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Expert lauds CBN’s e-money initiative, urges entrepreneurs to key into it

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A Fintech expert in Ibadan, Olukayode Ariyo, has lauded the e-money initiative of the Central Bank of Nigeria, urging entrepreneurs to key into the new technology for profitability.

Mr Ariyo, the keynote speaker and Managing Director, Global Accelerex, Nigeria, stated this at the 30th anniversary luncheon and award of Government College of Ibadan, Class of 1991 Sept. Set on Saturday.

The expert who spoke on “Disruption to Profit: Fintech and the Opportunities for the Nigerian Entrepreneur”, said leveraging on technology at this time was crucial to economic growth.

Mr Ariyo said one of the benefits has to do with reduction in the cost of managing cash.

“Thinking about the cost of managing cash, it further reduces it and that would help so that the government can apply the money in other areas that requires such.

“Right now we are having digital play in Nigeria and that has been on already, growing year on year, the adoption is in increasing by the day, so, I have no doubt that it will be successful.

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“There are frameworks in place and rules that would not allow cybercrime to affect the initiative. There are guidelines that ensure or reduce threats from hackers,” Ariyo said.

In his address, Wale Babalakin, the National President, Government College Ibadan, Old Boys Association, GCIOBA, commended the class of 1991 set for the giant strides taken to reposition the school.

Mr Babalakin, a Senior Advocate of Nigeria, was represented at the event by the former Oyo State Commissioner of Justice, Seun Abimbola, who underscored the importance of quality education to technological development of a country.

He noted that there were standards both in terms of teachers’ support and students’ responsiveness in the past. “I believe we should get better and not decay as we evolve.

“The old boys should look for traditions and standards that sustain the standard at that time and how we can balance now and introduce some of those things.

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“The Government should prioritize education so as to prepare the future generation for global competitiveness.

“Government should always look at the progressiveness of the society we live in; when you talk about technology as being discussed today, it is education that produces that.

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“Education makes you appreciate it and that also contributes to the economy of a country,” Babalakin said.

The Set Chairman GCIOBA, 1991 Set, Mr Kolade Enitinwa, said celebrating 30 years of admission into Government College, Ibadan, was a great delight as the school contributed to who they became in life.

He noted the need for the government to invest more in education as recommended by UNESCO; this will cater for welfare and infrastructure needs of the sector.

Enitinwa emphasised the need to embrace financial technologies as there is a lot to gain by doing so.

“Fintech is not only about financial services, we are also seeing the introduction of technology into almost everything about our daily lives such as insurance, medical and so on.

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“If you look around you, you will see that technology is also playing a very vast role. Why fintech? If you are following global events, there is no how Nigeria can be far behind.

“Nigeria needs to be on the same level with the West. Today you will find giants like Stripe, Flutterwaves, and Unicorns that are generating so much revenue different from the regular bricks and mortals banking that we all know.

“With this new initiative we know that there would be lots of innovation that will come with it,” he said.

The News Agency of Nigeria reports that the event featured election of new executives and awards presentation to the best teacher and students for the 2020/2021 academic session as well as some dignitaries.

NAN

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