Speaker Interview- Dr. Babatunde Obrimah

Q-Currently, how are financial institutions managing their fintech strategy to meet the expectations of Customers?

Financial institutions are currently improving on technology applications to ensure customer satisfaction. Couple of financial institutions have upgraded their mobile apps to ensure they can provide more services.

Q-With the ever-changing regulatory landscape of the West African region, how can financial institutions stay on top of handling new and changing regulations?

Regulations are not in themselves bad, financial institutions have to be proactive to reposition itself as regulators introduce new regulations.

Q-As we adapt to the current digital disruption, would we be seeing more banks partnering with digital wallets to overcome this disruption?

We are going to see a lot of collaboration between banks and Fintechs to deliver financial services.

Q-Can loyalty points and alternative payment methods be integrated into mobile wallets in the future?

Yes, this is possible, there are already initiatives in this direction to introduce loyalty points for use on digital platforms.

Q- Within the West African region, how are Banking and Financial Institutions adapting to a Mobile-First Banking option? Have there been an increase in the adoption rate by customers?

Delivery of financial services through mobile options is the only way to go. With introduction of USSD services, no doubt that there is an increase in the adoption.

Q-.With the technological disparities in the West African region, how does this affect the onboarding of new customers by mobile banking agents?

This will vary from country to country. Agent services are critical in rural areas unfortunately there are infrastructural challenges in these locations. As cost of providing infrastructures reduces, we are going to see more mobile banking agent activities.

Q-. Can you highlight 3 challenges that must be overcome in order to promote a cashless society?

Increase literacy level
Increase telco infrastructures in rural areas
Reduce or eliminate fees on electronic transactions

Q-. The Summit kicks-off in October, what advice do you have to give to your other industry peers in order to bridge the financial inclusion gap?

Bridging the financial inclusion gap requires a paradigm shift from the current approach of wanting people to open accounts. People are looking for value, we should be solving issues to on-board more people. A farming community will be concerned with snake bites, scorpion bites and injuries. Value to them will be proving a service that will take care of them if any of these occur and use that to on-board them into financial services. Agents should be empowered to sell other services like micro insurances (Health, life, accident), micro-pension, etc.