Opinion
OPINION: Blockchain, Fintech And The Future Of Banking
Published
3 years agoon

By Austin OKERE
“Customers besiege banks on the first day of the partial lifting of COVID-19 lockdown: As early as 8 am, bank premises were already full of people seeking to gain entrance into the banking halls for one transaction or the other. And by 11 am, Twitter was filled with so many posts warning Nigerians about the risks of visiting any bank branch due to the mammoth crowd.” This was Dateline May 04, 2020, on Nairametrics.com. Other blogs had similar screaming headlines.
I wrote this article three years ago on May 04, 2017, when Blockchain and Fintechs finally seemed to be gaining traction in filling the gaps left by traditional banks – and surprised that we are still where we are even today. What will we learn from this, and how will we be better prepared not to be caught desperately unawares again?
Even though cryptocurrencies such as bitcoin tend to steal the limelight, it is their underlying blockchain technology that is proving to be of practical benefit. This technology, which goes beyond the financial application, is expected to disrupt global supply chains by boosting transaction speed across borders and improving transparency.
Essentially, the blockchain is a shared virtual public ledger where encrypted transactions are confirmed by outside parties. Confirmed transactions are placed in a “block” and added to the chain, hence the name Blockchain. It is this technology that Fintechs are leveraging to disrupt the traditional banks
Here in Nigeria, blockchain can help to unlock the immense capital locked in Land Assets that are not enumerated because of an antiquated system of land administrated, which is very ripe for disruption.
The most disruptive application of Blockchain Technology, however, is in the Financial Sector; and this will form the focus of my discourse. The consistent complaint about banks has reached a crescendo in recent years. Is this justified?
Should Banks be changing?
Dateline, May 04, 2020, on Niarametrics.com After centuries of conservatism in receiving deposits and making loans, there are two main issues stirring the yearning for change:
- The first being that it is a very difficult Club to join as a customer, and hence the large population of unbanked adults.
- Secondly, even for the members of this elite club, the relationship is acutely skewed in favour of the banks
They have carried on as protected monopolies with no serious challenge or competition, resulting in very little innovation over the decades.
The biggest threat to the banks has been precisely their seeming success. Centuries of relatively significant higher returns, even during economic downturns that adversely affect the real sectors, has engendered an attitude of invincibility and pomposity, characterized by a loss of touch with their customers.
Considered too big to fail, they take it for granted that they will be bailed out with taxpayers’ money in the event of any missteps – this is a perfect set-up for disruption.
Fintech – the new kid on the block
Today, there has emerged a powerful force of the challenge from Financial Technology companies or FINTECHs, as they are more popularly referred to. The promise of Fintech is great. It is shaking up a stodgy banking system and helping to build a more efficient one, especially for consumers and small businesses.
Emerging Markets showing the way in Fintech
For years, emerging economies have looked up to developed countries for ideas about how to manage their financial systems. When it comes to Fintech though, the rest of the world will be studying the experience of the emerging markets, embodied by the widely successful MPESA mobile money system, championed by Safaricom in Kenya.
MPESA has made it possible for a large swathe of the population to gain financial inclusion by providing the opportunity to transact financial services via your mobile phone, on a continent where typically 70% of the population is unbanked.
MPESA today has more than 60% of Kenya’s 33 million mobile users and in 2015 transacted $28m on her platform. Similar applications have metamorphosed across Africa, and Mobile Money services are today generating 6.7% of Africa’s GDP.
Nigeria is no exception with Fintechs such as Interswitch, CWG, Paystack and Flutterwave holding sway. Take, for instance, Diamond bank with 7m accounts after 23 years was able to add an additional 6m accounts in just one year after the launch of the Diamond Yello Account in collaboration with CWG and MTN.
China is the undisputed World leader in Fintech
By just about any measure of size, China is the world’s leader in Fintech. It is by far the biggest market for digital payments, accounting for half of the global market, according to the Economist Magazine. A ranking of the world’s most innovative Fintech firms gave Chinese companies four of the five top slots in 2016. The largest Chinese Fintech company, Ant Financial, has been valued at about $60b, at par with UBS which is Switzerland’s biggest bank.
