Access Bank Plc has reiterated commitment to advancing the frontiers of industry agnostic technological innovation across Africa with Nigeria in focus.
In a statement on Sunday made available to Financial Street, the bank said this position was entrenched by its sponsorship of the Nigerian Fintech Week 2020.
The week-long event sought to highlight fintech as a solution to problems across different industries including health, agriculture and logistics.
Speaking at the event, Ade Bajomo, the Executive Director for Information Technology and Operations at the bank, said, “Access Bank is committed to positively impacting lives and building the economy through technology. For years, the Bank has invested in several initiatives geared towards improving access to technological innovations while providing platforms for tech enthusiasts to innovate and make a massive impact on the society.”
He identified one of such innovations to be Facepay which is a pioneer solution in Africa that captures the face of an individual and leverages the same to grant access to financial services for the unbanked, make in store payments seamlessly at merchant locations and subsequently build queless branches.
Bajomo explained further how various digital identity systems are leveraged across the world to provide economic inclusion for one billion people who are estimated to lack access to financial services because they do not have a form of legally recognised Identity.
He said the foremost example was how India’s Aadhaar identity management programme which has 1.2bn indians has been leveraged for financial inclusion, direct beneficiary programmes, humanitarian assistance, AML compliance and cost savings in government processes.
He stressed that Nigeria had a lot to learn from this, adding that Access is at the forefront of leveraging digital identity systems to promote economic inclusion.
“By partnering the Africa Fintech Foundry and sponsoring a momentous occasion like the Nigerian FinTech Week, the bank is contributing to the strides that we are experiencing in the fintech landscape and to the growth of the economy at large.
“This is done through thought leadership, acceleration and incubation of tech start-ups, hosting of hackathons and delivering digital products tailored to the African market. Through these interventions, other sectors of the economy would be able to experience a 360-degree growth as well,” Bajomo said.
Further cementing the bank’s involvement in fintech, Bajomo was inaugurated as the new president of FintechNGR at the 2020 annual general meeting of the association.
Speaking after his inauguration, Bajomo stated that he would work with members of the association and the industry to create solutions, employment, wealth and capacity, as well as position Nigeria as a leading market for global fintech innovation and investment.
