Banks, Fintechs Partners, Not Competitors, Says MD, As Ecobank Hosts Maiden Breakfast Forum

Managing Director of Ecobank Nigeria Limited, Bolaji Lawal, says the belief that banks and Fintechs are competitors, rather than collaborators is erroneous.

It is in line with the need for more of such collaborations, while striking a balance he said that Ecobank will host the maiden edition of its “Fintech Breakfast,” in partnership with Techcabal, a digital media, and publishing firm based in Nigeria on Friday April 22, 2022.

A statement by the bank quoted Lawal as also saying the hybrid event comprising physical attendance in Lagos, and streamed live on select social media platforms, “will focus on how Fintech firms can find and nurture partnerships with banks, and how they can leverage these partnerships to grow and expand across the continent. It provides the opportunity for Fintech founders and executives to say what they are looking for from banks. It will also deepen skills for businesses and grow knowledge of the financial services industry.”

The Fintech Breakfast series, Lawal added, was conceived by “Ecobank to provide a platform for banks and Fintech to explore areas of mutual interests and opportunities with a view to building a stronger ecosystem.

He urged operators of Fintechs and industry players to make deliberate effort to participate in the seminar whose outcome would impact on their operations, performance and service delivery.

The seminar which will have key speakers such as Founder & CEO, Paga Group, Tayo Oviosu; Co-founder & CEO, Bankly, Tomilola Majekodunmi; Africa Partner, QED, Gbenga Ajayi and Group Head, Payments, Cash Management & Client Access, Ecobank Group, Isaac Kamuta, will examine two major topics- “How bank-Fintech collaborations can drive ecosystem growth” and “Pan-African expansion opportunities and challenges.”

Proceedings at the event, the statement stressed, will be moderated by acting editor-in-chief, Koromone Koroye series

Ecobank Group, the parent body of Ecobank Nigeria, the statement continued, is widely acclaimed for its Open Banking strategy and for nurturing Fintech as partners. The Group runs several initiatives to foster Fintech development across Africa, including its flagship annual Fintech Challenge, which hundreds of Fintech firms globally have participated in. The bank created the pan-African banking Sandbox, where Fintech firms may test their Application Programming Interface (API) in a safe environment and has developed several award-winning digital solutions.

Ecobank’s flagship pan African switch connects countries where it operates across Africa. This centralized switch allows easy integration, enabling instant transfers between 33 African countries. This provides huge opportunities especially with the advent of the African Continental Free Trade Area (AfCFTA). Ecobank Group is also the Gold Sponsor of the Africa Fintech Summits for 2022 scheduled for April 21 in Washington, DC to further demonstrate its continuous support for Fintech to help transform digital finance and banking across Africa.