By Babajide Komolafe & Princewill Ekwujuru
The Minister of Communication and Digital Economy, Dr. Isa Pantami has said that the entrant of Hope PSBank, a subsidiary of Unified Payment Services Limited, into Nigeria’s banking sector will be a game changer in the sector.
The minister who was represented by Director General, National Information Technology Development Agency (NITDA), Inuwa Abdullahi, made this assertion at the unveiling of the bank in Lagos.
He said: “The days of going to bank to queue for transaction is gone, and this is a challenge to the conventional banks fighting the system, in which I know they are also digitising, but there is difference between digitalism and digital.”
Explaining the differences in the terminologies, Pantami described digitalism as meaning operational excellence. “It means enhancing your traditional product and customer services, while digital means a new rapid business innovation. It means doing business model, it means new customer experience, it means new organisational structure. You do not need a branch to serve your customers. I do not need to be in a bank to open an account, and I do not need to have an account manager to access other banking services. This is going to be a game changer in the banking sector, and it is going to reduce operational cost drastically.”
In his remark, Governor of Lagos State, who was represented by Commissioner for Finance, Mr. Rabiu Olowo, commended promoters of Hope PSBank for making the dream of a digital bank a reality. He said that the state government is committed to creating enabling environment for such innovation to thrive.
Also speaking, Managing Director, Hope PSBank, Mr Ayotunde Kuponiyi, said that the bank is ready to redefine financial and payment services by driving inclusion through the leverage of digital technologies.