The Chartered Institute of Bankers of Nigeria CIBN has signed an agreement with the FinTech Association of Nigeria Fintech NGR and FinTech Development and Advocacy Initiative FSI to promote professionalism in the financial services industry.
The signing of the agreement was witnessed by representatives and members of CIBN FinTech NGR and FSI at the Bankers House Victoria Island on Thursday in Lagos.
Dr Ken Opara of CIBN said the alliance was a unique one in the annals of the Institute, describing the event as one that marks the first time the institute is collaborating with two partners at once for the provision of a certification.
He added that it also a further step towards the realisation of the mandate of the institute to promote professionalism whilst enhancing knowledge and competencies in the financial services ecosystem.
According to Opara, The Fintech Certification Programme is intended to sharpen the minds and raise awareness of industry players about the importance of leveraging technology for financial inclusion and growth.
The CIBN president also said his administration would be built on six strategic pillars with the acronym FUTURE.
According to him the first pillar with the alphabet F is Financial Innovation and Transformation.
He said under this pillar we plan to among others institutionalise Fintech Certification in collaboration with other credible bodies to sharpen the minds and awareness of industry players in optimising technology for financial inclusion and growth.
“I am extremely delighted that three months after mounting the saddle of leadership of the Institute we are taking sure steps towards the achievement of this objective.
Under this Agreement the three institutions have come together to award Fintech Certification which offers an excellent opportunity to bridge the tech talent gap and indeed further drive the implementation of the Competency Framework in the banking and finance industry in Nigeria.” He noted
For Mr Ade Bajomo, President FinTech NGR, the partnership was a historic moment for FinTech NGR.
“If you cast your mind back only a few years ago people were wondering whether FinTechs will take over banks and whether banks will still exist. But I think we are getting down to a point where you can see that both FinTechs and banks will coexist they will co compete and of course there will be banks that will be more successful because they re agile and there will be FinTechs as well that will be successful because of tapping opportunities that perhaps the banks cannot see.
“But in all of these really it is essential to develop capacity and capability,” he said.
Bajomo said banking as a profession was well regulated with strong compliance strong culture of capacity building knowledge building among others adding that there was the need to also build capacity within the FinTechs in Nigeria.
Mrs Aituan Kola-Oladejo, Executive Director, FSI, who described CIBN as a “forward thinking institution,” said the signing of the agreement would sharpen the FinTech industry.
She said, “this agreement will open the gate for more FinTech innovators into the FinTech ecosystem, as what was lacking was trust.