L-R Chief Product Officer, Frank Atashili; Managing Director, Dennis Ajalie and Chief Technology Officer, Emeka Awagu all, from TeamApt Ltd, at the Committee of e-Banking Industry Heads (CeBIH) Conference 2024 which held in Lagos recently
TeamApt Ltd’s Managing Director, Dennis Ajalie, has emphasized the complementary roles of fintech companies and banks in advancing payment products and services. While acknowledging occasional misunderstandings about these roles, Ajalie stressed the need for collaboration to build a robust and consumer-friendly payment ecosystem.
Speaking as a panelist at the annual Committee of e-Business Industry Heads (CeBIH) Conference in Lagos, themed “Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth”, Ajalie noted the regulatory framework established by the Central Bank of Nigeria (CBN) that delineates the functions of banks and fintechs. According to him, this structure supports a complementary—not competitive—relationship aimed at protecting consumers and empowering businesses.
Ajalie was joined by industry experts, including Oluwole Oyeniran, Partner at Deloitte Digital Engineering; Gbenga Adebayo, Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON); Carmelle Cadet, CEO of Emtech; and Dr. Mohammed Jiya, COO of the Nigerian Financial Intelligence Unit (NFIU). The panel, moderated by Wunmi Ogunbiyi, Founder of aCubed Limited, focused on “Digital Payments and the National Digital Economy Framework (NDEF)”.
During the session, Ajalie addressed key challenges facing digital payments in Nigeria, including high transaction fees, lack of accountability, and gaps in digital literacy. He highlighted the need for unified systems to enable borderless transactions, stating: “We still have a lot of siloed implementations among key stakeholders. Unless we recalibrate our systems, borderless transactions will remain out of reach. There is a fierce urgency to interconnect, reconcile locally, and present a unified front to push and receive transactions globally.”
Ajalie also called for collective efforts to combat fraud, urging collaboration among fintechs, banks, infrastructure providers, telcos, and regulators. He remarked: “If we all share information and collaborate seamlessly, it will become less attractive for bad actors to exploit our technology. This is a collective battle that requires a united front to protect our ecosystem.”
TeamApt Ltd, a subsidiary of Moniepoint Inc, plays a pivotal role in enabling reliable payments across various industries while reducing operational costs for banks and customers. As a premium sponsor of this year’s CeBIH conference, Moniepoint reaffirmed its commitment to fostering a secure, transparent, and inclusive digital payments environment in Nigeria.
Since its formation in 2008, CeBIH has served as a platform for Heads of e-Business in Nigerian deposit-money banks to exchange ideas and advocate for best practices in electronic banking. The group aims to foster innovation, enhance public awareness, and promote policies that create a financial services landscape aligned with global standards.
The panel concluded by stressing the importance of inclusive, adaptable, and accessible payment solutions tailored to Nigeria’s diverse population. They agreed that collaboration among industry stakeholders and adherence to regulatory guidelines are crucial to realizing the vision of a thriving digital economy by 2030.
The event spotlighted the collective resolve of fintechs, banks, and regulators to create an ecosystem that supports economic growth, empowers businesses, and enhances consumer trust.
