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Nume Ekeghe
The founder of the Computer Warehouse Group, Mr. Austin Okere, expressed his optimism that Fintech companies are likely to play a larger role in the banking and financial services sectors.
Okere, said recently at a forum organized by the Chartered Institute of Bankers of Nigeria (CIBN), Lagos chapter.
According to Okere, "Customers are the most important force and represented by the outermost sector of concentric circles." 19659003] "As they tend more towards a preference for digital currencies, fintechs will tend to to play a more important role in the new face of the bank, and the regulatory regime will inadvertently tend towards the communication commissions under which the Fintechs fall. 19659003] "This will introduce regulatory confusion, as future" big banks "may not be subject to central bank regulation, as seems to be the case with the MPESA."
stated that this disruption would depend on customer behavior, adding that "if customers retain a strong appetite for traditional financial transaction instruments such as notes and coins, checks, etc., the current status quo will remain
The face of the banking sector will therefore be more or less the same and the regulatory authority will continue to be central banks.
"Between these two positions, there may be several variations, depending on the palatability and preferences of the customers, and the rate at which they are willing to accept the change."
In addition, he added : "Fintech are not the only ones challenging traditional banks for turf, retailers are also jumping into the financial services melee, for example, Amazon has launched Amazon Cash, a way to buy your site without a bank card
"This product is intended for those who are paid in cash, do not have a bank account or debit card,"
"Google is also launching a new mobile integration called Google Tez, which allows QR codes audio and thus opens the door to more basic phones other than smartphones.
Gmail application on Android will be able to send or ask for money with anybody, including those who have not d & # 39; Gmail address, with just a tap. "
Continuing, he said:" The changes coming with Blockchain will be as great as the original invention of the Internet, and this may not be overestimated. Who would have imagined ten years ago that Amazon and Alibaba's e-commerce would supplant large retailers, or that transport would be dominated by UBER, a technology platform.
On his side, the chairman of the CIBN, Lagos State Branch, Mr. Kola Abdul, said: "Banking is necessary, banks are not. It is deepened within the population over the past decade, with public opinion turning against banks after the last financial crisis of 2008 and technology opening up a range of options for financial management.
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