Financial institutions tripled transaction volumes during the first COVID-19 lockdown in Nigeria with the activities of financial technology firms, said the Group Head, E-Business at Providus Bank, Frank Atat.
Atat spoke at an unveiling and award ceremony by Shago Payments Limited, in Lagos.
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He noted that it was high time commercial banks boosted their collaboration with the financial technology firms in order to grow together.
“Tech partners will not take over the industry if we collaborate with them. Partnership will bring a lot of opportunities. In collaboration, you achieve a lot of greatness, spread and you grow faster.
“Fintech companies have come to stay and it is important that the banks have to recognize that and work with them more,” Atat noted.
The Managing Director and CEO of Shago, Sebastine Enechi, said the firm was deploying technology to create value for humanity.
“We are all about innovation, technology and empowerment.”