DigitalPayExpo is an event set to promote the interest of stakeholders in the banking and finance sector, particularly those involved in fintech and innovation as change enablers.
This DigitalPayExpo conference and exhibition is designed as a hybrid event but with a focus on the physical gathering, now that the economy is back in full swing.
One of the most exciting new applications to be launched in the payment world is contactless payment. The technology is already available and waiting in the wings to help card-based payments eat further into the cash market. Contactless payment promises to deliver a return on investment to banks, enables differentiated services and increased revenue for retailers, and offers speed and convenience to cardholders.
Giving the opening remark, Mr. Bello Hassan, the Chief Executive Officer of NDIC who is represented by the Director of the Communication and Public Affairs Department at NDIC, Mr. Bashir Alhassan Nuhu spoke on the theme, “Financial Inclusion in Nigeria”.
According to Bashir, the conference aligns with the rapid expansion of the digital financial services and payment systems that have revolutionized the banking and finance sector. This advancement presents us with tremendous opportunities and possibilities for consumers, operators, and regulators alike.
He noted that in 2010, 46% of the adult population was financially excluded and by 2011, Nigeria pledged to reduce the percentage of financially excluded adults from 46% to 20% by 2020. To bridge the gap, the Central Bank of Nigeria established the National Financial Inclusion Committee (NFIC). They work together to meet the NFIC goal. He added that NDIC ensures that depositors’ funds are protected and re-reimbursed in case of bank failure.
Taking over from him was the Director of the Payment System Management Department at the Central Bank of Nigeria (CBN), Musa Jimoh, who shared his insight on the contactless policy and financial inclusion and the policies and strategies driving financial inclusion through contactless technology.
Speaking further, he urged operators to consider two things when building a contactless solution. One is risk and the other is consumer protection. He also urged them to build trust as it would help their customers feel more at ease.
DigitalPayExpo: The Future of Contactless is Already Here! Cashless Society
Managing Director, of Remita Payment Services Limited, Deremi Atanda took on the audience on the team “The future of contactless is already here! Cashless Society” – Accelerating cashless through Contactless” According to him, Cashless will be driven by contactless and this will enable the audience to identify and leverage the drivers of cashless adoption. He also gave an insight into the future of contactless technology in Nigeria and Africa as a whole.
Without much ado, a virtual panel session with the theme, “Driving collaboration for the adoption of financial technology in Africa” was dived into with the Chief Operating Officer of the FinTech Association of Nigeria (FinTechNGR) as the moderator.
DigitalPayExpo: Virtual Panelist Session:
- Lavina Ramkissoon – Chairperson of the Board at the Fintech Association of South Africa
- Ali Hussein Kasim – Chairman, Association of Fintech Nairobi, Kenya
- Martins Kwame – President Fintech, Accra
- Zianah Muddu – Secretary General, Fintech Network – Kampala, Uganda
When asked, “Is the adoption of technology an option or a must in Africa?”, Lavina said the adoption of technology is a must for the survival of the continent. She added that access and affordability are key areas we must look into if we want financial inclusion to grow. She also added that financial inclusion provides equal economic opportunity for everyone, which is why most of us are in the space. There are so many opportunities around us, and it will not be nice of us if we do not take advantage of them. So everyone should come together and create what this financial inclusion opportunity means for us.
When asked how African leaders can key into this, she said, “We have used cases we can go back to from a regulatory perspective and merge them”.
“For us to have adoption, there must be a collaboration between innovators and regulators. How then do we deepen the collaboration?”
Responding to this, Ali Hussein Kasim – Chairman of, the Association of Fintech Nairobi, Kenya said,
“There are lots of divisions in the system and this includes innovators not carrying along the regulators except when they need a license, which is not very bad, the policymakers and regulators coming up with structures without also involving the tech/fintech industries, the investors not appreciating and understanding what is going on in the industry. This leads to a system with no structure.
He, however, urged all policymakers, regulators, and investors to come together to start to have conversations so that we can get the youth dividends (young innovators) in the continents.
He added, “For the policymakers, we need to appreciate and understand the industry that they operate in and start to take a very proactive role in encouraging and growing the industry”.
When asked how we can drive collaboration within the financial sector, Zianah Muddu said, they have been able to build collaboration through the Fintech Association platform which plays a bigger role in the banking and regulatory sector.
Speaking on how Fintech can collaborate across regions in Africa, Martin said local commercial banks should begin to adapt to the new technology and accept its agenda. So we should begin to channel efforts to banks and fintech to come on board.
Conclusion
DigitalPayExpo conference is just to let people know that technology is ever-evolving and the contactless future is just the beginning.
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