Today, digital payments account for nearly two-thirds of non-cash payments in China, far surpassing debit and credit cards. Peer-to-Peer (P2P) lenders in China grew from 214 to over 3,000 in 2015, and P2P loans increased 28-fold from 30b yuan in 2014 to 850b yuan in 2016. This shows what is possible in Nigeria.
Austin’s Five Forces Model and the future of Banking
In the face of the fierce challenge facing banks, I developed a model for analyzing the future of banking called the Austin’s Five Forces Model. There are indeed five major forces at play here:
- The banks – traditional and established, best with cash and ancillary instruments
- Fintechs – the new kid on the block, disrupter, mostly telecom roots, best with digital currencies and mobile services
- Regulators – Central Banks, regulating traditional banks; and Communication Commissions, responsible for telecoms regulation (and thus Fintechs)
- Currencies – traditional, such as cash and cheques; or Digital, including Bitcoin or other cryptocurrencies
- Customers and the weight of their new-found voice. Typically, they clamour for whatever will give them convenience, security and lower costs.
Customers are the most significant force and represented by the outermost sector of the concentric circles. As they tend more towards a preference for digital currencies, the Fintechs will tend to assume a more prominent role in the new face of banking, and the Regulatory regime will inadvertently tend towards the Communication Commissions under whose purview the Fintechs fall.
This will introduce a regulatory imbroglio, as future ‘Huge Banks’ may fall outside the regulatory ambit of Central Banks as seems to be the case with the MPESA.
Safaricom, the telecoms promoter of MPESA ironically falls under the regulation of the Communications Authority of Kenya rather than the Kenyan Central Bank.
If the customers, however, maintain a strong appetite for traditional instruments of financial transactions such as notes & coins, cheques etc. then the current status quo will remain. The face of banking will thus be more of the same, and the regulatory authority will continue to be Central Banks. Between these two positions may be many variants, depending on the appetite and preferences of customers, and the pace at which they are willing to embrace change.
Retailers are jumping into Financial Services
Fintechs are not the only ones challenging traditional banks for turf. Retailers are also jumping into the financial services fray. For instance, Amazon has launched Amazon Cash, a way to shop its site without a bank card. This product is meant to appeal to the those who get paid in cash, don’t have a bank account or debit card, and who don’t use credit cards.
Google is also rolling out a new integration on mobile called Google Tez, which allows audio QR Codes and thus opens the door for more basic phones other than smartphones. Users of the Gmail app on Android will be able to send or request money with anyone, including those who don’t have a Gmail address, with just a tap.
Banking is going Mobile
In most emerging markets and developing countries, the current formal financial system only reaches a minority of the working-age adult population. Smallholder farmers, self-employed households, and micro-entrepreneurs have to rely on the age-old informal financial mechanisms such as rotating savings clubs (Isusu or Ajoo). These mechanisms can be unreliable and very expensive.
In Nigeria, for instance, 84.6m people, accounting for 47% of the population are unbanked. In sharp contrast, mobile phone penetration is very high at 94.5 per cent; a perfect set-up for the Fintechs to exploit in their mobile dominated financial services offering.
The digitization of retail payment systems and financial services has become an important economic development priority. It offers the prospect of reaching far more people at far lower costs with the broader range of financial services they need to build resilience and capture opportunities. This speaks to inclusiveness.
What will be the scale of change of Blockchain technology?
The changes coming with Blockchain will be as large as the original invention of the internet, and this may not be overstated. Who would have imagined a decade ago that e-commerce, championed by Amazon and Alibaba will be displacing high street retailers, or that ride-hailing will be dominated by UBER, a technology platform?
There seems to be a seamless change happening in the Financial Sector. According to Anthony Jenkins, former CEO of Barclays, bank branch traffic has halved in the last five years, and bank profitability could collapse by 60% in the same period. A 2015 Goldman Sachs report estimated $4.7tn of financial services revenue was at risk of displacement from Fintech groups.
Regulators are now helping Fintechs
Fintechs are getting a lot of support from Regulators, believing that Fintech firms are small enough for any problems to be manageable, and on the other hand, might produce useful innovation (the sandbox approach). The intention is to lower market entry barriers for fintech companies. For instance, France’s Central Bank has announced opening up a new innovation lab, aiming to collaborate with blockchain startups.
