Participants on the Modular Executive MBA programme (MEMBA 5) at Lagos Business School (LBS) received Group Managing Director/CEO of Diamond Bank Plc, Uzoma Dozie as he facilitated their last weekend session.
The session was organized as part of LBS’ teaching strategy that allows established CEOs share their experience on the peculiarities of doing business, with participants. Dozie enlightened the MEMBA 5 participants on digital transformation as it relates to banking and offered more than a few insights into the use of digital technology in aiding financial inclusion.
Here are five lessons we picked from his presentation:
- Nigeria is able to position itself as the biggest Fintech hub in Africa, as there are currently over 60 Fintech companies in the country. This growth in Fintech penetration is attributed to a surge in e-commerce and smartphone users. According to statistics, the average monthly transaction value of mobile money operations has reached $142.8 million in 2016 from $5 million in 2011.
- To get people financially included, they first need to be socially included. This can be achieved by providing other services that meet their more urgent needs e.g medical services, education; and then later introducing financial inclusion. The first step is to conduct research that will help identify the audience and their needs.
- The real value of technology is not so much in its disruptive tendencies but in its potential to empower people.
- Blockchain, as a disruptive technology, will help achieve financial inclusion by impacting payment processing, as it will reduce the need for intermediaries and force banks to examine their role in the payments ecosystem.
- Business owners and managers who want to introduce digital technology into their operations must first determine their purpose. Enhanced customer experience, cost reduction, risk of processing, reduction of operational risks, increased reach are some of the reasons companies can infuse digital technology.