Mobile phone triggers fundamental shift in financial services – Experts

By Fabiyi Oluwasegun
1 week ago
106
Business

mobile-phones

Mines Nigeria Ltd., a telecom, media and tech business company, on Tuesday, said that mobile phones had triggered a fundamental shift in financial services.

The Managing Director, Adia Sowho, disclosed this at the Digital PayExpo Conference and Exhibition in Lagos.

The Digital PayExpo Conference and Exhibition, which is on its 19th edition had the theme,” FINCLUSION: Aligning Expectations with the (Digital Financial Services) DFS Business Case”.

According to her, even with mobile phones significant impact, about two billion people that are making use of mobile phones lack access to credit facilities. She said this limits 

She, however, added that the infrastructure deficit that drives these issues exist all over the world and not pertaining to Nigeria alone.

“Lack of credit infrastructure affects lives in a profound way and so there is need to embrace technologies that will help push it forward.

“Another issue that needs to be addressed is the addressing system, which does not exist and so banks find it difficult to grant credit facilities to people they cannot locate.

“These issues if tackled will go a long way in ensuring that more people are financially included,” she said

Ms Sowho urged people to consider today’s problem with a different mindset as there was a need to embrace fintech to move the financial sector to the next level.

She added that the country had voluminous data but that we are not utilising it to create the much needed digital infrastructure.

She listed the obstacles attached to the data in the country as data sharing and privacy, cost structure, adopting s new risk and digital infrastructure.

Also, the Global Chief Executive Officer, PalmPay, United Kingdom, Greg Reeve, said that smartphones with mobile money would enhance financial inclusion in the country.

According to him, building a Pan-African financial ecosystem that is enabled with a smartphone will ensure financial services are relevant, reliable, accessible and affordable.

“The history of financial service innovation goes through four stages, banking, mobile money, the 3rd wave, which is learning from fintech and the regulatory approach.

“The innovations can be utilised in different ways by different people and so will provide services for customers at a time of need.

“Mobile money is a big step forward as it makes access and payment of money seamless,” he said.

He said that with the adoption of fintech things had differed as new products could be created and experience optimised for each user with data science.

He added that it would also lead to lower costs for business, which meant new types of customers could be served and there would be no more retail branches needed as banks would be in people’s pocket.

Mr Reeve said that FinTech challenges the status quo in the country as chatbots are used to manage finances, access to of other digital services in ones finance app like shopping, rides and others.

He said that it would enable loans to be issued in minutes and getting higher interest for ones savings with savings apps that are at the bank.





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computer age
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Wisdom Nna
1 week ago
We are surely in computer age, the 21et century is the bam
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well technology is really good
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That's true indeed
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Victoria Shaba
1 week ago
Computer age indeed
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ABU ANTHONY O
1 week ago
We are in technology age
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Ime Isang John
6 days ago

we are in computer age


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Terence Obi
6 days ago

That's how we see our 21st century 


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Clement Enessi
6 days ago

Thanks to telecommunications company for put it forward to address the addressing system in order for bank to locate pple to grant loan to.


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Anthony Sunday
3 days ago

Computer age


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And it's true many people with phone no credit😅


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The merit of phones use in business transaction can never be over emphasized


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