 Welcome back from that report now to the discussion proper. The impact of fintech on the banking sector is still unfolding, but it is clear that this industry is undergoing a major transformation. They are disrupting the status quo and are forcing traditional banks to adapt or risk being left behind. In the future we can see or expect to see even more innovation in the fintech space. New technologies such as blockchain and artificial intelligence will continue to be adopted by fintech companies and these technologies will have a profound impact on the banking industry. My guest Ola Tsungi Iqbalajobi is the Chief Information Security Officer at SIRBET and is also a cybersecurity professional. Many thanks for joining me Tsungi on business insights. Can play your head good morning. Alright let's just get a bit of an overview of the fintech industry and its role in shaping the future of finance in Nigeria. What do you really think? Yeah, no doubt the fintech industry has played a very significant role in shaping the future of finance in Nigeria and it's not just only peculiar to Nigeria, we have seen rapid transformation in the financial sector due to the influence of technology and innovation from many start-ups. So these are actually bringing in a lot of reaching out to the unbanked, the unsolved people, the people in the remote area, to also be able to participate in the financial inclusion. So there has been a very rapid increase in the financial inclusion as a result of innovation that comes from fintech organization and if you look at it you will agree with me that financial inclusion is one of the very ways that fintech has actually shaped finance in Nigeria, the underserved, people are not leveraging mobile payment platform, peer-to-peer lending, digital payment solution, to be able to carry out financial services. So these are actually proving that this is one industry that we need to really pay attention at and increase in digital payment too, there has been a lot of increase in digital payment from different innovation, from different start-ups. We have also seen an exponential growth in e-commerce. Easily people can carry out their business online, the online marketplace and payment gateways. I've also made it easier for business to send their product services across both. So all of these have proven that fintech is actually one innovation for finance that we cannot actually overlook, access to credit as well, people now have alternative technology platform to actually access soft loan to carry out one or two financial needs. So investment in weather management has also proven because of the online trading platform as well that fintech innovation has also brought in. So all of these has proven that fintech is one particular industry that has really, really shaping the future of finance in Nigeria and then we just have to take a very good look at the industry and see how much of opportunity does it still present for us in the future. Alright. It's good you've talked about the opportunities that are bound from fintech in the future. Let's look at that nation's financial inclusion drive. The federal government has been pushing that for quite a while now. So what sort of collaboration do you think needs to be bridged to ensure that we get all Nigerians in this financial inclusion drive? Yeah, there is a need for regulatory functions. The regulators, one of the very important challenges that we've seen is that the regulator has not really entrenched a more holistic regulatory framework for the fintech industry. So there must be a very thorough regulatory function. The regulator must regulate well and there must be also a very brief collaboration among fintechs, especially in the area of technology, innovation sharing, technology sharing, and then again, multidiverse stakeholders. We need to have a diverse stakeholder program whereby we are able to identify the players, the restores, regulators, agencies that might be relevant to how fintech can actually also improve financial services in Nigeria and again, there needs to be a more awareness about how financial technology can actually help people who are underband, who are underserved, and see that enough awareness is actually there and again, there must be also terrorist management because one of the very challenges that we've seen is that as much as fintech has enabled a similar payment process, of course, there have also been some very, very much increase in some of the security related issues that have to do with fraud. So there must be a thorough fraud prevention management program and then the fintech organization and companies also have to ensure that at the time they are losing in order to ensure that their customers' data, their customers' money are not just moving within the swift of here and again, because of the transition of 5G, we will definitely experience a more increase in fintech services and then again, payment system is also going to be the swiftness of payments, it's also going to be very, very much high now. So all of these have shown that there are a lot of opportunities, we just have to ensure that there are more regulatory frameworks in place, multi-faceted regulatory framework that come from different industry players to ensure that we are able to have an holistic output of our fintech industry. Alright, you will agree with me, Tujit, that Nigerians are very talented people and what with the state of the economy and inflationary pressures that there is this Jack Bass syndrome. So there have been talks about investment more in talent development and the need for fintech to be more structured to explore viable frameworks and adopt a strong management approach. What do you really think, Tujit? Yeah, Jack Bass syndrome, we can't limit our potentials and we can't limit our experts. Of course we have to amaze them, we need to really amaze them and I know that agencies in Nigeria like NICDA, CBHEN, fintech acquisition, on timely basis and often they come up with a pattern whereby a lot of young potentials, young Nigerians who have innovation, not just only in fintech, across other areas of technology innovations to come up with a product and pitch it and possibly find a way to actually sell it to the market. Of course, this has also been something very important, but of course it needs for us to really have a proper framework for how we harness our skills and again, because we are now in a global community and the workforce has actually moved from the conventional method that we used to do, not necessarily somebody has to be in an office before they can actually deliver any job. So the fact that you have potential who possibly live the country to another nation doesn't really mean that they can't still not provide innovation, technology for the country. We just need to have a policy framework in place in order to define our talent. Even when they decided to take their expertise somewhere else, we can still have them in the pool of our talent and then see continue to engage them to make use of their skills in order to better innovation as regards to financial services in our country. Alright, at the fintech week 2023, some of the themes, some of the topics that took front and burned are included, how emerging technologies like artificial intelligence can enhance security, enable regulation to power innovation in data insights. Good thing you are a cyber security expert, can you share some