Infrastructure is Critical in the Functionality of Fintech – Babajide Sanw-olu

Fintech - cfamedia

The Executive Governor of Lagos State, Mr. Babajide Sanwolu, stated yesterday, at the 4th Nigeria Fintech Week Conference, held in Lagos that, infrastructure is, important, or rather, critical, to improving the functionality, of fintechs, in the country.

This was emphasised, on the first day of the Nigeria Fintech Conference, as part of the one week- long, event organised, by the Fintech Association of Nigeria, with the theme; ‘Surviving with fintech innovation. What are the sustaining factors?’

The Governor, who was represented, by the Lagos State Commissioner for Science and Technology, Honorable Hakeem Fahm, recognised fast internet access and connectivity, as infrastructures that can drive the execution, of financial technology projects.

Earlier, the Governor had stated that, technology is, refining every sphere of human life. “The impact of ICT is, felt in every sector, especially, in banking and finance and I commend the organisers, for keying into this phase of development, through this event”, the Governor stressed.

The aim of fintech is, to bring about, a complete revolution, in the way financial services are being designed and delivered.

The Governor, further stated that, the African continent, faces challenges, in the global space, as it has the lowest ratio, of financial inclusion.

“This provides a fertile ground for new fintech services, which are leveraging, on the power of communication and social media, to make financial services more relevant”, the Governor noted.

The Governor explained that, Nigeria is transitioning, into a dynamic ecosystem, offering fintech companies, a platform, to succeed and potentially, grow into a multi-million dollar business.

Since the introduction of the cashless policy, in 2012, the Central Bank of Nigeria has issued, numerous guidelines that have bolstered the Nigeria fintech ecosystem.

Fintech has revolutionlised the financial and banking services, in Nigeria and indeed, it has come to stay.

“To sustain the initiative of fintech however, Nigeria needs to be more aware and informed of the pros and cons, of fintechs, as there are still, some Nigerians, who do not believe in subscribing, to online financial platforms and mobile money services”, he emphasised.

In playing its role, in the financial inclusion narrative, the Lagos State Government, however, has initiated projects, to drive the fintech space and one of such is, the Yaba Information and Communication Technology program, tagged Knowledge, Innovation, Technology and Entrepreneurship, (KITE), project.

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