‘Banks, Fintech firms are strategic partners, not competitors’

The banks and financial technology firms are not competitors but strategic partners; as such they should collaborate towards the development of the industry and customer satisfaction.

The Managing Director/Chief Executive Officer of Systemspecs, developers of Remita, John Obaro, made this declaration at recent meeting with the leadership of the Committee of e-Banking Industry Heads (CeBIH), a body of practitioners that represents interests of banks in Nigeria.

According to him, the company is a fintech firm and the “best we can do is to come up with top-class products. But we need to work in partnership with banks to meet desired market needs.”
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He therefore reiterated the company’s readiness to work with CeBIH to develop the industry by deploying efficient electronic platforms for the banking sector.

CeBIH’s Chairman, Dele Adeyinka, also expressed the body’s wiliness to collaborate with Systemspecs, saying that the banks and Systemspecs have collaborated in the past for the good of the industry.

However, he said, “we have the responsibility of fostering this relationship and we are ready to work with you for the advancement of the industry.”

Obaro declared as interesting the rapid acceptability of electronic payment systems across the Nigeria banking landscape, saying that 12 years ago, the country was reluctance to accept e-payments.

“Today, almost everybody has come to agree about the necessity of e-payment. Now, the debate is about how e-payment should be implemented.”

Establishment about 25 years ago, Systemspecs has developed simple, yet exceptional, financial solutions and has emerged as a leader in Nigeria’s electronic payment industry.

As a form of collaboration with non-bank community, Systemspecs would the programme of CeBIH 2017 annual retreat themed: “Disruptive Technologies in the Field of Payments” and a documentary to highlight the milestones recorded by Nigeria banking industry.
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