Oluchi Chibuzor and Ijeoma Okonji
As part of its effort to reduce the number of unbanked persons in the country, Fundall, a member of the Emerging Africa Group, has relaunched its digital bank application platform that provides seamless features for customer-centric interaction and innovative products to its clientele.
Speaking at the launch of the Fundall 2.0, in Lagos, the Chief Executive Officer of Fundall, Mrs. Abimbola Shopeju, said with better economies of scale, Fundall has access to increased capital and better bargaining power in the market.
She stated that the organisation is changing the narrative on how the efficiency of the platform can scale up and how technology is being used to reduce unbanked population in the country.
She said: “The company founded in 2019, has grown to the end-to-end full-stack digital bank which is built on a commitment to promote financial inclusion and literacy and empower Africans with financial tools to make intelligent financial intelligences. In October 2021, Emerging Africa Groups acquired controlling shares of Fundall and has since then made significant investment in the development and growth for us to expand and improve on our offerings.”
Commenting on the app, the Chairman of Emerging Africa Group, Mrs. Onikepo Akande, acknowledged the role of Fintechs in the development of the economy driven by technology.
She explained that the app would offer more opportunity for users to get their financial needs at a speed of time, “digitisation enables easier, faster and more effective communication and the app has been designed in a way that speaks to every generation.
“This goes to show that a lot of time and preparation went into development of these products and more importantly the segmentation of users with a particular feature speaking to its users’ needs. Here at Fundall, we are constantly improving ,relearning and prioritizing our customers; we strongly believe in customer-centricity is a culture of putting the customer at the center of everything we do,” she remarked.
Delivering her speech on ‘The diverse possibilities of Fintechs and the Value Proposition of Platform like Fundall’, the Managing Director, FITC, Mrs. Chizor Malize, called for the need for the government to have a proactive industry in view of the massive inflow of foreign investments into the country.
She hinted that the starting point is that FinTech companies should open their minds to regulators.
According to her, “I run a programme as the managing director of FITC designed to help Fintech regulators work together. It is actually called the risk-based supervision for FinTech. It is designed to educate regulators on FinTech developments from every single thing that the FinTech companies do, which seem germane to traditional banking but intimidating to traditional regulatory frameworks. And so, collaboration helps people come together and build and create the structures that will help the industry. Besides that, regulators also open their minds to the fact that the industry is ahead with learning and also embrace learning and train their people to understand the trend in the industry.”
The Chairman Odua Group, Bimbo Ashiru, said the absence of stringent regulation monitoring should enable Fintech firms to be proactive for the sustainability of the industry.
Ashiru said: “The good news is that you are collaborators with your clients and your competitors. So banks don’t see you as collaborators anymore. They see you as competitors because KYC can be done with FinTech in seconds. Banks take longer-time to give loans. You don’t have a regulatory body to look at your books and threaten to remove your licenses.”
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