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We don’t think Fintechs can disrupt banks — Flutterwave

By Elizabeth Adegbesan

Flutterwave, a financial technology (Fintechs) company, yesterday said that Fintechs cannot disrupt banking activities in years to come.

Recall, the Vice President, Prof. Yemi Osinbajo voiced concern on the need for Nigerian banks to reform in order to survive the upspring of Fintechs.

Speaking at the Africa Investment Forum (AIF) in Johannesburg, South Africa, he said: “Fintech companies, as you know, are challenging some of the old laws on banking and all of that. The major issue is that technology is clearly going to disrupt the financial space, and is doing so already, so banks have to reform.”

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The Chief Executive Officer,  Flutterwave , Mr. Gbenga Agboola, speaking in a media parley in Lagos said: “From my perspective, the future is extremely bright for us. We don’t think Fintechs can disrupt banks, I don’t think so. At best they can complement banks. You may want to use me to send to your friend and family. When you have N1 billion will you keep the money with a Fintech? So no matter much trust you get in the  Fintech, I think we will exist, we will thrive right, however, what is still important is that your money will be kept in  the bank that has the 20 years experience in keeping your money safer.

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“We will innovate on how to make your life convenient and easy and fast and we will compliment the banks’ service that is what I see. I did not say the banks are not going anywhere, look at the United States (US) and the United Kingdom (UK), with all the paypal in this world, you still have the big banks there doing very well because the banks are the one that will provide the back bone that will keep the money. So the banks are going to thrive. What I see happen is that the banks will put much focus on core banking services, like lending, like deposit taking and do it well.

While people like us focus on providing you the simple way to collect money from your customers, to send money to your families, to your friends, those simple things that we do every day, You want to buy airtime, , renew your rent, pay bills for your DSTV, etc.

Agboola mentioned that the company is set to extend and intensify its services to small businesses and merchants in the country thereby enabling them access to the global market.

He said: “I will probably say the biggest unique thing about flutterwave is that we are a global company and we can help the merchant go global very easily. from you here in Lagos. Before now it was almost impossible or difficult for that to happen.”


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.