CWG, Vericash partner to deepen MfBs digital deployment

In a move seen at deepening the digital adoption and deployment of Microfinance Banks (MfBs), Computer Warehouse Group (CWG) PLC recently partnered Vericash to organise Nigeria’s first digital banking summit with the theme, ‘ Digital: The New Age of Banking’.

Adewale Adeyipo, Chief Executive Officer, Computer Warehouse Group (CWG) PLC, said lots of organisations are spending significantly on digital transformation because digital adoption and deployment is the way to go for MfBs, with more benefits than anticipated challenges.

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.

He further disclosed that 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 feedback. “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.

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“Traditional brick and mortar forms of banking can no longer take the realities of now, customer needs are increasing, and customer needs are changing. So microfinance banks and other financial services providers also change with these needs,” he said.

Taiwo Joda, the managing director of Accion Microfinance Bank (Accion MfB), urged stakeholders in the sector to embrace digital deployment as a critical business sustainability initiative. “And it’s not really as expensive as we can imagine”.

Joda, who spoke on the ‘Impact of digital on Accion MfB’s business’, said that 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. “Customers want convenience; customers also want efficiency, and efficiency in the sense that they’re not looking for what is free, but they’re looking for value,” Joda said.