Home Politics Banks in Nigeria needs to Ameliorate to withstand what is Ahead- Osinbajo

Banks in Nigeria needs to Ameliorate to withstand what is Ahead- Osinbajo

Yemi Osinbajo, the Vice-President, claim that, 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 Vice-President, said there are no plans to take the banks’ lunch, but the banks have to reform to survive.

He claimed that, “Fintech companies, as you know, are challenging some of the old laws on banking and all of that”.

“The major issue is that technology is clearly going to disrupt the financial space, and is doing so already, so banks have to reform,” Osinbajo stated.

“They have to invest in some of the Fintech companies themselves, and they have to see this revolution as inevitable.

“I 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 it’s already happening”.


He further, 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 zones.

He added, “I think the first thing is to allay the fears of the bank that lunch isn’t being taken away. Banks, of course, are jittery about some of what is happening in the Fintech space.”

“They need to be assured that this isn’t about taking their lunch but that we cannot avoid what is coming to us now.

“What we are saying is that payment system, lending, all sort of financial systems, even insurance are happening much faster.

“So we have to change regulation and we must ensure that we give space to these tech companies because what is happening is that there is a quick convergence between technology and financial products.

“So 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.

“The telcos are in this space now and many of them are challenging some of what used to be traditional banking businesses.”

Vice-President Yemi Osinbajo, who spoke alongside the presidents of Ghana, Guinea, and South Africa, on the presidential panel in Johannesburg, acknowledged that there is a managerial challenge in the monetary vaccum.

Michael Oyaide
Michael Oyaidehttps://360aproko.com
Michael Oyaide is an enthusiast of writing, a great entrepreneur and musician.

Must Read

6 Things To Remember When It Feels Like Everyone Else Is Getting Married

I know a thing or two about “single anxiety.” There’s a massive amount of pressure resting on your bony prepubescent shoulders to get hitched and...

8 Ways To Enjoy Your New Relationship Instead Of Worrying That You’ll Ruin It

A new relationship can be as exhilarating as it is terrifying. You finally found that guy you click with, someone you really enjoy spending...


Acts 24:24-25 One great mistake some people make is to trust their feelings. I am sure you have heard people making statements like; "I trust...

Aisha Buhari warns Police IG against intimidating Timi Dakolo and his wife

First lady, Aisha Buhari has warned the Inspector General of Police against intimidating Busola Dakolo and her husband, Timi over the rape allegation against...

Terror Scare: British Airways cancels all flights to Cairo for a week as a security “precaution”

British Airways has cancelled all flights to the Egyptian capital Cairo for a week as a security "precaution".     Passengers who were about to board...