Most fintech firms, banks’ experiment – Proshare boss

The Chairman and Chief Executive Officer of Proshare, Dr Olufemi Awoyemi, has said most financial technology companies, otherwise known as fintechs, are experiments of commercial banks in the country.

This is as he added that the country had one of the best financial infrastructures in the world, noting that the speed transactions are done cannot be compared even with first-world countries.

He disclosed these at a media parley organised by the Association of Corporate Managers of Banks on Friday in Lagos when he gave the keynote address.

He noted that the country’s financial institutions invested heavily in modern infrastructure in that they had revolutionised the way banking transactions could be done across the board.

“The financial services sector, as it is now, is a leader in innovation. They do not only perform banking operations.

“There is now insurance, asset management, payment services, and investment, among others. This is why I don’t agree with that, ” he added.

Speaking to the managers present, he said, “A journalist is not there to represent the best interest of any organisation. They are also not employees of the communications person or an extension of that office.

“They are also not exclusively a harbinger of bad news but are trained to gather information, gain understanding, develop context and perspective, apply analytical and numerical tools as interpretative orders, engage constructively with stakeholders and provide information to the public.”

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