Tue. Feb 18th, 2020


Stay Smart About Africa

West African Financial Sector Embraces Digital Transformation And Innovation

Finnovex West Africa 2019, sets the digital transformation in motion under the Patronage of Central Bank of Nigeria

Finnovex West Africa, was hosted at Lagos Continental Hotel, on the 22nd and 23rd of October, under the Patronage of Central of Nigeria. Followed by the opening remarks from the Chair – Folashade B Femi-Lawal, Head, Card Business – FirstBank Nigeria, the Inaugural Keynote was delivered by Samuel Okojere, Director – Payments System Management Department at Central Bank of Nigeria, where he emphasised on the opportunities and challenges of Integrated Payments Ecosystem.

The CXO Panel witnessed interactive brainstorming on “Crafting a Cashless Economy: Transforming Dealings”. Moderated by Ophelia Ama Oni, Head – Strategy and Business Development, Inclusive Banking at Fidelity Bank, Ghana, the panel was joined by Benedict Anyalenkeya, MD and CEO at New Capital Multipurpose Cooperative Society Nigeria; Tajudeen Nasiru, Principal Economist from West African Monetary Institute; Ejikeme Obiano, Chief Digital Officer, representing Taiwo Joda, Managing Director and Chief Executive Officer from Accion Microfinance Bank, Philip Oti – Mensah, Executive Director of OmniBSIC Ghana and David Oluwaseun Omotosho, Head Digital & Business Ventures at Union Bank Nigeria.

Ahmed Khidir, Senior Pre-Sales Consultant – MEA at Temenos, emphasized on the importance of customer centricity, in achieving digital transformation, while “Eliminating Banking Bingo with Backbase” was presented by Cornel Dixon, Head – Middle East and Africa at Backbase.

The Finnovex Awards recognized leaders in the regional fiscal sector for their efforts and outstanding contribution in transforming operations in the sector. The winners list consisted nothing less than the prominent names as Adam Nuru (CEO of the Year), Babayo Saidu Gumau (COO of the Year), Konstantinos Tsanis (Finnfluencer of the Year), Eddy Ogbogu (Finnovator of the Year), Victor Olojo (Excellence in Financial Inclusion), Segun Aina (Outstanding Contribution to Startegic National Initiatives), United Bank for Africa (Excellence in Automated Chatbot Initiative), Sterling Bank Plc (Excellence in Digital Banking), Temenos (Excellence in Digital Banking Solutions), First City Monument Bank (Excellence in Customer Experience Enhancement), InfrasoftTech (Excellence in Digital Payments), First Bank of Nigeria (Excellence in Process Automation), OpenFactor (Excellence in Financial Access Enablement), OmniBSIC Bank (Excellence in SME Banking), Papersoft (Excellence in Agency Banking), Access Bank Plc (Excellence in Mobile Banking), OneSpan (Excellence in Fintech), Union Bank Plc (Excellence in Internet Banking), Seamfix (Excellence in KYC and Identity Management), Parallex Bank (Emerging Microfinance Bank of the Year), Accion Microfinance Bank (Microfinance Bank of the Year)

Another highlight of the inaugural day of the event was the Panel Discussion titled “Banks or FinTechs? Who inspires, who follows trends and who pursues customer needs these days?”. Moderated by Victor Olojo, National President of Association of Mobile Money and Banks Agents, Nigeria panellist joining this session included

  • Oluwakayode Adigun, Divisional Head, Service Management and Technology at First City Monument Bank
  • Segun Aina, President – Fintech Association of Nigeria and Africa Fintech Network
  • Dr. Konstantinos Tsanis, Chief Innovation and Data Officer – Wema Bank
  • Olivier Dipenda, Regional Head, Business Development – Africa – FSS
  • Jide Olanlokun, Director – Solution Consulting – Oracle 

Presentation by Chukwudi Nwokike – Client Success Manager, Africa from Netcore Solutions elaborated on “Unblocking the Fill Power of Enterprise Emails”, while threats and opportunities in banking & microfinance industry was addressed by Ademola Babaola, CEO – Africa at OpenFactor.

Changing the paradigm of Instant Payments, was explained by Rishi Pillay, Managing Executive – FSS, where he emphasized on leveraging the payment system to enable financial inclusion, economic growth and equitable tax collections.

The concluding session of the day was a series of breakout roundtables brainstorming of CX, Microfinance, Financial inclusions through Islamic microfinance, Inbranch Technology and more.

The 2nd day of the event witnessed presentations from Oracle, West African Monetary Institute, Avaya IX, Groupe Orabank, Association of Mobile Money and Banks Agents, Guaranty Trust Bank, Future-Proof Intelligence (FINT) among others. Highlighted topics for panels and presentation for the concluding day included Cyber- Security, AI in Security, Blockchain Business Models, Digital Identity and much more. 

The event examined how technology is changing the delivery of banking and payments services and address the entire value chain of the region’s banking and financial sector to best achieve financial inclusion and sustainable growth.

Finnovex discussed the roles of banks, fintech companies, and other stakeholders in building an impetus to this paradigm shift. Technology leaders and solution experts joined the event to assist the region’s fiscal sector to be equipped with competitive technology. These solution providers who joined as sponsors and partners were Oracle (Strategic Digital Sponsor), Netcore (Martech Sponsor), Temenos, Backbase, FSS, Openfactor (Gold Sponsors), OneSpan, Poi-Tech, Avaya, Simba (Silver Sponsors), Rubrik, Turbonomic, Infrasoftx (Networking Partners).