Solutions to problems and revenue possibilities, key to disruption in Fintech – Ezirim

“What problem you are solving and how much revenue your solution is going to make, are two key issues to disruption in Fintech. They are relevant to getting the financial institutions that will deploy the solutions to getinterested”. This was disclosed to Startups by the guest speaker at the 17th Edition of CFA’s Startups Hangout, Chuma Ezirim, Group Head, eBusiness, First Bank.

The theme of the 17th Edition of CFA’s Startups Hangout, held on Thursday, October 4, 2018 at the premises of GoDo.ng, 53, Oladipo Bateye Street, GRA, Ikeja, was “Startups: Leveraging Institutional Support To Scale”.

Chuma went on to reel out some areas where the Startups can make an impact in the field of Fintech generally. Some of these areas include real time processing of transactions, mobile payments and acceptance channels, digital sales, marketing and customer support, cross-border transaction, operational risks and compliance, chat banking and lots more. “These are areas that Startups can key and find solutions and start making money immediately”, Chuma emphasised.

“As time goes on, opportunities will also open up in areas, such as big data analysis, digitalization of lifestyle needs, Blockchain technology, Artificial Intelligence, internet of things, cloud computing, cybersecurity, etc”, Chuma stated.

Chuma advised Startups, not to be greedy when negotiating the pricing aspects of the original solutions with financial institutions. He also advised that they think global and go into partnership with one another, to take advantage of each others strengths and come up with formidable solutions.

Chuma went down Memory Lane, recalling the days when clearing an up country cheque takes as much as 21 days, the inability of a Bank customer to pay into, or withdraw from his/her bank account at another branch of the same bank, except at the bank where the account is opened, etc. He stated that all these have been solved because, some people came up with solutions, such as universal banking, ATM, Mobile banking, etc, that worked. Chuma advised Startups to always have a set of advisers that will give them quality advice in areas, such as legal, accounting, as well as in the institutions where they want to engage in proffering solutions, in order to do things right.

Lola Ekugo, Head, Digital Innovation Lab, First Bank, used the occasion to announce a Hackthaton that the Lab is planning to have at its premises at on Friday, October 12, 2018 and urged the Startups to attend.

Chukwuemeka Fred Agbata Jnr, the convener of the hangout, thanked the guest speaker for his insightful and frank advice to the Startups, while admonishing the Startups to take advantage of the opportunities highlighted by the guest speaker.