In December 2015, Nasdaq executed its first trade on a blockchain, through its Linq ledger. The exchange said the blockchain promises to expedite trade clearing and settlement – all the steps needed to transfer the asset from seller to buyer including recording the transaction — from three days to as little as 10 minutes. That’s because the trades remove many manual processes and bypass third parties.
As such, “settlement risk exposure can be reduced by over 99%, dramatically lowering capital costs and systemic risk,”. Other stock exchanges tinkering with the blockchain include Australia, Germany, Japan, Korea, London, Toronto and Myanmar.
The Future of Fintechs
The future of Fintech seems bright. Accenture recently released a report which found that investment in Fintech around the world has increased dramatically from $930 million in 2008 to more than $12 billion by early 2015. Fintechs employ Artificial Intelligence, Big Data and Machine Learning to glean the credit habits of customers from their mobile usage, and so have mitigated against the risk of default.
The homepage of LendingClub (NYSE: LC) advertises personal loans of up to $40,000. You can “apply online in minutes” and “get funded in as little as a few days,”. Another prominent Fintech lender Funding Circle claims that small businesses can get loans from between $25,000 and $500,000 in as little as 10 days.
These are innovative services that seek to fill important niches in the credit markets. They enable people who have historically been shunned by banks to get loans in order to expand their businesses.
The lucrative Transfer market will be significantly impacted
The lucrative global transfers markets are major targets by Fintechs. International money transfers, which have long been a thorny issue, are getting easier. For smaller transactions, services like PayPal automatically convert currencies, so it’s easy for a customer to purchase goods from anywhere in the world.
More importantly, a service called TransferWise is streamlining international money transfers, significantly disrupting that sector by offering a 90 per cent discount on traditional bank transfer fees. According to the founder, Taavet Hinrikus, the idea was borne out of his personal frustration in money transfers. ‘It typically took 3-4 days to receive transfers, albeit the exchange rate used by banks was exorbitant, leading to a loss of almost 10% of the value of money sent’.
In this exorbitant regime, Western Union and HSBC typically earned $600m and $800m per annum respectively in profits from only transfers. These huge contributions to their bottom-line will be dearly missed when displaced by TransferWise and their co-travellers. In Taavet’s view, Fintechs will command about 40% of the global Financial Services market in the next 10 years.
Banks and Fintechs’ collaboration for mutual benefit
Fintech companies in emerging markets have shown that with blockchain technology, it is possible to leapfrog to new forms of banking.
Truth be told, Banks are best placed to continue to influence the future of Financial Services because of their huge branch network, solid reputations, and risk controls, as well as years of customer cultivation and loyalty. They, however, have to radically change the mindset of ‘we win when you lose’.
The big take away
The ubiquity of broadband and the pervasiveness of mobile phones, along with breakthrough technology such as Artificial intelligence, Big Data and Blockchain are expanding the frontiers for business models in ways that were hitherto not possible, and levelling the playing field in the process.
Any bank that does not read the signs and join the innovation train will definitely be disrupted and left behind. Remember that there was a time when the Post Office was at the centre of our lives. When was the last time you visited a post office?
Austin Okere is the Founder of CWG Plc, the largest security in the technology sector of the Nigerian Stock Exchange & Entrepreneur in Residence at CBS, New York. Austin also serves on the Advisory Board of the Global Business School Network, and on the World Economic Forum Global Agenda Council on Innovation and Intrapreneurship. Austin now runs the Ausso Leadership Academy focused on Business and Entrepreneurial Mentorship.
Opinion
NDPB At One: The Evolution Of Data Privacy Under Dr. Vincent Olatunji
“People who end up being first don’t actually set out to be first, they set out to do something they love,” thus, creating a lasting legacy for themselves.
Published
2 months agoon
8 February 2023
By Yusuf YUSUF
The pioneer National Commissioner/Chief Executive Officer of the Nigeria Data Protection Bureau (NDPB), is one man who has risen through the ranks, showing expertise both in administrative roles as well as the information technology field, as a formidable force whose trajectory of achievements keeps many on their toes.
All these, he has managed to achieve without giving room for the notion of imitation but rather, by setting an exemplary step in advancing policies to ensure the development of the status quo.
