for the provision of a certification”. He also added that “this is the first collaboration agreement to be executed during my tenure.”
Opara stated that the banking Institute’s function was to act as a bridge to foster goodwill among all participants (banks, fintech, and other financial agents) in the financial services sector.
He stated that this would be accomplished through programs that increase capacity, training, the creation of content, advocacy, and sound corporate governance principles.
He said, “we plan to among others, institutionalize Fintech Certification in collaboration with other credible bodies to sharpen the minds and awareness of industry players in optimising technology for financial inclusion and growth.”
Mrs Aituan Kola-Oladejo, Executive Director, FSI, who described CIBN as a “forward-thinking institution,” said the signing of the agreement would sharpen the FinTech industry.
She said, “this agreement will open the gate for more FinTech innovators into the FinTech ecosystem, as what was lacking was trust.”
Mr Ade Bajomo, President, of FinTech NGR, said the partnership was a historic moment for FinTech NGR. She said, “If you cast your mind back only a few years ago, people were wondering whether FinTechs will take over banks and whether banks will still exist.
“But I think we are getting down to a point where you can see that both FinTechs and banks will coexist, they will co-compete and of course, there will be banks that will be more successful because they’re agile, and there will be FinTechs as well that will be successful because of tapping opportunities that perhaps the banks cannot see.”
According to Bajomo, the field of banking is well-regulated and has a strong culture of capacity building and knowledge building among other things. He also noted the need to develop the capability of Nigeria’s FinTech companies.
