By Moses Nosike

It is no longer news that First Bank as a leading financial institution sets the pace for others to emulate. The bank  has done so by creating a global platform for conversation around the future of innovation in the financial technology space.

First Bank is also leading in its contribution to the evolution of banking and financial service delivery which has made its operation flexible, accessible for the benefit of customers anywhere in the world.

This and more are the reasons First Bank and its subsidiaries deemed it fit to organise the just concluded Fintech summit for the benefit of banking and other financial institutions to keep abreast with the new norms in the industry.

First Bank as a financial institution, counting 127 years in operation reads the future of the industry in which it operates and at the same time gets prepared for the future occurrences.

The CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan while addressing his listeners  during the Fintech Summit on the theme: Open Banking and its Derivative Opportunities in the Finanacial Ecosystem” said that the Fintech Summit is organized by First Bank to create a global platform for conversations around the future of innovation in the financial technology space, while the objective is to contribute to the evolution of banking and finance service delivery.

Dr. Adesola Adeduntan said, “This year’s edition themed, “Open Banking and its Derivative Opportunities in the Financial Ecosystem” promises to be exciting and engaging with a line-up of local and international thought leaders ready to spur the conversation around the prospects for open banking.

The theme recognizes the increasing pervasive role open data, cloud technology and artificial intelligence play in the financial ecosystem. Open banking today demonstrates the practical fusion of these variables, presenting remarkable potentials that can redefine product development, customer experience and overall value creation; with multiplier effects for both players and consumers”.

According to him, the Regulatory Framework for Open Banking in Nigeria, issued by the Central Bank of Nigeria on the rules and premises under which financial data sharing can take place across the financial ecosystem and the National Information Technology Development Agency’s (NITDA) Nigerian Data Protection Regulation (NDPR) 2019, are demonstrations of the future of regulations around Open Banking.

Continuing, Dr.  Adesola Adeduntan said,  “As an institution of 127 years and having traversed series of regulatory transformation over the years, First Bank will continue to play its role in furthering conversations to refine regulatory frameworks and shape thoughts on industry and societal developments.

We will also continue to demonstrate our support for start-ups and innovators in the fintech space by providing them the relevant data support and infrastructure to enable them scale appropriately.

Every step we take continues to be geared towards strategically positioning us as the bridgehead and reference point for fintech and financial services providers across the African continent, as we will continue to lead the charge towards realizing the future of banking”.

In conclusion, Dr. Adesola Adeduntan said, “I am very optimistic that the financial services industry will benefit from the conversations at this year’s Fintech Summit. I am also positive that this platform will continue to come up with innovative solutions to further drive growth and deepen financial inclusion as we explore the inherent opportunities in Open Banking with other experts across industries. Thank you once again for joining us, and I wish you a most rewarding experience at the Fintech Summit.