ADESONUBI Adebisi, managing director, Nigeria Inter-Bank Settlement System, NIBSS, has stated that Nigeria has recorded growth in mobile banking, compared to some African countries. He spoke at the Fintech Summit 2017, where he analysed the data of the Fintech industry in the past few years and admitted that mobile users in Nigeria are now about 29 million.

“Internet banking is slowing down; mobile banking is growing and USSD is also growing while ATM usage remains stagnant in the past three years. Now, consumers engage more with the mobile world because it is fast and convenient, card transaction/POS is also growing while cheque transaction remains stagnant.”

Adebisi noted that the larger value transactions are reducing while the smaller value transactions are increasing every time because customers are able to engage themselves with mobile banking which increases bank transactions.

He added that the numbers of bank customers are not increasing but numbers of bank accounts are increasing.

According to him, in the capital market, the number of registered shareholders is approximately 2.1 million while 838,674 could only be identified and 433,164 are the unique individual in the capital market. This, according to him, is the result of the integration of the BVN to customers’ account in order to monitor real time payments.

Earlier, Aggrey Maposa, chief executive, Kantar TNS, stated that despite the late commencement of the nation’s financial technology sub sector of the economy, it has, in the last three to four years, grown by over 90 percent. Maposa also disclosed that there are over 400 Fintech organisations in Nigeria currently working with its parent body in Africa.

According to him, the global consumer and marketing strategy company organised the summit in response to the evolution and growth of the global internet of things, IoT, to discuss the future of financial technology in the country.

The summit tagged: “Payment of Tomorrow and Changing Consumer”, brought together Financial Technology experts and leading business executive to discuss the Fintech Industry in Nigeria with a view to positioning it, players and the consumers for tomorrow.

Maposa explained that the world has changed and Fintech is taking over and changing the financial activities of the consumers. “Fintech has come to stay, it is not a fashion because it is based on real need for change,” he said, adding that the Nigeria Fintech industry is coming a bit late, but the industry in Nigeria is still doing so well and in just about three to four years of introduction, “we have recorded a growth of 90 percent and this is to show we are coming up”, he said.

– Aug 24, 2017 @ 10:59 GMT