Wema Bank calls for growth of the Fintech industry

Wema Bank Plc has called for more support for Fintech companies so that Nigeria, like its peers, can optimally benefit from the opportunities offered by the Fintech industry.

The bank made this call at The Fintech Summit (TFS) 2022 by Techpoint, held in Lagos recently.

Speaking at the summit, Olamide Jolaoso, the bank’s Head of Data and Analytics, said the country needs many Fintech companies coming on board to meet the wide range of Fintech needs of Nigerians.

“Some are of the opinion that there are already too many Fintech companies, especially start-ups in Nigeria, but I do not agree with them. We have a population of over 200 million people with varying financial needs and appetites that are yet to be satisfied by the existing Fintech service providers. We need more Fintech companies that solve many specific problems and not just a group of Fintech companies that do the same few things that we have now, he said.

Jolaoso mentioned that Wema Bank has established itself as a dominant player in the Fintech space through the creation of ALAT, which has provided a platform for other Fintech companies to operate.

“Wema Bank created ALAT, the first fully digital bank in Nigeria, and on whose platform many Fintech companies operate. As an important player in that ecosystem, we see the need to grow the industry and create more opportunities for the upcoming players.”

He informed that ALAT By Wema, a branchless and paperless bank, was established to drive transformation and redefine experiential banking in Nigeria’s banking sector.

“The platform has eliminated the stress of having to enter a branch that potential customers face when they want to open an account. ALAT By Wema offers them a seamless registration process using a mobile phone, PC or tablet. Since the release of this award-winning app, The bank’s customers, who have come on board the app, have been full of excitement as it helps them save more.”

Jolaoso noted that Fintech companies are already at the core of Nigerians’ daily lives, creating apps that help millions of Nigerians save, shop, invest and insure.

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He also argued for more measured investment in the Fintech industry for growth and sustainability in the sector.

“One of the many ailments plaguing the Fintech industry in Nigeria is the lack of investment in the sector. This is a result of the fear that industry start-ups may lack the focus and discipline that drives sustainability and profitability.

“For us, however, we believe that while there is a need for significant investment to strengthen Fintech companies, there is also a need to establish sufficient measurement indices to validate whether these firms are meeting their goals and objectives or not,” Jolaoso concluded.

The Fintech Summit by Techpoint, with the theme “Fintech is everything: Exploring how emerging strains in financial technology are touching society in ways you never imagined,” brought together key players in the industry for a day of insightful conversations, panel discussions, product demonstrations, and many more activities that boundaries around the Fintech industry.