CBN, others seek infrastructure for growth of financial technology

Deputy Governor (Operations) of the Central Bank of Nigeria (CBN), Adebisi Shonubi has advocated enabling infrastructure that would improve the growth of financial technology in the country.

He said financial technology (Fintech) is still in its embryonic stage in Nigeria and for it to thrive, there has to be good environment, as technologies cannot operate in isolation.

Shonubi, who was the keynote speaker at the opening of the first accounting technology summit with the theme, “Disruptive technologies: The game-changer for businesses” organised by the Institute of Chartered Accountants of Nigeria (ICAN), said

Fintech wouldn’t impact and improve financial inclusion until Nigeria sorts its infrastructural and environmental issues.

“The best technology in the world might not always be the most appropriate in the environment that we are in. I am hopeful that more of the conversation and discussion would be around how technology can be applicable in our environment and the benefits that could be drawn and use by the people.

“People are the ones that drive economies all over the world, technology only supports people,” he stated.

According to him, a change in technology will not automatically wipe out people who have been engaged rather it will involve new needs that warrant people learning new things and gathering new opportunities that would make them to be more efficient.

Besides, President of ICAN, Alhaji Razak Jaiyeola, said the summit is one of the strategic initiatives at ensuring that chartered accountants and professionals in other disciplines are adequately prepared for the Fourth Industrial Revolution.

He stated that block-chain technology is redefining record-keeping roles of accountants in a more efficient, effective and transparent way as well as reducing the cost of maintaining and reconciling ledgers and provides a higher level of assurance on the ownership and history of assets thereby facilitating loan disbursement decisions.

“Presently, we are witnessing unprecedented technological disruptions that are giving new meanings to how businesses should run. Failure to keep pace with the disruptive technological trend portends danger of extinction for any business entity or individuals,” he said.

Also, Chairman, Board of Consultancy and Information Technology Faculty of ICAN, Bisi Sanda, noted that in developed countries, accounting technology summit had become a yearly event for decades because technology is what everybody leverages on for growth.

He said that there must be a forum for those who provide technology solutions, use and advise on them to meet and share ideas on incremental technologies for economic development.