The debate has been on about the impact of financial technologies, Fintechs on traditional banking.

While some believe fintech will change banking as is currently done, others say fintech will only complement traditional banking.

But for Nigeria’s chartered bankers, fintech poses significant threat to traditional banking.

The bankers, under the aegis of the Chartered Institute of Bankers of Nigeria, Lagos State branch, said without doubt, the financial space has been revolutionalised with the deployment of financial technology by Deposit Money Banks in meeting the financial needs of their customers.

The Chairman, CIBN Lagos branch, Mr Kola Abdul, said in a statement that recent reports indicated that investment in technology in sub-Sahara Africa was witnessing growth.

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According to him, this justifies the need to carry out a study on the real threats the growth portends for the nation’s banking industry and allied service providers.

“As relevant and transformative as financial technology is to the financial service providers globally, the threat it poses to the traditional banking industry is huge and must not be overlooked.”

Abdul, who described the threat as socio-economic, said the CIBN was willing to collaborate with relevant stakeholders to embark on sensitising the banking industry and stakeholders on the real threats posed by fintechs.

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