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Experts suggests systemic solution to end reconciliation problems in fintech

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Financial experts on Wednesday said players and stakeholders in the fintech industry must take the issue of reconciliation seriously.

This was shared at The Guardian Nigeria and Fintech1000+ webinar series anchored by the DeRemi Atanda who leads the strategy function of SystemSpecs.

Cecilia Osoka, a professional accountant with over 27 years in the banking industry, said both the customers and the banks that have reconciliation issues are bound to face some losses and may also be exposed to fraud.

“I think the truth of the matter is, adequate attention has not been given to reconciliation issues in the financial institutions,” Osoka said.

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She said regulatory authorities may have been overrun by the new initiatives that have been worked in by fintech stating that people, therefore, are not giving adequate attention to make sure the systems are running properly.

“Perhaps the regulators and all the stakeholders that should ensure good processing cycles burying their head in the sand,” she said.

Yele Okeremi, CEO of Precise Financial Systems, also pointed at the regulators to make more efforts in securing in mitigating the risks in the industry especially the new fintech products.

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“The regulators have a role to play because it is normal for entrepreneurs to be over-optimistic in their expectations and in their planning, so the ball will fall on the laps of regulators to pull them back,” Okeremi said.

He added that only organisations that are operationally efficient can handle reconciliation problems “very well”.

Okeremi, therefore, urged that systems and processes are set up by regulators to assist in sorting reconciliations problems.

“Reconciliation problems can only be solved through a systematic and system which must involve senior and executive managements,” Okeremi said.

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