Okwuchukwu Udeh is a leading growth and marketing expert in Nigeria’s banking sector.

With a passion for advancing digital technology within financial services, she has spearheaded numerous innovative initiatives that have significantly contributed to the industry’s awareness and advancement of digital technology. Okwuchukwu’s expertise in strategic marketing and digital solutions has made her a trailblazer in the field, driving positive change and enhancing customer experiences. With her proven track record, Okwuchukwu continues to play a pivotal role in propelling Nigeria’s financial services sector into the digital age. In this interview, she discusses integrating digital technology into banking services and her role in driving digital transformation. Excerpts

Who is Okwuchukwu Udeh?
Okwuchukwu Udeh is a product and growth expert and a digital technology enthusiast. I am very passionate about digital technology and its potential to transform industries. Throughout my career, I have actively participated in various digital technology initiatives to improve customer experiences, foster financial inclusion, and drive innovation in banking services to fuel my passion for the field. Not just because I am a banker, but because I love giving back and contributing to initiatives that promote economic growth and the country’s socio-economic advancement.

As someone in the banking industry who is also passionate about digital technology, how do you balance the two?
The truth is that the banking industry is not unfamiliar with digital technology.

Over the years, there have been many changes in the industry, with traditional banks in Nigeria contributing significantly to advancing the digital technology sector by promoting innovation through collaboration. This is because financial institutions have recognised the potential of digital technology to transform financial services and drive inclusive growth.

So, to harness this potential, banks are beginning to partner with agile fintech startups as a powerful strategy, combining their infrastructure and regulatory compliance with the innovative solutions and agility of these fintechs. We’ve also seen several Nigerian banks establishing dedicated innovation hubs and accelerator programs to nurture fintech startups and drive collaborative initiatives. For instance, Guaranty Trust Bank’s “GTBank Tech Hub” fosters innovation and collaboration between startups, developers, and the bank’s technical teams.

Similarly, Access Bank’s “Africa FinTech Foundry,” which is gearing up for its second edition next week, grants startups access to funding, mentorship, and market opportunities, facilitating their growth and integration into the digital ecosystem.

Given how dynamic Nigeria is and how the CBN has been championing financial inclusion for years, can financial institutions leverage technology to do anything in that area, or is that still yet to come?
It is already here and has been for years. However, I can see how the average Nigerian may not associate these initiatives with digital technology, especially since there’s a prevalent bias towards programming and software development.

But to answer your question, Digital technology can make financial services more accessible and affordable to underserved populations.

Nigerian banks are leveraging this power to drive financial inclusion. One example is Diamond Bank’s “Diamond Y’ello Account,” which allows users to open and operate bank accounts using their mobile phones without using traditional banking infrastructure.

Initiatives like this are helping to bring banking services to remote and underserved areas of the country, empowering individuals and communities with access to financial services.

What about agency banking? Is that part of it?
Oh yes! Agency banking is another perfect example of how traditional banks are leveraging digital technology to drive financial inclusion in the country by reaching customers in underserved and remote areas. The unique thing about Agency banking is that it allows banks to extend their reach by partnering with local businesses and agents who act as intermediaries for banking services. The banks equip these agents with digital devices that enable them to perform various banking transactions on behalf of customers, such as cash deposits, withdrawals, and account openings.

By leveraging agency banking, banks are overcoming the challenges of limited infrastructure and geographical barriers, expanding access to financial services to a broader population. This promotes financial inclusion and drives the adoption of digital technology among customers who may have limited access to traditional banking channels.

With all these transformations and collaborations, what are the implications for growth experts like yourself?
The great thing about the digital technology revolution is that it is not limited to a particular sector or job function; it cuts across the whole spectrum, which excites me. Digital technology is also profoundly reshaping marketing strategies within the financial industry. We’re seeing a shift towards data-driven marketing, where companies leverage data analytics and machine learning to gain insights into customer behaviour and preferences. This allows marketers to create targeted and personalised campaigns that resonate with their audience and drive better results.

Additionally, marketers can now reach customers through multiple channels, including social media, email, and mobile apps, thanks to the digital technology revolution. This omnichannel approach allows for greater flexibility and reach, ensuring that companies can engage with customers wherever they are in their digital journey.

With your experience and expertise, would you say financial institutions in Nigeria are promoting digital literacy among their customers?
Oh yes, I agree with you about the need for digital awareness. Financial institutions in Nigeria actively promote digital literacy and understanding through various initiatives, including events, workshops, and educational campaigns. For example, events like the “Digital Financial Services Summit” and the “Fintech Africa Conference” bring together industry stakeholders to discuss trends and opportunities in the digital finance space.

We also have banks like Diamond Bank, which has been at the forefront of digital innovation, driving different initiatives in the financial sector. They recently introduced Dreamville, a game-enabled digital savings platform that enables youths to plan their financial future, save, chat, and update their financial knowledge while playing games. There’s also the Diamond Bank TechFest that happened last year, which served as a platform for showcasing innovative solutions, fostering collaboration between tech enthusiasts, entrepreneurs, and investors, and driving conversations around the future of technology in Nigeria.

Other banks sponsor workshops and training programs to equip individuals with the necessary skills to leverage digital tools for financial management and entrepreneurship.

Outside banking, we have other platforms that promote digital technology awareness. For instance, Talk shows like “Tech Turks” play a valuable role in fostering discussions and raising awareness about digital technology in Nigeria. The show provides a platform for experts, entrepreneurs, and innovators to share their insights, experiences, and ideas about the latest trends and developments in technology.

What are some specific initiatives you’ve actively participated in over the years and how have they contributed to the digital transformation of banking services?
Absolutely. My expertise lies in growth and product marketing, so my contributions have been mainly along those lines. So, I have contributed to the growth of many digital products like the Diamond mobile app, cashflow loans by access and so on.

However, one of the initiatives I’m particularly proud of is the *426# USSD service by Diamond Bank. This service allows customers to perform a wide range of banking transactions, such as fund transfers, bill payments, and airtime purchases, simply by dialling a short code on their mobile phones. It’s incredibly convenient and has helped make banking services more accessible to the larger population.

Another initiative I’ve significantly contributed to is the DiamondXtra Account USSD service. This service allows customers to open and manage DiamondXtra savings accounts directly from their mobile phones using USSD technology. DiamondXtra is a savings account that offers monthly draws for customers to win cash prizes and other rewards. We have increased participation and engagement by making it easier for customers to join the DiamondXtra program via USSD.