of your thoughts? Yeah, of course, no doubt AI and ML are also very innovative and emerging technology that also has its own both as well as its own pros and as its own cons. We just need to understand how much of what we really need it for. So of course, AI can actually come up, I mean, up in the field of prevention and detection in real time monitoring. We are not talking about after incident as a core, we are not trying to do an incident analysis, but AI technology can actually have a fraud prevention to ensure that there is a fraud prevention and detection mechanism in place that can be in real time. Then again, machine learning to analyze big data and spot anomalies, identify if there has been any changes in data, then all of these are actually ML, AI can actually add syntax in managing a security aspect of the thing that because of the technology underlying risk. Then again, the risk management aspect of it, there are automation, risk management, compliance solution now, which leveraging AI in order to ensure that organization is not just only fintech, but in perspective looking at fintech industry can actually help you in ensuring that monitoring your compliance, are you truly compliance with regulatory demand, regulatory functions, all of these are definitely as comes to play and they are also going to help the financial technology industry in monitoring their systems in order to ensure that as much as they are servicing their customer, they are also servicing their customer with security in mind. All right, it is still business insights and plus TV Africa, we still have a lot to do by Lolo Jobe, we'll take a quick break and we'll come back, we'll look at the need for diversification of product and of course how internet penetration is also affecting the fintech and roles in the country in a moment. We'll right back, stay with us. All right, thanks for staying with us, it's still business insights and plus TV Africa, we still have a lot to do with us. Now, let me just reel out some figures and I want you to react to some of the issues that we have or maybe challenges as it were and maybe you could offer some opportunities that we can explore from there. Fintech global research indicate that as the second quarter of this year, Nigeria attracted 42% of the fintech deals in Africa, making it the most active destination on the continent. There are now some 250 active fintech firms and over 6,000 startups registered with various acceleration incubation hubs and fintech services institutions. This is a great news, Arjunji, but then again, how would you really see the effect of internet penetration is affecting fintech business in the country? Yeah, just like I mentioned, of course there are still, you know, the broadband deep penetration issue is still there. We still have quite large numbers of unbanned and underserved citizens who have not really been able to make use of the innovations that fintech has present to carry out their financial, seamless financial transactions and services, especially the people in the remote area who are the one coming out with products, more like force and product now and then again, the ability to be able to get that product, even say that product online without any medium man coming to play has also really, really limited that opportunity. But so it is important that relevant agencies, ministry that are really important in the broadband penetration also make effort in ensuring that we are able to penetrate the remote area so as to be able to reach out to the underbank, the underserved, you know, Nigerians. And again, with the introduction of 5th generation technology, you know, 5G, I also believe it's also going to be very good, you know, actually increase, you know, fintech services and fintech customers, you know, exponentially, you know, because, you know, the, the, the island sensory of how the technology is going to work and they continue to further this, most of this is going to be using the fiber, you know, connection, you know, services. So this is also very important for us to, to, to look at. But it's important to identify that even though there are a lot of investors coming in to invest in the fintech services in Nigeria, expanding the fintech industry, we also, the agencies that are really important to deep broadband penetration also need to play their own role very well so that, you know, the financial inclusion can easily be achieved within the stipulated time. All right, as we go now, I'm a lot of you will also agree with me that innovation is actually the lifeline of the fintech ecosystem. Talking about innovation and how fintech companies can, you know, reinvent themselves as it were. I just want you to talk for one minute concerning them, how they can collaborate to diversify product offerings. Yeah, of course, there are much we can actually do when we collaborate and compete, you know, and this is one very important principle that we, you know, accept it, you know, try to leverage on, we rather collaborate and compete because we understand that in collaboration, we're able to expand, you know, our services, we're able to, you know, share knowledge, we're able to share ideas and principle innovations that will better, you know, meet the needs of customers, you know, so it is important for us to, to do a lot of, you know, knowledge sharing, you know, data, data knowledge sharing in a responsible manner, you know, showing that even there is a need for us to share data, but sharing those data in a very responsible manner. And again, you know, technology innovations too, you know, you agree with me that most of what, you know, fintech services rely on is around the API service. So, you know, API, you know, related technology. All right, we seem to have lost Olatunji there, but there is also the need for fintech companies to explore new sectors like agri-tech, intro-tech, and of course, blockchain adoption was also encouraged at this year's fintech week. Do we still have Olatunji? Are you still there? Yeah, I'm here. I just want you to just wrap up your thoughts because we lost you at some point. Just conclude what you were saying. Okay, yeah, so I was trying to mention that, I mean, we can do a lot with collaboration and competition, especially when it comes to technology, innovation, sharing, you know, leveraging, technology sharing is something that is going to actually help the fintech industry to also grow more in terms of, you know, ensuring that we have holistic frameworks and also at the same time, we also have with the broadband penetration. Then again, we also try to diversify like you mentioned, you know, some of the, you know, industrial sector that has not really been a radar of focus, you know, industry can come together and begin to say, let's innovate, you know, let's let's innovate about this industry, be about this sector, and let's come up with a solution to better serve the real player industry. So much more collaboration, bigger than competition. That's one of the very important things that I think is going to be done. Thank you so much. Indeed, there's a whole lot that can be explored and lots of opportunities for the fintech sector. We do appreciate your time. He is the chief information and security officer. All of them, the input and insights that you have shared today. Thank you. Thank you. All right. And that's the size of the show for today. I am Justin. Many thanks for being there.