Growth in FinTech firms led to new jobs, skill sets – CIBN
The Chartered Institute of Bankers of Nigeria, the body set up to train workers for the banking industry, says the growth of financial technology companies has led to the emergence of new jobs and skill sets in the sector.
The Chairman, CIBN, Lagos branch, Mr Kola Abdul, said changes in the industry because of the coming of Fintech companies would not affect the viability of banks.
He noted that beyond financial services, technology was being deployed to virtually all sectors of the economy to enhance comfort and promote business activities.
According to Abdul, the changing dynamics of the banking system, owing to innovations by Fintechs, have prompted the theme of the 2018 edition of the Lagos bankers and stakeholders’ event.
He said the programme, with the theme: ‘Big data, Fintech and the future of banking’, would hold in Lagos on Thursday.
He stated, “Today, very many people use their devices to carry out banking services. Through the introduction of technology to payment system in the economy, very many people receive alerts and can verify the balance in their various accounts. This is one of the revolutions of Fintech in the financial industry. That never happened 20 years ago. Jobs are being created and new skills are emerging.
“There’s hardly a hawker whose items is worth N50,000 and does not have a handset. We do many things with technology seamlessly. Gradually, the penetration is increasing, especially in the banking industry.”
The Lagos CIBN chairman said banks would continue to do business but in a different way, adding, “Fintechs will only change the dynamics of jobs and skill sets in the banking industry.”
The Chairman, Organising Committee, Lagos Bankers and Stakeholders’ Nite, Mr Tunde Popoola, said Fintechs had revolutionised the payment system in the country as people were now getting loans without having bank accounts.
Popoola, who is also the Managing Director of CRC Credit Bureau, said, “That is the rate of development we have been able to arrive at today. A lot is going on that is being driven by technology and financial system is keying into that arrangement.”
The General Secretary, CIBN, Lagos branch, Mr Layo Adekanye, stated that technology had helped to make transactions easy and made life better, adding, “It does not appear that technology will render people redundant, contrary to postulations.
“What matters most is that every now and then, the economy is creating employment and people now have a platform of coming into the real economy. Technology has transformed some small businesses, even with their devices. This has been accomplished in Kenya, and that’s where we are going.”
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