Business

FirstBank Hosts 12,000 Participants As FinTech Summit Ends with Calls for Activation of Vibrant Ecosystem

Published

4 years ago

August 6, 2020

Eric

By Eric Elezuo

Nigeria’s leading financial institution and financial inclusion services provider, FirstBank of Nigeria Limited, has successfully held the 2020 edition of its annual FinTech Summit, which is also the fourth in the series.

The summit, which held via virtual, had about 12, 000 participants in attendance, and featured prominent innovator and Chief Executive Officer, Love and Magic, Chinedu Echeruo as keynote speaker with other professionals including the Director, Payments System Management Department, Musa Itopa Jimoh; the Executive Director, Technology & Operations, Nigeria Inter-Bank Settlement System Plc (NIBSS), forming a high profile panel of discussants.

Also on the panel were the duo of the Group Executive, Technology & Services, Callistus Obetta, and Group Executive, e-Business & Retail Products, Chuma Ezirim, who represented FirstBank.

In his opening speech, the Chief Executive Officer, FirstBank Nigeria Limited, Dr. Adesola Adeduntan, reiterated that FinTech industry is currently the fastest growing sector within Nigeria, and is mostly run by a sizable number of young entrepreneurs, stressing that FirstBank has been positioned as the FinTech partner of choice having established relationships with companies like PiggyVest, Terragon, VoguePay and PayStack.

He noted that the bank’s rating has soared with its digital payment channels and has remained in the forefront of providing financial inclusion solutions across board and round the clock with it’s FirstMobile app, USSD (*894#) and FirstMonie, with the popular Firstmonie Agent Banking Network.

“FirstBank has become the foremost financial inclusion solutions provider with over 9 million USSD users, processing over 200 million transactions to date. Also, with more than 60,000 Firstmonie Agent Banking locations we have to date processed over 320 million customer transactions worth over NGN6 Trillion on the FirstMonie Agent Network as at July 2020, further cementing our leadership in the Agency Banking space,” Adeduntan said.

He recollected that the bank has picked awards after awards with the FirstMobile App, which was “awarded the Best Mobile Banking App in Nigeria in 2019 by the UK-based Global Business Outlook.”

Rather than mourning the outbreak of the Coronavirus pandemic, Adeduntan remarked that the bank has leveraged on the scourge to become more innovative in providing services for the benefit of the customers

“The sudden emergence of the COVID-19 pandemic era has provided a ready canvas for stretching our Fintech readiness and exploits, and I am happy to note that, once again, FirstBank has been demonstrating outstanding preparedness in this all-important space.

“Indeed, the COVID-19 pandemic has become a catalyst for the accelerated technology and digital transformation that we are witnessing across so many industries and areas of human endeavour,” he said.

Speaking on the theme “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria” the keynote speaker, Echeruo, who is a product of Kings College, Lagos and Harvard Business School, with virtual descriptions, informed that one can solve any problem if he puts his mind to it. He noted that the “use of artificial intelligence to personalise and deepen customer experience, grow new market opportunities with lower cost blockchain model” will greatly improve the culture of innovation.

He pointed out that building and activating vibrant ecosystem are basically the outcome of inculcating blockchain and artificial intelligence in FinTech. He advised corporate bodies to open organisation’s ecosystem and recreate from the outside to the inside.

Responding, FirstBank’s Group Executive, e-Business & Retail Products, Chuma Ezirim, who represented FirstBank in the panel, and spoke on the sub-theme, “How Current Trends in Artificial Intelligence Are Impacting Business Product Development in FirstBank”, noted that the bank is a technology company offering financial services, but not in any way usurping another’s duties.

Ezirim was also quick to point out that FirstBank processes over 90 customer initiated transactions per second only on digital channels while acknowledging that the bank is poised re-architect its system and attract the right skills from within and outside.

Concluding his presentation, he invited stakeholders to partner with the bank, noting that “we believe big data and AI will bring upward the revenue of this country…”

In his remarks, Aminu Maida, who spoke on Industry Infrastructure to Support New Development in the Financial Industry, acknowledged the need for synergy while advising that the way out is “leveraging on artificial intelligence, leveraging on dynamic machine learning that can go into the environment and adapt in relation to human capacity.”

Other speakers who lent their voices to the viability of artificial intelligence towards creating and activating a vibrant ecosystem included Callistus Obetta, who was of the view that there is the need to build people who will in turn build technologies.

“Our realisation that the effectiveness of Artificial Intelligence is determined by data quality available on the platform and this is beyond the structured data in the bank,” he said.

Representing Okra, Fara Ashiri Jituboh, who spoke on the theme Unlock the Power of AI, and Musa Jimoh, agreed that blockchain and artificial intelligence are souls of FinTech.

