Digital deployment critical to MfBs sustainability – Accion MD

The managing director of Accion Microfinance Bank (Accion MfB), Taiwo Joda has urged stakeholders in the sector to embrace digital deployment as a critical business sustainability initiative.

The Accion MD spoke at the first digital banking summit organised by Computer Warehouse Group (CWG) with the theme, ‘ Digital: The New Age of Banking’. He said that digital adoption and deployment is the way to go for MfBs, and that it carries more benefits than the challenges that may be anticipated.

“And it’s not really as expensive as we can imagine. When we’re ready to collaborate; when we’re ready to have shared platforms. It’s very possible as long as we serve customers, where most of the customer-centric will also focus on how well,” Joda said.

Joda stated this while discussing the ‘Impact of digital on Accion MfB’s business’, where he disclosed that the Bank recorded an N30.4 billion inward transaction on its e-channel, while total outward transaction was N40.6 billion in three years.

According to him, the digital banking summit presents stakeholders an opportunity to look at emerging challenges like cybersecurity in the digital space, ability to retain talents, and identify subject matter experts in relation to threats.

“Customer wants convenience; customer also wants efficiency, and efficiency in the sense that they’re not looking for what is free, but they’re looking for value,” Joda said.

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Adewale Adeyipo, Chief Executive Officer, Computer Warehouse Group (CWG) PLC, said lots of organisations are spending significantly on digital transformation. According to him, the summit is more about the new wave of digital banking.

“Beyond the buzzword out there many; we will get into a time where organisations are asking themselves the real value realisation that is being derived from digital,” Adeyipo said.

According to him, there is a new level of consciousness with a typical user in terms of their rights. And, that is because with the Internet people can easily compare products and services in real-time, with measurable feedbacks “Real customer experience is now happening on social media, because that’s where you get immediate judgment; good or bad on your products,” Adeyipo said.

Joshua Ukute, the first National Vice President of microfinance banks and keynote speaker, said the central bank of Nigeria (CBN) recently issued a cybersecurity framework for microfinance banks to help mitigate the challenges of cyber threats

Ukute, who is also the managing director of Alekun MfB, said that microfinance banks in Nigeria are leveraging technology deployment to drive services and bring banking closer to their customers.