CBN, others seek infrastructure for financial technology growth


The Deputy Governor (Operations) of the Central Bank of Nigeria (CBN), Adebisi Shonubi, yesterday called for the 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.

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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.

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“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.

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