Ecobank calls for collaboration between fintech, telcos and banks

The Managing Director, Ecobank Nigeria, Mr Patrick Akinwuntan, in a keynote address at the Nigeria Fintech Week has said more collaboration is needed between fintech companies, banks, and telecommunications companies to spur markets in health, agriculture, education, and transportation sectors, among others.

According to Mr Akinwuntan, for Nigeria fintech companies to accelerate positive disruption for value, there was a strong need to develop talents, solve problem beyond payments, monetise data and challenge the status quo, according to a statement issued by the bank.

He made a case for the establishment digital school of fintech to groom talents, deepen skills for businesses and grow knowledge of the financial services industry.

According to him, the industry is sitting on a trove of data as big data can be leveraged to create values for customers including adopting superior user experience, and interface for affordable payment and improved credit access.

“We must take the lead to introduce a continent-wide Bank Verification Number and Global Standing Instruction for Africa under the African Continental Free Trade Area Agreement, and champion blockchain for cross-border payments in agriculture, education, and the government i.e. leveraging technology for better productivity”.

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