In his closing remarks, the Deputy Managing Director, FirstBank, Mr. Francis Shobo, appreciated everyone that turned up for the educative webinar, and reiterated that “FirstBank will continue to embrace emerging FinTech opportunity”.

The 4.0 edition was anchored by Aruoture Oddiri, with assistance from Taiwo Shonekan.

Business

Fraud Allegations Against Us False – FirstBank

Published

1 week ago

December 15, 2024

Eric

The management of First Bank of Nigeria Limited has dismissed allegations of fraud reported against it in a recent publication by an online platform, Tech Cabal, describing the claims as baseless and unsupported by evidence.

In a corporate statement titled ‘Correction of Misleading Information Regarding Fraud Allegations,’ Olayinka Ijabiyi, the Acting Group Head of Marketing and Corporate Communications, addressed the issue on behalf of the bank.

“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence,” Ijabiyi stated.

The bank reaffirmed its commitment to ethical practices and transparency, urging the public to disregard the allegations. It emphasized its dedication to maintaining trust with its customers and stakeholders while upholding its longstanding reputation as a leader in Nigeria’s financial sector.

First Bank reiterated its focus on delivering reliable and trustworthy banking services, dismissing the report as misleading and lacking merit.

Business

UBA Group to Commence Full Banking Operations in France

Published

3 weeks ago

November 29, 2024

Eric

As part of President Bola Ahmed Tinubu’s state visit to France, the Chairman of UBA Group, in the presence of President Tinubu and the President of France, Emmanuel Macron, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand. The agreement is a significant indication of support by the French Government for the development of UBA’s full banking operations in France.

Speaking at the signing ceremony, Tony Elumelu, the Chairman of UBA Group commented: ”This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole; and French and European customers transacting with Africa. Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York and Dubai, as a critical component of our unique global network.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Business

Built to Last: UBA Set to Empower MSMEs with Wealth Management Strategies

Published

1 month ago

November 20, 2024

Eric

As part of its commitment to deepen the growth and sustainability of micro, small and medium-scale enterprises (MSMEs) on the continent, Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to host the last edition of its quarterly business series for the year.

This edition of the business series, “Profit with Purpose, Business Continuity,” will be held on Thursday, November 21st 2024, by 12 PM (noon) at the Tony Elumelu Amphitheatre, UBA House, Marina, Lagos and intending participants are expected to register via the Registration Link at https://ubagroup.zoom.us/webinar/register/WN_UG0EUWSLTZqu91jSMSih5w

The UBA Business Series is a regular seminar/workshop organised by the bank as capacity-building initiatives for small businesses, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses, especially in a challenging business environment.

This edition seeks to showcase businesses that are resilient and have done well through generations, adapting to political and economic changes.

Renowned leaders from diverse industries, including a prominent lawyer, award winning film director, and producer, Bolanle Austen-Peters whose work has significantly impacted Nigerian Cinema, and theatre will headline this last quarter’ series. Her recent film House of GA’A has achieved a major milestone, reaching Netflix’s Global 10 list for indigenous language films.

Other prominent entrepreneurs who will be on ground to give insightful tips are, Founder and Chief Executive of Asadtek Group Limited, Ghana; Dr. James Asare-Adjei; Award winning TV Personality & Multi Media Entrepreneur, Frank Edoho, Celebrated multimedia personality, Toke Makinwa and founder of Nigeria’s pioneering indigenous premium coffee brand, Happy Coffee, Princess Adeyinka Tekena.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke on the upcoming workshop, said the vast knowledge and experience of the panellists, will give business owners more insight towards the importance of personal finance, wealth management and most importantly how to navigate the frailties of the harsh economy to ensure business growth.

“We know small businesses are vital to the growth and advancement of every economy, that is why at UBA, we constantly look for ways of ensuring that these business owners and operators are well-equipped to grow their businesses successfully,” he said.

“This edition provides a platform for SMEs to learn from experienced entrepreneurs who have built and sustained businesses through the decades.

“Hearing their stories and strategies will be invaluable for any business owner looking to build a lasting enterprise,” Fashola said.

Also speaking ahead of the event, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo, noted that the business series is an invaluable learning opportunity, targeted at helping young and aspiring entrepreneurs scale up their businesses.

Ladipo further said, “At UBA, we are committed to empowering businesses of all sizes, and this business series is one way we are fulfilling that commitment.

“To this end, we have assembled an esteemed panel of speakers who will share their wealth of experience and insights on building a generational business. This is a must-attend event for anyone serious about the long-term success of their enterprise,” she said.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.