From the 7th century Tang dynasty of the invention of paper money to the Great Debate of Pythagoras and to the modern concept of co-opetition, one thing has been constant: industries advance when they find ways to cooperate even as they compete against one another. In fixing market frictions, finding ways to expand the market becomes strategic.
In the domain of financial services, Open Banking is a vista to advance the sector, accelerate innovation and improve service delivery for citizens. I will be speaking on the promises of Open Banking in First Bank Fintech Summit 5.0 and how it would unlock new opportunities in the financial sector in Nigeria and beyond.
Nigeria’s fintech sector is still at infancy because we have minimal innovation at the credit phase. If we use open banking and concatenate disparate datasets, a new ordinance will evolve. Financial APIs will change economies but they can only be potent if powered within a unified data regime. From insurance to mortgage to real estate to core banking, open banking APIs will redesign the architecture of our economy.
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Go to First Bank website and register free.
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