BusinessDay 09 Apr 2018
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Monday <strong>09</strong> <strong>Apr</strong>il <strong>2018</strong><br />
Only 42% of 92m mobile subscribers<br />
use mobile banking app<br />
BUNMI BAILEY<br />
Only 42 percent of<br />
banking customers<br />
are currently<br />
using their bank’s<br />
mobile banking<br />
applications against a 92 million<br />
mobile telephone subscribers<br />
with internet access in 2017,<br />
according to the <strong>2018</strong> mobile<br />
banking report by Neetch Company.<br />
The report contains the outcome<br />
of a research conducted<br />
by the company which is aim to<br />
bridge the gap between banking<br />
products and customer<br />
experience.<br />
According the report an<br />
estimated 148 million mobile<br />
telephone subscribers and at<br />
least 92 million of them with<br />
access to Internet data on their<br />
mobile devices, there has been<br />
a decrease in total Internet<br />
banking log-ins against mobile<br />
banking log-ins year on year.<br />
“This shows that people<br />
are still not tech friendly. The<br />
network for those applications<br />
are still in the hands of telco<br />
and all that and a lot of time<br />
when there is failure from<br />
telecommunications and all<br />
FINTECH sets to give Africans a<br />
blockchain experience<br />
Fintech Worldwide Limited,<br />
a London based<br />
Events Company with<br />
an emphasis on emerging<br />
technology is set to give the<br />
African continent a new vista<br />
in digital technology known<br />
as the blockchain. Declaring<br />
this at a press conference in<br />
Lagos recently, Steph Mekwuye,<br />
Founder and CEO Eka Consult<br />
and Strategist/ Coordinator<br />
for the Fintech worldwide in<br />
Africa, said the initiative will<br />
commence in Nigeria.<br />
According to her; “blockchain<br />
technology is today being<br />
used in most of the developed<br />
worlds of America, Europe and<br />
Asia and it has not be utilised<br />
in Africa, so Fintech Worldwide<br />
is bringing it through a conference<br />
to be held in May in Lagos<br />
Nigeria, being the most populated<br />
and the country with the<br />
largest business opportunities<br />
on the continent. It is a fact that<br />
our population is increasing and<br />
we need to work faster and more<br />
efficiently. Last year, according<br />
to business insider, the number<br />
of Nigeria’s mobile subscribers<br />
has reached 150 million, and<br />
the number of its internet users<br />
has climbed to 97.2 million at<br />
penetration rates of 81% and<br />
53%, respectively. For context,<br />
Africa has 960 million mobile<br />
subscribers and 216 million internet<br />
users at penetration rates<br />
of 80% and 18%, respectively. So<br />
that it affects the applications<br />
and so a lot of people are not<br />
confident in using it”, Stephen<br />
Nejo, a banker at sterling bank<br />
told <strong>BusinessDay</strong> in a phone<br />
interview.<br />
The study measured the<br />
overall customer experience<br />
using mobile banking applications<br />
in <strong>2018</strong> while highlighting;<br />
customer engagement channels,<br />
conversion rate, mobile<br />
banking complaint resolution<br />
timeline, challenges faced using<br />
mobile banking applications,<br />
likelihood to recommend and<br />
areas for improvement.<br />
On overall satisfaction, users<br />
in this research communicated<br />
their satisfaction with<br />
their bank’s mobile banking<br />
application. 77% of users were<br />
satisfied, 16% indifferent and<br />
7% dissatisfied.<br />
Many believe that most<br />
banking apps can be hacked<br />
and their personal information<br />
and valuables can be stolen<br />
“Most people do not believe<br />
or trust in apps or transfer<br />
because of the fraud that<br />
happens when you get or<br />
send alerts from people or<br />
places that is not from the<br />
bank and also the bank apps<br />
features can be cumbersome<br />
boasting a thriving eco system,<br />
high rates of mobile penetration<br />
and an audience engaged in<br />
varying activities, Lagos is made<br />
for blockchain.”<br />
Explaining what blockchain<br />
really mean and how it works,<br />
Mekwuye said; “blockchain<br />
technology is an open, distributed<br />
ledger that can record<br />
transactions between two parties<br />
efficiently and in a verifiable<br />
and permanent way. For<br />
confidentiality most enterprises<br />
use a private blockchain where<br />
the ledger is only shared with<br />
nodes that have been cleared<br />
and validated it is an incorruptible<br />
digital ledger of economic<br />
transactions that can be<br />
