An executive of Wema Bank Plc has called for more support for fintech companies so that Nigeria, like its peers, could optimally benefit from the industry’s possibilities.
The bank made this call at The Fintech Summit (TFS) 2022 by Techpoint, which was held in Lagos.
Speaking at the summit, the bank’s Head of Data and Analytics, Olamide Jolaoso, said that the country needs many fintech companies to come on board to meet the wide spectrum of needs.
“Some people are of the view that there are already too many Fintech companies, especially start-ups in Nigeria, but I do not agree with them. We have a population of over 200 million people with varying financial needs and appetites that are yet to be satisfied by the existing Fintech service providers. We need more Fintech companies that solve many specific problems and not just a group of Fintech companies who are doing the same few things as we currently have.”
He mentioned that Wema Bank has established itself as a dominant player in the Fintech space through the creation of ALAT, which has provided a platform for other Fintech companies to operate.
“Wema Bank created ALAT, the first fully digital bank in Nigeria, and on whose platform many Fintech companies run their operations. As an important player in that ecosystem, we see the need to grow the industry and create more opportunities for the upcoming players.”
He informed that ALAT by Wema, a branchless and paperless bank, was created to drive transformation and redefine experiential banking in Nigeria’s banking sector.
“The platform has eliminated the stress of having to walk into a branch that prospective customers face anytime they want to open an account. ALAT by Wema offers them a seamless sign-up process using a mobile phone, PC or tablet. Since the release of this award-winning app, the bank’s customers, who have come on board the app, have been full of excitement as it helps them save more.”
Jolaoso noted that Fintech companies are already the core fabric of our daily lives, creating apps that help millions of Nigerians to save, transact, invest and do insurance. He also made a case for more measured investments in the Fintech industry for the growth and sustainability of the sector.
“One of the many ills plaguing the Fintech industry in Nigeria is the paucity of investment in the sector. This results from the fears that industry start-ups may lack the focus and discipline that drive sustainability and profitability. For us, however, we believe that while there is a need for considerable investment to strengthen Fintech companies, there is also the need to establish adequate measurement indices to validate if these firms are meeting their goals and objectives or not,” Jolaoso concluded.
