VICE PRESIDENT TASKS COMMERCIAL BANKS ON TECHNOLOGICAL REFORMS

Vice-President, Yemi Osinbajo, has stressed the need for banks in the country to carry out urgent reforms so as not to be caught off-guard by rising innovations in financial technology, saying the effect of new innovations in financial technology was inevitable.

Professor Osinbajo stated that fintech, which is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services, would disrupt the financial space but that apart from reforms, banks could avoid being affected negatively if they also invested in fintech companies.

The Vice President pointed out that even though the quick convergence between technology and financial products was happening faster than many of the banks could cope with, the government would work with them to ensure the development of the sector.

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