Nigeria urged to embrace digital technologies
The CEO of Access Bank, Herbert Wigwe says Nigeria is at a sweet spot for a fundamental change as far as digital technology and payments are concerned. He made this remark on the side-lines of the Africa FinTech Foundry while speaking to CNBC Africa’s Wole Famurewa on the need to take advantage of available technology to build Nigeria’s economy.
Mon, 20 May 2019 08:01:43 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Nigeria's large population and abundant resources position it as a prime candidate for leveraging digital technology to enhance financial services and drive economic prosperity.
- Partnerships with tech entrepreneurs and the adoption of innovative solutions like artificial intelligence and blockchain are crucial for staying competitive in the evolving fintech landscape.
- Regulators play a vital role in ensuring responsible innovation in the financial sector, with the Central Bank of Nigeria taking steps to understand and regulate the fintech space to support sustainable growth.
Nigeria is standing at a pivotal moment in its financial history, with digital technology and payments poised to drive a fundamental shift in the country's economy. Herbert Wigwe, CEO of Access Bank, highlighted the potential for technology to revolutionize banking during an interview at the Africa FinTech Foundry event. He emphasized the importance of leveraging available technology to drive financial inclusion and foster economic growth in Nigeria. With a population of over 200 million and abundant resources, Nigeria has the potential to establish itself as a leading force in the financial services sector. Wigwe outlined the key role of partnerships in driving innovation, particularly in the financial technology space. By collaborating with tech entrepreneurs and embracing cutting-edge solutions like artificial intelligence and blockchain, Access Bank aims to stay ahead of the curve in a rapidly evolving industry. Regulators are also seen as key players in ensuring responsible innovation, with the Central Bank of Nigeria investing in understanding and regulating the fintech space. Despite initial constraints, regulators are expected to adapt to the changing landscape to support the growth of a dynamic and digitally-driven financial sector in Nigeria.
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