The combination of the financial services and the telecommunication is seen to boost retail lending and enhance financial inclusion.
Bankers who gathered at the `2016 Nigeria retail banking workshop organised by Ciuci Consulting in Lagos were concerned that they are gradually losing their market share to pay day companies.
They believe that collaborating with the telcos will enable them meet the financial needs many unbanked and underbanked polutation in the country.
“At some point you will see more collaborations between banks and telcos. Right now there might be different reasons why there is limitation, which may be regulatory issue. However, to get average person on the street will be the combination of the financial service and the telecom service”, Chukwuka Monye, managing partner, Ciuci Consulting said.
He said the future of retail is great, adding that the retail banking operators will begin to reorganise themselves.
Money added that “they have improved a lot in recent. Initially they were still very corporate and commercially minded, retail requires a lot of different organisation set up. I see a lot of changes happening from organisational perspective. I also see things changing in terms the competitive landscape, banks if they are not careful you will find value added services companies, FinTech companies eating into their space”.
