GTBank Not Afraid Of FinTech Emergence, Says Segun Agbaje

Mr. Segun Agbaje, GTBank Plc Chief Executive Officer has said the bank is not afraid of the emergence of network providers in the FinTech sector despite their disruption of the Nigerian banking industry.

Agbaje disclosed this during one of the sessions at the recently concluded Social Media Week 2020 held at the Landmark Event Center, Oniru, Lagos.

While admitted that the fintech and telcos are pulling their weight and making inroads into the banking space, Agbaje assured that their presence poses no threat to him and GTBank.

“I have no fear for Telcos; we are ready for Telcos. All we ask for is an equal level playing field,” the banking chieftain said emphatically.

FinTech companies operating in the banking space are often termed “Neo banks” or “Challenger Banks” and have disrupted the sector all over the world with innovation and faster route to market.

Currently, in Nigeria, the digital payment market is saturated by several digital payment firms.

However Agbaje, during his presentation, identified Fintech platforms such as OPay, PayPal, Cowrywise, Piggybank, MTN, Square, Monzo, Venmo, Cash App, Apple Pay, and Monzo as rivals that are exploiting the growing disconnect between the traditional banks’ services and the evolving customer needs.

According to Agbaje, winning the digital payment race or dominating the market is beyond just acquiring the best of technology, because technology will become a commodity available to all.

“I will take a leap of faith today. The easy answer will be for me to say to you, the best who has the best technology will win, but I will be lying to you because technology will become a commodity… So technology will never be the differentiator,” Agbaje stated.