One of the finest moments in Nigeria’s entrepreneurial ecosystem happened in the decade of 1990s when new species of banks were created. What happened then was “intra-bank” evolution where the banks essentially linked their branches into a mammoth network, making it possible that once you open an account in one branch of a bank in Nigeria, you can bank from all the bank’s branches.
As we moved from voice telephony to the mobile internet age, we upgraded that “intra-bank” to “inter-bank”, through NIBBS, offering a unified quasi-banking ordinance. With Open Banking, it goes beyond banks to now include insurance, mortgage, etc to drive the new age of application utility era which I expect to be massive. This is the cambrian moment of the new age of new Africa.
Join me at First Bank of Nigeria Fintech Summit 5.0 on Oct 7. I will speak on Open Banking and the Grand Unification.
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