to adopt appropriate policies that provide financial institutions with
the required flexibility to utilise available customer data.
Joshua who gave the counsel during a panel session at the 10th
anniversary celebration of Verve in Lagos recently, explained that this
would assist banks in the country drive new levels of customer
engagements across digital channels and systems. He harped on the need
for data generating institutions in Nigeria to explore fresh ways to
collaborate with one another. Alluding to the importance of data
validation as a major driver in enhancing the Know Your Customer (KYC)
policy, Joshua noted that harmonization of disparate databases will
accelerate lending processes by Banks.
“Digital identity is very critical in digital banking operations.
Industry collaboration must be embraced by both financial institutions
and database generating institutions to simplify digital banking
operations” he said.
Whilst stating that the bank was not averse to data sharing, Joshua said
that the lender had signed a Memorandum of Understanding with Open
Technology Foundation (OTF) for the adoption of a standard Application
Programming Interface (API) for its operations as a financial
institution.
Open Banking is a system that provides a user with a network of
financial institutions’ data through the use of application programming
interfaces (APIs). The Open Banking Nigeria Standard defines how
financial data and services should be created, shared and accessed.
By relying on networks instead of centralisation, open banking helps
customers to securely share their financial data with other financial
institutions.
The panel discussion was moderated by Chief Executive Officer, Verve
International, Mike Ogbalu III. Deputy Chief Executive Officer, Payment
Processing, Interswitch, Akeem Lawal, Head, Consumer Distribution,
Ecobank Nigeria, Stanley Jacob and Executive Director, Retail Bank,
FCMB, Olu Akanmu also featured as panelist at the event.
Mike Ogbalu expressed gratitude to Fidelity Bank and all partners of
verve that were present at the event whilst assuring them that endless
possibilities awaits the digital space in Banking.
The event which offered a unique opportunity for all participants to
network with the industry’s brightest, had in attendance, a number
business leaders and industry experts who gave valuable insights into
the latest tech trends and shared experiences.