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First Bank Group says it has has over 16 million active customers on its digital platforms.
It has also recorded five times growth in transaction volumes and six times growth on transaction values on digital channels over the past three years.
Dr Adesola Adeduntan, Chief Executive Officer (CEO), First Bank Group, revealed this at the Nigerian-British Chamber of Commerce (NBCC) webinar, themed: “Technology and Innovation: Creating Boundless Opportunities”.
The First Bank CEO stressed the need for the factors limiting technology and innovation growth in Nigeria, saying this should be addressed to fully harness the boundless opportunities provided by technology to the economy.
He stated that businesses must embed technology and innovation in their DNAs, deploying a technology first approach across internal and external core operational and ancillary systems.
He noted that the technological transformation process must include investments in new technologies, and leveraging on technology to system, cyber risk and fraud resiliency.
“Technology and innovation continue to provide solutions to some of the major challenges of financial inclusion across several economies. The world economy has been shaped by various waves of global integration, driven by underlying changes in transport and communication technology leading to reduced trade cost.
“The fourth industrial revolution promises to reshape and reimagine the world economy in newer and more fundamental ways. We therefore must embed innovation as part of the culture within the organization that births innovative ideas and new ways of improving operations, increasing product and customer reach .We must also support technological investments and transformation with the right people strategy training and up-skilling employees,” he said.
He emphasized the need for government to build critical supporting infrastructure across the country that would enhance the growth and development of technology and increase funding to businesses that intend to deploy technology.
He also called for the establishment of tech hubs in different regions across the country where people can be trained and groomed with technical skills.
Speaking,Mr Kayode Falowo, President, NBCC, noted that one of the hallmarks of the COVID-19 pandemic is the increasing influence of technology in the way companies in all sectors and regions do business.
He said emerging technologies such as cloud computing, artificial intelligence, virtual reality, block chain technology, augmented reality, 3D printing and others offer new opportunities for businesses.
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