They discussed on the theme, “FinTech: Tackling the Challenges of Innovations in Payment’’.
Mr Ade Atobatele, Founder, Gboza Gbosa Technology Ltd., said that the best practice that would push the FinTech forward was collaboration.
“In life, one needs to do things with other people as doing things on one’s own does not make a lot of sense, likewise in organisations.
“In the FinTech world, there is need to understand that customer acquisition is not cheap and one needs to scale up if they collaborate with others, ‘’ he said.
Atobatele said that the Application Programming Interface (API) being already shared was a good form of collaboration for the industry to grow.
Mr Musa Jimoh, Head, Payment System Policy and Oversight Division, Central Bank of Nigeria (CBN), said that CBN understood the need for collaboration, saying that operators would be advised when to connect.
According to him, there should be a form of regulation to enable people to collaborate well.
“The FinTechs are coming with a speed that is unmatched by the bank and so a need for a symbiotic relationship between the technology and the banks.
“They should ensure that the entities that are connecting to the financial sector meet the requirements that are needed, ‘’ he said.
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Jimoh said that these issues were of great concern to CBN, saying that there was need to bring stakeholders together so that the industry could thrive.
Mr Inalegwu Alogwu, Head, Products Strategy and Innovation, Interswitch Ltd., said that innovation should not be challenged in the industry “but to promote and bring about growth’’.
Alogwu said that to bring about that growth, there was need to figure out ways to regulate the FinTech and to ensure the convergence between the FinTech and the banks.
He said that for the convergence to happen, all the entities must connect to each other, saying that FinTechs had a major focus on first time market.
Alogwu also urged industry operators to device a risk base control mechanism before pushing out their financial products, saying the operators were too eager to push out financial products.
The News Agency of Nigeria (NAN) reports that the E-PPAN conference brought industry stakeholders together to discuss and brainstorm on current trends in payment fraud and learn strategies to manage risk and prevent fraud.