A Certified Public Private Partnership Specialist (IP3 Specialist) and a PECB Certified Data Protection Officer, Dr. Vincent Olatunji, (FIIM, IAPP, and NCS) is a promising figure the technology world needs to watch out for in coming years.
He joined NITDA in 2002 and has worked in various departments thereby rising to the position of director in 2014 and Acting DG in 2016 amongst other roles serving in various departments before his recent appointment as National Commissioner.
In just over a year, Dr. Vincent Olatunji is creating a new legacy as the pioneer National Commissioner/Chief Executive Officer of the Nigeria Data Protection Bureau while setting the pace for the institutionalization of data protection laws in Nigeria.
The Nigeria Data Protection Bureau (NDPB) is an intrinsic segment of the Ministry of Communications and Digital Economy born on the 4th of February 2022, out of the need to uphold the National Digital Economy Policy for Digital Nigeria (NDEPS) by further strengthening as well as entrenching the protection of personally identifiable information and sensitive personal data.
Such data includes emails, names, telephone numbers, house addresses, religious beliefs, political lineage, medical records, labour union affiliations, and information being uploaded online in line with standard global practices in a digital economy.
The objective of the bureau as stipulated by the Nigeria Data Protection Regulation 2019 (NDPR) include
- Safeguard the rights of natural persons to data privacy
- Foster safe conduct for transactions involving the exchange of personal data
- Prevent manipulation of personal data and
- Ensure that Nigerian businesses remain competitive in international trade through the safeguards afforded by a just and equitable legal regulatory framework on data protection.
While keying into the global digital revolution is inevitable, it is only pertinent that this rising need is met with accurate preparedness. It is on this note, a major milestone was recorded under the able leadership of Dr. Isa Ali Ibrahim Pantami, with the launch of the National Digital Economy Policy and Strategy for a Digital Nigeria (NDEPS).
The NDEPS was launched by President Muhammadu Buhari (GCFR) in 2019. This subsequently led to the re-designation of the Ministry of Communications to include the digital economy, thereby giving it a new phase.
With this development, the journey of the much-desired and envisioned Digital Nigeria began. This was, however, followed by several restructurings to accommodate the new set mandate of the Ministry. And such restructuring included the NDPR.
Unarguably, Dr. Olatunji has continued laying exemplary standards for any successor to measure up to in time memorial as he has managed to adapt existing resources and manpower to carter for the immediate needs of his bureau to ensure swift and immediate operations against all odds to kick start immediate operations.
Stepping into the herculean task of laying a solid bedrock for data protection policies and strategies without giving room for doubts or sloppiness while distinguishing himself as a formidable force to reckon with, as a pioneer, may pose a major challenge to many.
This is because the way of the pioneer is always filled with different hurdles stemming from proper administration to implementation of policies. However, Dr. Olatunji draws strength from his love for his profession, leaving no stone untouched in his quest to achieve excellence as he emulates the popular saying that “People who end up being first don’t actually set out to be first, they set out to do something they love.”
The Bureau, within the last year of its establishment, has recorded significant growth under various parametres including but not limited to the following: –
- Rate of increment of the public sector integration into data privacy and protection framework – 100%,
- Rate of increment in the enrolment of DPOs from data controllers and processors across Nigeria – 600%,
- Rate of increment in the licensing of Data Protection Compliance Organizations (DPCOs) – 50%
Similarly, revenue generation through the implementation of the NDPR has increased by over 60%.
The foregoing milestones are taking place at a time when the Digital Economy under Prof. Isa Ali Ibrahim Pantami is breaking records in its contribution to Nigeria’s GDP. The ICT sector for instance contributed 18.44% to the total real GDP in Quarter 2 of 2022 – outperforming virtually all other sectors.
The establishment of the Bureau, under the visionary leadership of President Muhammadu Buhari, has strengthened the bulwark of fundamental rights and freedoms of Nigerian citizens in the data economy ecosystem and has, to all intents and purposes, earned Nigeria a pride of place in the arena of international data governance and human capital development.
