O
Omoleye Omoruyi
Guest
The Lagos Continental Hotel was abuzz on November 13 as FirstBank launched its 6th annual Fintech Summit, themed “Banking on Partnerships.” Industry leaders, innovators, and key stakeholders gathered to discuss evolving trends in financial technology, and the summit offered a unique spotlight on strategic collaborations as a pathway for growth and innovation.
Emmanuel Daniel, Founder of TAB Global, opened the summit with a keynote on “Banking on the Future: How Strategic Partnerships Can Foster Innovation and Growth.” Daniel explored the critical metrics banks should prioritise, such as cost-to-income ratio, net interest margins, and net fee income, as indicators of operational efficiency and economic impact.
He stressed that strategic partnerships could help banks optimise these metrics, achieve growth, and enhance their community impact by maintaining a stable loan-to-deposit ratio. Daniel’s insights underscored the summit’s emphasis on partnerships as essential tools in a dynamic fintech landscape.
Emmanuel Daniel, Founder of TAB Global, speaking at First Bank’s Fintech Summit 6.0
Daniel emphasised that while traditional banking metrics provide valuable insights, they must be adapted to the needs of developing economies.
“A wider net interest margin reflects the challenges banks face in regions with less stable financial systems,” he noted.
He further called for partnerships that not only boost profitability but also reinforce banks’ roles as pillars within their communities.
FirstBank CEO, Olusegun Alebiosu, highlighted the bank’s commitment to tech-driven solutions and partnerships.
“The future of banking is digital,” Alebiosu said. “With our extensive operations, partnerships are indispensable. Specialists in tech help us adapt to digital demands and deliver world-class systems. We can’t wait to tackle everything in-house—we need partners to achieve excellence.“
FirstBank CEO, Olusegun Alebiosu
As he explained, FirstBank’s approach is pragmatic, embracing partnerships with tech firms to streamline processes and enhance customer experiences.
“If you think about it,” Alebiosu continued, “how often do you visit a bank in person? Most customers engage through our online and mobile platforms, whether they’re using FirstMobile, USSD, or other digital services.”
The CEO emphasised that FirstBank’s continual investment in technology, such as the AI-powered Fibani system, demonstrates its focus on adapting to customer needs and future-proofing its services.
He also highlighted that FirstBank’s digital infrastructure allows customers access to seamless banking solutions on-demand.
“With our Fibani AI, customers can handle card issues and other transactions independently, which reflects our commitment to innovative banking,” he said.
This adaptability, he added, is crucial for reaching Nigeria’s vast unbanked population, providing tools for financial inclusion.
Representing Governor Babajide Sanwo-Olu, Olatunbosun Alake, Lagos State Commissioner for Innovation, Science, and Technology, commended FirstBank’s efforts, saying, “This summit’s theme, ‘Banking on Partnerships,’ resonates with our government’s focus on collaboration as a catalyst for growth.”
Olatunbosun Alake, Lagos Commissioner for Innovation, Science, and Technology at Fintech Summit 6.0
Alake noted that Lagos is dedicated to building an innovation-friendly ecosystem, and he highlighted projects like the Eco-Nexus initiative in education and funding for tech startups in sectors from fintech to climate change.
“We believe in partnerships with the private sector to drive innovation and empower our people,” he added.
Panels throughout the day included discussions on effective partnership models, strategies for bank-fintech collaborations, and real-world success stories.
Tomilola Majekodunmi, CEO of Bankly, emphasised the role partnerships played during the pandemic, saying, “Partnership saved us during COVID-19.”
Meanwhile, Olayinka Situ, Head of Corporate Transformation at FirstBank, remarked, “Many times, people approach us like vendors, not partners. True partnerships require commitment from both sides.”
Fintech Summit 6.0
Chijioke Dozie, Co-founder of Carbon, highlighted the strategic decisions fintech companies and banks must make, saying, “Banks should think about buying instead of building, and fintech entities need to price their services realistically.”
Dozie’s comment was part of a broader discussion on how both sides need to make concessions for partnerships to thrive.
Panellists agreed that partnerships should be seen as strategic alliances rather than quick-fix solutions.
Deremi Atanda from Remita shared that enduring partnerships are built on a foundation of trust, adaptability, and mutual benefits, stating, “Successful partnerships are about creating better experiences for customers and ensuring long-term growth for both sides.”
The summit also saw the launch of FirstBank’s Fintech Innovators Pitch Programme, aimed at supporting early-stage startups. Startups selected for the program will receive training and mentorship and have a chance to pitch solutions to FirstBank and prominent investors.
Winners will gain essential support, including strategic guidance and access to resources that could be pivotal in bringing their solutions to market. The Pitch Programme had 147 valid entries, but only 10 made it to the finals. It includes 10 minutes to pitch to the judges.
