Our role in the Fintech ecosystem – CWG

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James Agada, Austin Okere, CWG Plc
James Agada, Group Managing Director, CWG Plc

 

In recent times, Nigeria has been agog with the term Fintech and CWG Plc, Nigeria’s largest ICT Conglomerate has stated that it is actively pparticipating in the Financial Technology ecosystem by creating platforms that enable financial service providers deliver services to a large number of people seamlessly.

The Group Managing Director of CWG, Mr. James Agada stated this on the sideline of a Fintech Meet-Up event, tagged ‘Fintech Tuesday’; which was attended by various stakeholders, including students and hosted by CWG Plc at the CWG Academy in Lagos this week.

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He noted that as a company focused on developing technology solutions that enables growth, CWG has positioned itself as a technology platform service provider. Which simply means, CWG deploys cutting edge platforms that enable people deliver financial services seamlessly. “We envisaged that to deliver real-time financial services in Nigeria, technology must be deployed; hence, we are continuously designing stable working solutions that even today, drive the financial ecosystem,” he explained.

For instance, Agada noted that, CWG can boast of its ATM as a Service, (CWG-AaaS) which is presently enabling banks in Nigeria to offer services using automated agents. He argues that the concept fits well into the innovativeness required to support banks in boosting the competitiveness for customer satisfaction with banking operations in Nigeria with respect to ATM services.

Other ways CWG is playing big in the Fintech ecosystem is its Co-Operative Society platform, which he described as evolutionary. He explained that the Unified Cooperative Platform (UCP) is tailored to meet the peculiar needs and budget of individual Cooperative Societies.

Meanwhile, Agada has warned that Nigerians must be careful with regards to the hype surrounding the presence of Fintechs. He postulated that Fintechs will not replace the banks as insinuated in some quarters, arguing that the banks will remain the major provider of financial services, but will evolve as technology evolves.

“I am not part of the people who believe that the coming of Fintechs will replace the banks. What I think will happen is a situation where the banks will end up partnering the Fintech or modify their own services to provide convenient like the Fintech are doing. It is an evolutionary path for the banks and not a death sentence because Fintechs are here,” he added.

CWG’s support for financial inclusion for all and staying ahead of the enabling growth strategies led to its hosting the recently concluded FINTECH Tuesday in Lagos.

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