programmed to record not just<br />
financial transactions but virtually<br />
everything of value.”<br />
At the event where blockchain<br />
experts, Yannis Kalfoglou,<br />
Muneeb Shah, Ryan<br />
Goutay spoke via Skype<br />
from Europe; Kalfoglou said;<br />
“Blockchain technology provides<br />
the answer to digital<br />
trust because it records important<br />
information in a public<br />
space and doesn’t allow<br />
anyone to remove it. It’s transparent,<br />
time-stamped and<br />
decentralized. Information<br />
held on a blockchain exists<br />
as a shared — and continually<br />
reconciled — database. This<br />
is a way of using the network<br />
that has obvious benefits. The<br />
for customers since they want<br />
it easy and fast”, Gboyega Olurankinse,”<br />
a banker said<br />
According to statistics from<br />
the Nigeria Inter-Bank Settlement<br />
System (NIBSS) data, the<br />
number of active bank accounts<br />
reduced by 1.5 million, dropping<br />
from 65 million in 2016 to<br />
63.5 million in 2017<br />
“It could imply that so many<br />
people don’t have bank accounts<br />
but the truth is that the<br />
future of banking is digital and<br />
mobile so they need to get use<br />
to these apps”, Dolapo Ashiru,<br />
chief executive officer, Mega<br />
Capital financial services limited<br />
said.<br />
Financial institutions and<br />
Internet service providers in<br />
Nigeria are encouraged to work<br />
towards improving user experience<br />
by focusing on the value,<br />
adoptability, usability and desirability<br />
of mobile banking<br />
applications.<br />
“The bank needs to enlighten<br />
their customers on the safety<br />
of the app and more awareness<br />
needs to be created. Nowadays<br />
you can transfer money from<br />
one account to another, credit<br />
your account with Airtime, pay<br />
bills etc .The apps are friendly<br />
are easy to use”, Nejo said<br />
blockchain database isn’t<br />
stored in any single location,<br />
meaning the records it keeps<br />
are truly public and easily<br />
verifiable. No centralized<br />
version of this information<br />
exists for a hacker to corrupt.<br />
Hosted by millions of computers<br />
simultaneously, its<br />
data is accessible to anyone<br />
on the internet.”<br />
In the same vein, Luis Carranza<br />
of Fintech Worldwide,<br />
London stated via Skype that<br />
blockchain “is a new technology<br />
that will provide essential<br />
usage in every area of life and<br />
business ranging from business,<br />
commerce and trade, entertainment,<br />
governance, tourism, agriculture,<br />
banking and finance,<br />
education, energy, human resources<br />
insurance among others.<br />
May 7 is definitely a date<br />
with Nigerians where all shall<br />
be revealed.”<br />
Fintech runs events across<br />
the globe including London,<br />
New York, San Francisco, Dublin,<br />
Amsterdam, Tel Aviv, Hong<br />
Kong and several other locations.<br />
Our flagship event, Fintech<br />
Week, has been running<br />
since 2014. In 2015 it started<br />
running Blockchain Conferences<br />
leading up to Blockchain<br />
Week. For <strong>2018</strong> and beyond,<br />
Fintech Worldwide is focusing<br />
on continued organic expansion<br />
in key tech and financial<br />
service hub across the globe.<br />
COMPANIES & MARKETS<br />
Business Event<br />
BUSINESS DAY 21<br />
L-R: Anthony Nsiah Asare, director general of Ghana Health Service presenting Innovation in<br />
Malaria Financing Award to Access Bank PLC representative,<br />
Omobolanle Victor-Laniyan, at the Malaria Safe Awards in Ghana.<br />
L-R: Idowu Adesokan, senior manager, high value segment, MTN, Rikki Stein, Fela Anikulapo-Kuti’s<br />
lifetime manager, Bolanle Austen Peters, producer, Fela and the Kalakuta Queens and Anthony<br />
Manjaro, Nollywood actor at the MTN Foundation sponsored Musical titled Fela and the Kalakuta<br />
Queens held at Terra Kulture Arena, Victoria Island, Lagos recently.<br />
Pic by Pius Okeosisi<br />
L-R: Sade Onyia, management consultant; Kenechukwu David Nwafor, winner of the IT category;<br />
Mary Adenike Adeleye, winner of the PR category, and Damiloa Sobajo, general manager, Sesema<br />
PR, at the 3rd edition of Sesema PR’s Corporate Communications Pitch Competition in Lagos.<br />
L-R: Obi Brown, Insight Africa; Tayo Aduloju, senior fellow, Public Policy & Institutional Development,<br />
NESG; Toluleke Adenmosun, Managing Director, Financial Services, Accenture Nigeria; Niyi Yusuf,<br />
managing director of Accenture Nigeria and Ladipo Lawani, L&L Foods at the cocktail meeting of<br />
Accenture and 23rd Nigerian Economic Summit (NES23) Startup Pitch Winners in Lagos.