Home Banking Fintechs pose new challenges to traditional banking – CIBN

Fintechs pose new challenges to traditional banking – CIBN


The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State branch, has said that the spate of increasing deployment of financial technology by banks to offer real time services and products to their customers will re-define the future of banking in the country.

The Chairman of the Lagos branch of the professional body, Mr. Kola Abdul, stated that recent reports indicated that investment in technology in sub-Sahara Africa and deployment in the banking sector was witnessing much growth such that the old ways of banking may be threatened.

Noting that the increasing trend of massive deployment of technology in the industry has continued to change the banking systems, Abdul pointed out that there was the need to carry out researches or studies on the real threats the growth portended for the nation’s banking industry and allied service providers.

He stated: “As relevant and transformative as financial technology is to the financial service providers globally, the threat it poses to the traditional banking industry is huge and must not be overlooked.”

The banker said that the CIBN was willing to collaborate with relevant stakeholders to senitise the banking operators and stakeholders on the socio-economic threats posed by fintechs and the best ways to mitigate them.

Meanwhile, the issues as they relate to the emerging trend in fintechs have made the CIBN Lagos branch to focus on fintech in its forthcoming ‘2018 Bankers and Stakeholders Nite’.

The theme of the event is ‘Big data, fintech and the future of banking’.