By Stellamaris Ashinze
Some financial experts have harped on the importance of partnership and collaboration among the Fintech and Financial institutions, to drive growth and deepen financial inclusion.
The experts made the call on Friday at a two-day FirstBank Fintech Summit 6.0 in Lagos with the theme “Banking on Partnership’’.
The Keynote Speaker, Mr Emmanuel Daniel, Founder, TAB Global, in his presentation “Banking on the Future, How Strategic Partnerships can Foster Innovation and Growth”, said partnership was essential for dynamic fintech growth.
Daniel said that partnership could help achieve growth and enhance community impact and connections with the local community, getting the underserved involved.
“Connection with the local communities makes a whole difference. Fintech in Africa is mostly focused on payment.
“If products do not change, nothing changes and that is the essence of innovation in finance,” he said .
According to him, banks relationships with end user show on the balance sheet.
The Chief Executive Officer, FirstBank, Mr Olusegun Alebiosu, said that as “big brother” in banking, FirstBank had the responsibility to ensure inclusion.
“ FirstBank also has the responsibility to ensure that all are speaking in one voice and bringing people together to talk about how banking is changing”.
According to him, with FirstBank’s extensive operations, partnerships are indispensable, with specialists in tech helping adapt to digital demands and delivering world-class systems.
“We cannot wait to tackle everything in-house, we need partners to achieve excellence.”
According to him, there is a lot happening in the Nigerian space as many bright Nigerians are starting new companies and startups.
Alebiosu said some of the outcomes of the event would be to bring together some startups and connect them to investors and indeed partners, with some of them helping them grow their businesses.
“So, to make sure that we collaborate in a way that there’s a benefit for every single Nigerian and not compete in a way that Nigerians do not benefit, that is why collaboration is here.
“That is why we are talking about partnerships and that is why we are here today.
“If all are growing together, then everybody benefits from that evolution and that is the growth that is being talked about,” he said.
The Lagos state Governor, Mr Babajide Sanwo-Olu, commended FirstBank’s efforts, saying that the summit’s theme, “Banking on Partnerships”, resonated with his administration’s focus on “collaboration as a catalyst for growth”.
Sanwo-Olu was represented by Olatunbosun Alake, Lagos State Commissioner for Innovation, Science, and Technology.
According to him, Lagos state is dedicated to building an innovation-friendly ecosystem, highlighting projects like the Eco-Nexus initiative in education and funding for tech startups in sectors from fintech to climate change.
“We believe in partnerships with the private sector to drive innovation and empower our people,” he said.
The panelists at a panel discussion also emphasised that collaboration was imperative and needed to be deliberate, alongside innovation.
The Chief Executive Officer of Bankly Holdings, Temilola Majekodunmi, said that there was need to move away from basic level collaboration and move toward marketing and infrastructure sharing, which could be achieved if there was trust.
Mr Roberts Akjnsope, Microsoft, Industry Solution Executive, Central and South Eastern Europe, Middle East and Africa, emphasised the importance of building trust in partnership.
Also, Co-founder of Carbon, Chijioke Dozie, said a lot could be done together if there was collaboration.
In his presentation, the Managing Director of Interswitch Purepay, Mr Akeem Lawal, highlighted the collaborative journey with FirstBank and how it had led to the digital contactless transaction.
The New Agency of Nigeria reports that the highlight of the event was the presentation of N10 million cheque to Nearswipe Ltd., the winner of the innovation Pitch Programme.
Winners would gain essential support, including strategic guidance and access to resources that could be pivotal in bringing their solutions to market.
The pitch programme had 147 valid entries, but only 10 made it to the finals.
It involved 10 minutes to pitch to the judges.
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