The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has finally admitted that financial technology, that is called in the financial services industry as Fintech, has become a real threat to the banks.
This is despite the opposing views in some quarters that Fintech is not a threat to the banking, rather it is a compliment.
According to Newspaper reports, Emefiele stated this in his goodwill message at the investiture of the CIBN’s 20th President and chairman of council in Lagos on Saturday.
“In our industry, we have a common threat. The enterprise management risk, particularly the threat posed by Fintech, is real,” he had said through his representative, Dr. Okwu Nnana, who is the Deputy Governor in charge of the Economic Policy Directorate.
Nnana advised Chartered Institute of Bankers of Nigeria (CIPN) to be at alert and also be at the forefront of sensitization of the banking industry on the real threat posed by Fintech in the industry.
Financial technology (FinTech or fintech) is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services.