{"id":28043,"date":"2018-11-08T15:04:52","date_gmt":"2018-11-08T14:04:52","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=28043"},"modified":"2018-11-08T15:04:52","modified_gmt":"2018-11-08T14:04:52","slug":"osinbajo-nigerian-banks-have-to-reform-to-survive-what-is-coming","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/osinbajo-nigerian-banks-have-to-reform-to-survive-what-is-coming\/","title":{"rendered":"Osinbajo: Nigerian Banks Have To Reform To Survive What Is Coming"},"content":{"rendered":"

Vice-President Yemi Osinbajo says there is a need to reform Nigerian banks for them to meet up with the inevitability of the Fintech revolution.<\/p>\n

Speaking at the ongoing first ever Africa Investment Forum in Johannesburg on Thursday, the Osinbajo said there are no plans to take the banks\u2019 lunch, but the banks have to reform to survive.<\/p>\n

He said the \u201cFintech companies, as you know, are challenging some of the old laws on banking and all of that\u201d.<\/p>\n

\u201cThe major issue is that technology is clearly going to disrupt the financial space, and is doing so already, so banks have to reform,\u201d Osinbajo said.<\/p>\n

\u201cThey have to invest in some of the Fintech companies themselves, and they have to see this revolution as inevitable.<\/p>\n

\u201cI think that what we are seeing today is the reform around that space, and many of the banks are looking up and understanding that this is going to happen, and\u00a0it\u2019s already happening\u201d.<\/p>\n

OSINBAJO: BANKS NEED NOT FEAR BUT REFORM, INVEST<\/h3>\n

He, however, allayed the fears of the banks by saying the government is, and will, work with them, the regulators, and the Fintech companies to ensure development in the sector.<\/p>\n

\u201cI think the first thing is to allay the fears of the bank that lunch isn\u2019t being taken away. Banks, of course, are jittery about some of what is happening in the Fintech space,\u201d Osinbajo added.<\/p>

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\u201cThey need to be assured that this isn\u2019t about taking their lunch but that we cannot avoid what is coming to us now.<\/p>\n

\u201cWhat we are saying is that payment system, lending, all sort of financial systems, even insurance are happening much faster.<\/p>\n

\u201cSo we have to change regulation and we must ensure that we give space to these tech companies\u00a0because what is happening is that there is a quick convergence between technology and financial products.<\/p>\n

\u201cSo much faster than many of the banks are able to cope with, so what we are trying to do is work with the banking system, the Central Bank of Nigeria for example, we are sitting with the Fintech companies, banks, and the telcos.<\/p>\n

\u201cThe telcos are in this space now and many of them are challenging some of what used to be traditional banking businesses.\u201d<\/p>\n

Osinbajo, who spoke alongside the presidents of Ghana, Guinea, and South Africa, on the presidential panel in Johannesburg, acknowledged\u00a0that there is a regulatory challenge in the financial space.<\/p>\n

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Vice-President Yemi Osinbajo says there is a need to reform Nigerian banks for them to meet up with the inevitability of the Fintech revolution. Speaking at the ongoing first ever Africa Investment Forum in Johannesburg on Thursday, the Osinbajo said there are no plans to take the banks\u2019 lunch, but the banks have to reform …<\/p>\n","protected":false},"author":6,"featured_media":27835,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[3256],"coauthors":[2391],"class_list":["post-28043","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-prof-yemi-osinbajo"],"yoast_head":"\nOsinbajo: Nigerian Banks Have To Reform To Survive What Is Coming - National Wire<\/title>\n<meta name=\"description\" content=\"Vice-President Yemi Osinbajo says there is a need to reform Nigerian banks for them to meet up with the inevitability of the Fintech revolution.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/osinbajo-nigerian-banks-have-to-reform-to-survive-what-is-coming\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Osinbajo: Nigerian Banks Have To Reform To Survive What Is Coming - 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