CIBN, others sign agreement on Fintech certification

The Chartered Institute of Bankers of Nigeria (CIBN) has signed a collaborative agreement with FinTechNGR and the Financial Services Innovators (FSI) on Fintech certification.

Under the agreement, Ken Opara, president and chairman of council, CIBN, said the three institutions have come together to award Fintech Certification which offers an excellent opportunity to bridge the tech talent gap and indeed further drive the implementation of the competency framework in the banking and finance industry in Nigeria.

He expressed the Institute’s indebtedness to the Bankers Committee and to the Central Bank of Nigeria for the Institute’s appointment as the accreditation agency for the implementation of the competency framework.

“We are not taking it for granted and are determined to make a success of the assignment which will lead not only to more knowledgeable professionals but improved service delivery,” he said.

Opara reiterated that the CIBN’s role is to be the bridge that will engender positive handshake among all the players (banks, fintechs, and other financial agents) in the financial services industry through capacity building programmes, training, content development, advocacy and sound corporate governance policies.

Speaking during the signing ceremony in Lagos and virtually, Seye Awojobi, registrar and chief executive of CIBN said, “This is a journey that started April 2017. That was when CIBN, the digital finance institute of Canada and the FinTech associate put together what they called FinTech Nigeria today.”

“It was the first FinTech conference in Africa that ushered in the 2017 world conference of banking institutes in Lagos when we brought all systems and FinTech operators and people in Nigeria together and I still give kudos to Segun Aina, who was the chairman.”

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He said it is a dream come true, and that it is the desire of the Institute to use technology to drive skills, to make a difference and that is where FinTechs groups come in.

“If you are not certified your knowledge is not acknowledged as such. So what we have done today is the beginning of life-long learning. Certification is a marriage of the one they dread a lot – FinTech group, which the banks dread a lot and without them the future is not certain,” he said.

Awojobi further said, “This is a journey that started April 2017. That was when CIBN, the digital finance institute of Canada and the FinTech associate put together what they called FinTech Nigeria today. It was the first FinTech conference in Africa that ushered in the 2017 world conference of banking institutes in Lagos when we brought all systems and Fintech operators and people in Nigeria together and I still give kudos to Segun Aina, who was the chairman.

Today, we are putting a point to the narrative that you cannot just be practicing but you can actually own a certificate in that regard and that is what is bringing this marriage.”

In his remarks, Ade Bajomo, president, FINTECH Nigeria, said, “It is a co-operation, it is a collaboration. We are going to co-exist together. FinTechs will get bigger and the banks will get bigger. FinTechs will disappear and some banks will disappear. So that is going to be the norm but those who will succeed are going to be those who can adapt very quickly. The two need to co-exist to create a better future and no country needs it better than us and to have that certification skills cannot only be good for FinTechs development or the development of financial services through banks but for our general ecosystem.”

“So I must say on behalf of FinTech Nigeria, 300 members we are extremely delighted to be part and parcel of this, to deepen the community, to deepen the ecosystem, to create talent that will grow our financial services environment both in Nigeria, Africa as we are seeing increasingly around the world,” he said.

Aituaz Kola-Oladejo, executive director FSI, in her remarks, said, “CIBN really is a forward-thinking institution. Today I will say history has been made, not just the signing of an agreement. This is going to shape FinTech businesses, not just in Nigeria but across Africa. I see more players coming out of this programme.”

Commenting on the official execution of the agreement, Uche Olowu, former president of CIBN, said, “Certification is the way to go. CIBN is going higher and we need to support that with programmes and certifications that are global and world class.”