Electronic finance experts have said there still a lacuna between e-commerce and banking sector system in Nigeria which really need a workable policy frame work and regulatory reform that will not only bridge the gap but also foster synergy among players in the sector.
The experts spoke at the 10th Annual banking and Finance Conference of the Chartered Institute Of Bankers Nigeria (CIBN) in Abuja recently urging the Central Bank of Nigeria (CBN) to come up with innovative financial regulation that will regulate the growing e-commerce industry.
According to Chief Executive Officer of CWG Plc, Mr. James Agada both the regulator and the operator in the sector need to be more innovative and quickly adopt new trends as technology continues to disrupt the industry.
Agada who anchor is submission on the theme for the forum; ‘Innovation in the Financial Services Industry: Driving Nigeria’s New Economy.’ In a presentation titled; ‘Electronic Commerce: Role in disrupting modern trade and channels’, explained that all over the world, the marketplace has changed with huge migrations of buying, selling including payment of tax and other protocol activity gone digital.
He explained that what a disruptive technology mean for the banks and banking, is that transaction has become borderless and money is just an entry in a ledger. Meaning, anyone can be a bank if the bank thinks is just a place to keep money, warning of a massive competition from non-traditional providers likes telcos and retailers.
According to him, what the disruption of technology in the E-Commerce ecosystem has done is to force players in the industry to be innovative and adapt to the trends, adding that CWG Plc has built an accommodating E-Commerce ecosystem that is consistently in tune with the disruption of the digital marketplace.
“Today, we have a situation where technology continues to disrupt the way people buy and sell. At CWG Plc, we have envisaged many years ago that technology would disrupt the marketplace and so we developed key expertise in e-commerce solutions for the markets. We have created a platform that is truly low-cost, user-friendly and easily adaptable to the specifications of each growing economy,” Agada said.
He said CWG Plc has through its expertise demystified E-commerce and made it accessible to many players, who are presently to the possibility of limitless online opportunities.
Agada believes Nigeria has the human resource to grab a share of the $2.04 trillion global E-commerce sales as some barriers like geography, time and shelf space are disappearing and access to market from anywhere at any time is now possible.
