United Bank for Africa (UBA) Plc has called for strong collaboration between banks and telecommunication companies such that will faster speedy growth e- business across the country. The bank equally urged telecommunication operators to continue to upgrade their security monitoring system to enhance banking services and operations.
Speaking at the 29th quarterly general meeting of the Committee of Chief Internal Auditors of Banks in Nigeria (CCIABN) held in Lagos at, Group Managing Director, UBA, Phillips Oduoza emphasized that there was need for strong collaboration between banks and telecommunication companies,
According to him telecomm companies have become an veritable channels of promoting financial inclusion as well as an integral part of the Nigerian financial services system in terms of product/services offering.
Dwelling on the theme: ‘Exploring Better Relationship Between Banks and Telecoms Companies’ Oduoza explained that the operational efficiency of various banking services, such as ATMs, POS, mobile phones, internet, among others depends largely on sound telecomm infrastructure.
He maintained that innovations in technology in the areas of handset functionality, chip, mobile network technologies and upgrades to point of sale infrastructure have dramatically improved the environment for fulfilling the traditional financial intermediation role of banks.
“It follows therefore that innovations in technology in the areas of handset functionality, chip, mobile network technologies and upgrades to point-of-sale infrastructure have dramatically improved the environment for fulfilling the traditional financial intermediation role of banks.”
Oduoza, who was represented by Executive Director, Treasury and International Banking of UBA, Femi Olalukun at the occasion, added that ubiquity of their networks and platform robustness has also made the sector a strategic partner for realization of the financial inclusion goals of the Nigerian Financial System Strategy 2020 (FSS 2020).
According to him, Nigeria’s teledensity data was put at 95.20 per cent as at August 2014 with active subscriber lines at 133.28 million. “This sector holds the key to extension and development of quality financial services to the banked, the unbanked and under-banked across geographical divides and strata of society.”