With the recent approval of the Nigeria Data Protection Bill by the Federal Executive Council (FEC) for further ratification and endorsement by the National Assembly, we wish Dr. Vincent Olatunji, twice as much of successes recorded by him just in one year as he sets out to achieve greater developments in the strategic implementation of data protection laws in Nigeria.
Opinion
How To Survive The Last Week Of January On A Budget
Published
2 months agoon
25 January 2023
January is renowned for being a month of extremely slow days, mounting bills and a long, grinding wait for payday. This is often the case for folks in paid employment.
However, the difficulties that traditionally accompany the month of January impact entrepreneurs or those in business as well.
Usually, discretionary or disposable income is often limited and tightly guarded, with many potential customers trying to wade through to the end of the month after the customary lavish spending that trailed the previous year-end festivities.
With the current fuel scarcity plaguing most parts of Nigeria burning deeper holes in the pockets of the average Nigerian, there is a common consensus among many to see the back of January.
Beating the sapa occasioned with the January season often requires a certain level of skill and wits. It is better to stroll into February (the month of love) with a meagre balance or even broke than to enter it on your knees with a crushing bundle of debts on your back.
Here are a few ways you can see out the last week of the month in flying colours on a tight budget, courtesy of Konga, Nigeria’s leading composite e-commerce company.
1. Make Garri Your Friend
Just kidding, but then you might want to invest a little of your scarce resources on food or foodstuffs that are not so expensive but last for a long time. Food items like Garri, Bread, Beans, and the like, as they allow for varieties, would definitely come in handy if you are the type that cooks their own meals.
2. Substitute
We know our help comes from God, but at times like this, you might like to forego your normal routine and go with more budget-friendly options. Instead of ordering an Uber or a ride to work as you’ll typically do, you may have to wake up earlier and commute via public transport. You can also substitute your expensive beverage for a 3-in-1 coffee or tea; instead of buying that pricey loaf of bread, you could opt for a biscuit instead.
3. Spend more time with friends and family members
The famous saying “The more, the merrier” has never been more beneficial. When things are tight, the best exit route is to be with people who could help lighten the load. With friends, you could share your resources and make the best out of the situation.
4. Be Content
This last week of January, beating sapa entails being content with yourself. In fact, phrases like YOLO or “If I perish, I perish” would do you more harm than good. Avoid frivolities, get only the necessities, understand that all fingers are not equal, and be content with what you have. Mr. James’ brokenness could be your average level, so no matter where you find yourself, cut your coat according to your cloth.
5. Look out for Cheaper deals
Most importantly, a major element to seeing yourself through January smiling is to be alert to juicy offers or the best deals. There is always an advantage to it, that satisfaction that comes from walking away with a sweet deal on a purchase. This is one of the reasons you must embrace Konga when it comes to shopping for all your items during this period.
In fact, the ongoing Konga Jara promotion remains your best bet. It is an open secret today that most items are cheaper at Konga and you also enjoy the benefit of guaranteed quality and swift delivery.
In summary, if you’re able to stick to the points mentioned above, you’re well on your way to surviving these last 77 days of January, while leaving many of your peers wondering how you managed to pull through in such a brilliant fashion.
Opinion
7 Mistakes Organisations Make That Cause Good Workers To Quit
The decision to leave an organization doesn’t just happen overnight
Published
2 months agoon
23 January 2023
By A J HESS
Talk to any leader of an organization and they will tell you one of the things that bother them the most is losing good people. There is a saying that has become very common: “People don’t leave bad jobs, they leave bad bosses.” While many people do leave because of their relationship with the people they directly report to, the reasons are more varied in many cases.
Unhappiness is the main reason employees leave organizations. Yet, what exactly causes people to be unhappy? There are a number of factors that come into the equation that can cause people to conclude they could be better off working somewhere else.
The decision to leave an organization doesn’t just happen overnight. Usually, the conditions have been around for a long time, slowly draining the employee’s enthusiasm and desire to bring their best selves to work every day. As Phil Johnson, founder and CEO of The Master of Business Leadership, says, “The drama, chaos, and conflict experienced in these toxic work environments lead to low levels of employee engagement.”
