In order for Nigeria to fully profit from the opportunities the fintech sector offers, along with its peers, a Wema Bank Plc executive has asked for increased support for these businesses.
At The Fintech Summit (TFS) 2022 by Techpoint, which was held in Lagos, the bank made this decision.
Olamide Jolaoso, the bank’s Head of Data and Analytics, said during a summit speech that the nation needs several fintech companies to join forces in order to address the variety of demands.
“Some people are of the view that there are already too many Fintech companies, especially start-ups in Nigeria, but I do not agree with them. We have a population of over 200 million people with varying financial needs and appetites that are yet to be satisfied by the existing Fintech service providers. We need more Fintech companies that solve many specific problems and not just a group of Fintech companies who are doing the same few things as we currently have.”
He added that Wema Bank’s development of ALAT, which served as a base for the operation of other Fintech businesses, allowed it to position itself as a prominent player in the Fintech industry.
“Wema Bank founded ALAT, the nation of Nigeria’s first entirely digital bank, on whose platform various Fintech firms conduct business. We see the need to expand the sector and provide additional possibilities for up-and-coming players because we are a significant player in that ecosystem.
According to him, ALAT by Wema, a branchless and paperless bank, was established to alter and redefine experience banking in Nigeria’s banking industry.
“The platform has eliminated the stress of having to walk into a branch that prospective customers face anytime they want to open an account. ALAT by Wema offers them a seamless sign-up process using a mobile phone, PC or tablet. Since the release of this award-winning app, the bank’s customers, who have come on board the app, have been full of excitement as it helps them save more.”
Jolaoso pointed out that Fintech firms have already become an essential part of our daily lives, having developed apps that assist millions of Nigerians in saving, making financial transactions, investing, and purchasing insurance. He also argued that the growth and viability of the Fintech sector require more cautious investments.
“One of the many ills plaguing the Fintech industry in Nigeria is the paucity of investment in the sector. This results from the fears that industry start-ups may lack the focus and discipline that drive sustainability and profitability. For us, however, we believe that while there is a need for considerable investment to strengthen Fintech companies, there is also the need to establish adequate measurement indices to validate if these firms are meeting their goals and objectives or not,” Jolaoso concluded.
