The NGX Group is also working closely with regulators and the government on bringing new products to the market, such as tokenized assets with blockchain technology and depository receipts”, he assured.
Speaking on concerns consumers have about fintech, Dr. Bode Oguntoke, the Group Head of Audit, FBN Holdings Plc, said that consumers are often not comfortable with the fact that there is no physical location where they can go for complaints or concerns about their accounts.
Some consumers he said, can’t leave their money in these fintechs because they fear they might lose it. Proffering solutions, he said there is need to truly empower the populace and ensure there should be full disclosure and transparency in charges.
He insisted that there should be a clear breakdown of all fees, adding that terms and conditions should be in plain language without any technical jargon.
Oguntoke added that the Central Bank of Nigeria (CBN) should encourage uniformity in charges and provide offline channels to obtain further information if necessary. According to him, information should be timely, orderly, enhance transparency and should be understandable.
“Awareness should be created on fraud, pointing out that consumers should be informed of steps to take when they get a fraudulent call or compromise their information among others.”
Earlier in his welcome address, Prince Cookey, the Publisher/Editor-in-Chief of Business Journal Media Group described the Roundtable as an opportunity to further understand the concept of fintech and financial inclusion in the Nigerian financial services industry.
Cookey added that another key objective of the Roundtable is to understand the nexus between banks and fintechs, examine the growth of fintechs in Nigeria in the past 10 years, proffer solutions to their operational challenges and project the future of fintechs in the country.
He promised that the Roundtable would be an annual event going forward.
L-R: Dr. Agada Apochi, Group MD/CEO, Unified Payment Services Limited; Mrs. Adekunbi Ademiluyi, MD/CEO, HumanManager Limited; Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX); Prince Cookey, Publisher/Editor-in-Chief, Business Journal Media Group and Mrs. Joy Utubor of Securities & Exchange Commission (SEC Nigeria) at the maiden Nigeria Fintech & Financial Inclusion Roundtable 2024 in Lagos.
