…Thumbs up mobile banking (FirstMobile) and
USSD (*894#) platforms
By Bolaji Israel
Dr Adesola Adeduntan, Chief Executive Officer, First
Bank of Nigeria Limited said technology, innovation and enhanced capabilities
have become necessary to achieve significant business growth in the
post-COVID-19.
Adeduntan made this remark on Thursday during a
Digital Disruption Series webinar organised by the Surrey Business School of
the University of Surrey, England.
The webinar was themed: “Digital Disruption: How Can
Companies Thrive in Africa Post-COVID-19.”
According to the FirstBank boss, it is about studying
the environment and leveraging the digital space to proffer solutions tailored
to suit emerging challenges
Adeduntan cited FirstMobile, the Bank’s mobile
banking and *894# USSD platforms as some of the digital disruptions that had
impacted positively on the financial institution, the banking industry and the
financial ecosystem as a whole.
“We have the largest bank agents – close
to 90,000 – of them spread across the country, helping to bring in people that
were financially excluded into the financial system,” he said.
On barriers to growth in creating
innovative and indigenous knowledge, the CEO cited capital constraint, social
infrastructure and cultural approach as some of the limiting factors
encountered by businesses in Africa.
“In Nigeria, to solve the capital
constraint, the Central Bank of Nigeria and the Banker’s Committee contribute
certain percentage of our profit to a pool of fund to serve as equity for
entrepreneurs,” he said.
According to the FirstBank CEO, absence
of social infrastructure in African countries has denied citizens the ability
to lead better and quality life, thus leading to the migration of many young
and brilliant minds from the continent.
He said the bank evolved a deliberate
approach in its employment, remuneration, exciting work roles and talent
development to inspire and retain its young workforce.
Dr. Adeduntan added that there were
significant opportunities in Africa, with over one billion population, while
noting that opportunities were available for young and innovative people
willing to work smart and hard.
The FirstBank boss noted that the bank
had been in existence for 127 years, and had been strategically positioned for
exponential growth through its ability to leverage innovation to reinvent
itself.
Also speaking at the event, Prof. Kenneth
Amaeshi, Thought Leader, University of Edinburgh, Scotland, said COVID-19 had
unravelled the need to realign Africa’s institutions, and convert challenges to
opportunities.
Amaeshi said African governments should
evolve more favourable policies and incentives that would encourage renewed
innovation, increase investment in education, research and development and
intellectual property protection.
“As much as we want to celebrate
technology development in Africa, we need Africans to participate and
contribute to the knowledge going on in the digital space,” he said.
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