Here are seven issues that slowly drain a person’s desire to work for an organization:
LACK OF APPRECIATION
People spend a great deal of time at work, and if they get the feeling that they’re not being appreciated, it will slowly drain their energy and desire to give their best. The lack of appreciation can show up in various forms. Lack of recognition for their accomplishments is a key example. When we are working hard, doing good work, and nobody seems to notice, it kills our desire to continue to do more.
Another area is a lack of caring or taking an interest in our special interests, talents, and life outside of work. When we spend so much time at work, we expect others to take an interest in us as unique individuals, with special talents, needs, struggles, and home situations. And we want the people we report to support us when we are going through difficult times.
“When employees feel a genuine connection with their leader, their role, and the organization, they are stronger collaborators and communicators, and are more engaged,” explains Debbie Muno, managing director of Genos North America.
UNFAIRNESS AND FAVOURITISM
While there are different levels of talent and responsibilities within organizations, we expect the standards for promotions and rules of conduct to be applied equally to employees in the organization. Few things are as upsetting as when organizational rules they’re expected to follow are not adhered to by the higher-ups.
Another sore point that really drains performance is when people perceive that promotions are given based on favoritism rather than meritocracy. The resentment and anger resulting from these actions, or just the perception of them, create a toxic culture that causes good people to leave.
ALLOWING NO AUTONOMY OVER ONE’S WORK
In order to feel fulfilled in our work, we need to have some say in what our work looks like. Whether we have a choice on what we work on, have a say in company goals, or have a say in work-related decisions, we need to have choices to feel fulfilled in our career.
The best work happens when leaders trust us to know what to do and can count on us to do it well. Managers who act as guides and coaches—and are approachable when employees have problems—will see their staff perform much better than those who micromanage and allow their people little discretion over how their work is done.
SHOWING NO INTEREST IN EMPLOYEES’ PASSIONS
Organizations that expect employees to do their jobs without considering what they are passionate about not only miss out on harnessing those passions, but also alienate their people. It takes work, effort, and getting to know people to find out what their passions are. Unfortunately, many workplaces don’t have the desire to find out. As a result, those who believe employees are hired simply to fill a position and should leave their passions at home will find significant turnover among their teams. After some time, these team members will be looking at other companies known for an employee-first culture.
On the other hand, those organizations that do make the effort to find the connections between their people’s work and their passions will see an increase in productivity, higher rates of job satisfaction, and a happier workplace overall. To that end, author Debbie Peterson recommends utilizing psychometric questionnaires. “[These] can ensure employees are in roles where their skills and personalities can shine, and ensure the longevity of the employee and their employment as well as the performance of the organization,” explains Peterson.
ONE-SIZE-FITS-ALL STAFF APPRECIATION
Many organizations have an Employee Appreciation Day once a year when everyone is acknowledged and treated the same. The problem is that not everyone has the same skills, contributes equally, or regularly brings the same effort. Receiving the same recognition as someone who does the least work possible upsets those who go above and beyond, bring extra enthusiasm to their work, and give their best every day.
Not only should people be recognized for their achievements, but they also should be able to communicate how they wish to be recognized. In my book, The Other Kind of Smart, I talk about how important it is to get to know people in order to appreciate them in a way that powerfully connects with them.
A LACK OF MEANING
One thing millennials have become known for is wanting their work to have meaning and to feel that they are making a difference. Previous generations have wanted this as well but settled for less as they believed the workplace was not the place where this was possible. Now, millennials are a major part of our workplace and are rising to leadership positions. Finally, organizations have started to pay attention.
Organizations must create a vision and share it with their people in a way that ensures everyone understands how their contribution makes a difference. Everyone wants to feel pride in their work and in the organization they work for. This will become increasingly important as younger generations, crucial to an organization’s success, demand this.
A LACK OF FUN AND PLAY
In previous decades, the idea that we should have fun at work would have left leaders aghast. Work was work, and people were expected to have fun outside of the workplace. We have since come to understand that having fun at work is a great way to invigorate people, give them something to look forward to, and even alleviate stress and boredom. “For instance, [some] high-tech firms now encourage employees to take table tennis breaks,” says Peterson, “with the added benefit that it promotes physical and neurological fitness.”
When people are not only allowed, but encouraged, to have fun in their workplace, they are more relaxed, are able to build camaraderie with their colleagues, and are motivated to perform better.
****Culled from fastcompany.com

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