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Lotus Bank, DBN, others commit to payment infrastructure devt

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Lotus Bank Limited and Development Bank of Nigeria (DBN) have reiterated their commitment towards supporting key stakeholders in driving more resilient payment infrastructure in Nigeria.

To this end, the foremost non-interest Nigerian bank and the DBN threw their weight behind the 2023 annual conference of the Finance Correspondent Association of Nigeria (FICAN) in Lagos with the theme ‘Strengthening digital infrastructure for efficient innovative payment system in Nigeria’.

Lotus Bank stressed that the financial institution has enhanced its capabilities in advancing customer-centric solutions to ensure ease of payment, the DBN said efficient payment system is key to the country’s growth and development.

The Head of Corporate Services at DBN, Idris Salihu said the bank’s Micro, Small and Medium Enterprises (MSMEs) which has trained over 2000 across Nigeria leverages digitally infrastructure as well as physical via the DBN Learning Management System (LMS).

He added that the bank’s support to MSMEs across the nation does not discriminate in terms of ethnic nationalities, but may seem to be concentrated in certain cities probably because of high concentration of commercial activities in such areas.

Similarly, the management of Lotus Bank expressed readiness to join hands with key stakeholders in the banking sector to further enhance the infrastructure for “effective innovative payment system solutions.”

The bank in an earlier communication stated: “Our Paperless branches aim to embody the bank’s ethos to create value and growth through digital innovation by offering both self-service and assisted banking solutions, powered by digital technology.

“With our paperless branches, you can deposit and withdraw cash, apply for financing and much more with the use of biometrics only.

“In addition to touchscreens and tablets offering information and product guidance to customers, trained universal bankers are present to guide customers and offer personalized assistance with accessing the right digital solutions for their transactions. It’s not only innovative but also good for the environment too.”

Head of Digital Banking at the United Bank for Africa, Mr Olukayode Olubiyi, at the conference also harped on the need for collaboration among stakeholders, including financial institutions, fintech companies, government entities, and regulatory bodies, plays a pivotal role in ensuring the success of innovative solutions.

According to him, “Ultimately, it comes down to policy, regulation, and collaboration. If parties are willing to collaborate, many of the frictions currently experienced in the Nigeria financial service sector can be mitigated.”

Also, the Executive Vice Chairman, Nigeria Communication Commission (NCC), Prof Umar Danbatta who was represented by Anthony Ikemefuna, a Deputy Director at the NCC underlined the significance of collaboration, investment, and adaptability in achieving this goal, leading to a robust and inclusive digital payment ecosystem that benefits citizens and drives economic growth.

Danbatta emphasised on the need for closer cooperation between the NCC and financial regulators, such as the Central Bank of Nigeria (CBN), to ensure effective coordination of policies and regulations related to digital payments and telecommunications.

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