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Access Bank hints on CBN exploring adoption of Blockchain for financial sector

By David Oladele

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Access Bank has disclosed that the Central Bank of Nigeria (CBN) is already exploring the adoption of blockchain technology for the financial sector in the country.

The Executive Director of Technology and Operations of the bank, Ade Bajomo, made the disclosure while speaking in an interview on Arise TV’s Arise ‘Arise Xchange’,

Bajomo explained that the apex bank was looking at how to make it a reality through an inter-agency committee and the FinTech Association of Nigeria (FintechNGR).

He, however, said FinTech offerings will be one of the keys performance drivers for the Nigerian banking sector post-COVID-19.

He explained further that an appreciable number of innovative solutions will be introduced in the payment sector, which has been responsible for over N700 trillion worth of transactions over the last 12 months.

He added that the key drivers of these innovative solutions will include contactless payments, biometric solutions for financial inclusion and the acceptance of blockchain technology as a viable payment option.

Techeconomy.ng had reported that Bajomo was appointed the new President of FintechNGR during FinTechNGR’s virtual Annual General Meeting (AGM) after serving the group as the Vice President for the last two years.

The Fintech new president thanked the outgoing president, Dr. Segun Aina, and the Governing Committee, for the remarkable accomplishments during the last two years.

He said: “This appointment is a responsibility that I take very seriously and I am humbled by your vote of confidence. With your help, I believe we can position Nigeria as a leading market for global FinTech Innovation and Investment.”

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“In my capacity as the president, I will ensure FintechNGR works collaboratively as a team to position Nigeria and ultimately, Africa, as a force to be reckoned within the global community.

“This appointment is a responsibility that I take very seriously and I am humbled by your vote of confidence. With your help, I believe we can position Nigeria as a leading market for global FinTech Innovation and Investment.”

@TechEconomyNG connects past-present-emerging technological impacts on Businesses, People and Cities. All Correspondence to: [email protected]

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