The two-day event continues to draw participants from across the globe through its hybrid format and its theme.
Emmanuel Daniel, Founder of TAB Global, opened the summit with a keynote on “Banking on the Future: How Strategic Partnerships Can Foster Innovation and Growth.” Daniel explored the critical metrics banks should prioritise, such as cost-to-income ratio, net interest margins, and net fee income, as indicators of operational efficiency and economic impact.
He stressed that strategic partnerships could help banks optimise these metrics, achieve growth, and enhance their community impact by maintaining a stable loan-to-deposit ratio. Daniel’s insights underscored the summit’s emphasis on partnerships as essential tools in a dynamic fintech landscape.
Emmanuel Daniel, Founder of TAB Global, speaking at First Bank’s Fintech Summit 6.0
Daniel emphasised that while traditional banking metrics provide valuable insights, they must be adapted to the needs of developing economies.
“A wider net interest margin reflects the challenges banks face in regions with less stable financial systems,” he noted.
He further called for partnerships that not only boost profitability but also reinforce banks’ roles as pillars within their communities.
FirstBank CEO, Olusegun Alebiosu, highlighted the bank’s commitment to tech-driven solutions and partnerships.
“The future of banking is digital,” Alebiosu said. “With our extensive operations, partnerships are indispensable. Specialists in tech help us adapt to digital demands and deliver world-class systems. We can’t wait to tackle everything in-house—we need partners to achieve excellence.“
FirstBank CEO, Olusegun Alebiosu
As he explained, FirstBank’s approach is pragmatic, embracing partnerships with tech firms to streamline processes and enhance customer experiences.
“If you think about it,” Alebiosu continued, “how often do you visit a bank in person? Most customers engage through our online and mobile platforms, whether they’re using FirstMobile, USSD, or other digital services.”
The CEO emphasised that FirstBank’s continual investment in technology, such as the AI-powered Fibani system, demonstrates its focus on adapting to customer needs and future-proofing its services.
He also highlighted that FirstBank’s digital infrastructure allows customers access to seamless banking solutions on-demand.
“With our Fibani AI, customers can handle card issues and other transactions independently, which reflects our commitment to innovative banking,” he said.
This adaptability, he added, is crucial for reaching Nigeria’s vast unbanked population, providing tools for financial inclusion.
Representing Governor Babajide Sanwo-Olu, Olatunbosun Alake, Lagos State Commissioner for Innovation, Science, and Technology, commended FirstBank’s efforts, saying, “This summit’s theme, ‘Banking on Partnerships,’ resonates with our government’s focus on collaboration as a catalyst for growth.”
Olatunbosun Alake, Lagos Commissioner for Innovation, Science, and Technology at Fintech Summit 6.0
Alake noted that Lagos is dedicated to building an innovation-friendly ecosystem, and he highlighted projects like the Eco-Nexus initiative in education and funding for tech startups in sectors from fintech to climate change.
“We believe in partnerships with the private sector to drive innovation and empower our people,” he added.
Key takeaways from the Fintech Summit
Panels throughout the day included discussions on effective partnership models, strategies for bank-fintech collaborations, and real-world success stories.
Tomilola Majekodunmi, CEO of Bankly, emphasised the role partnerships played during the pandemic, saying, “Partnership saved us during COVID-19.”
Meanwhile, Olayinka Situ, Head of Corporate Transformation at FirstBank, remarked, “Many times, people approach us like vendors, not partners. True partnerships require commitment from both sides.”
Fintech Summit 6.0
Chijioke Dozie, Co-founder of Carbon, highlighted the strategic decisions fintech companies and banks must make, saying, “Banks should think about buying instead of building, and fintech entities need to price their services realistically.”
Dozie’s comment was part of a broader discussion on how both sides need to make concessions for partnerships to thrive.
Panellists agreed that partnerships should be seen as strategic alliances rather than quick-fix solutions.
Deremi Atanda from Remita shared that enduring partnerships are built on a foundation of trust, adaptability, and mutual benefits, stating, “Successful partnerships are about creating better experiences for customers and ensuring long-term growth for both sides.”
The summit also saw the launch of FirstBank’s Fintech Innovators Pitch Programme, aimed at supporting early-stage startups. Startups selected for the program will receive training and mentorship and have a chance to pitch solutions to FirstBank and prominent investors.
Winners will gain essential support, including strategic guidance and access to resources that could be pivotal in bringing their solutions to market. The Pitch Programme had 147 valid entries, but only 10 made it to the finals. It includes 10 minutes to pitch to the judges.
The two-day event continues to draw participants from across the globe through its hybrid format and its theme.