An Executive of Wema Bank Plc has called for support for Nigerian Fintech companies so that his peers could benefit most desirably from the industry’s possibilities.
Speaking at The Fintech Summit (TFS) 2022 held in Lagos, the bank’s Head of Data and Analytics, Olamide Jolaoso, said the country needs more Fintech companies to come on board with brand new ideas to meet the wide range of needs.
“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.”
Using Wema Bank as a reference point, he mentioned its achievement in the Fintech space through the creation of ALAT.
About Wema ALAT
ALAT is a branchless and paperless bank created by WEMA Bank to drive transformation and redefine experiential banking in Nigeria’s banking sector. It has provided a platform for other Fintech companies to operate.
“Wema Bank created ALAT, the first fully digital bank in Nigeria, and on whose platform many Fintech companies run their operations. As an important player in that ecosystem, we see the need to grow the industry and create more opportunities for the upcoming players.”
Jolaoso commended the already established Fintech companies as being a core fabric of our daily lives, creating apps that have and still helping millions of Nigerians to save, transact, invest and do insurance.
“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.”
Furthermore, on the weaknesses of Fintech companies, he said
“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.
Fintech needs great support from individuals, banks, organizations, and the government to be well-established in the country.