Managing Director of Rokel Commercial Bank Ltd, Dr. Ekundayo Gilpin, who was the Guest Lecturer at the Limkokwing University – Faculty of Business Management and Globalisation (FBMG) and Faculty of Information and Communications Technology (FITCT) at the University Campus on Hill Station delivered a powerful Lecture on the, “Rise of Financial Technology (Fintech) and How it Can be Sustained in the Banking Industry.
The result-oriented Managing Director expressed appreciation to the Management of the University for the establishment of a modern learning structure. He revealed that he is a Fourahbite (A past student of Fourah Bay College) adding that during his days as a student Limkokwing University was not around but of late he saw a beautiful building, colorful and modern going further to recognize the efforts of both the academic staff and students for their resilience and readiness.
In his lecture, he looked at Fintech from a global perspective and then continued to cascade it to Africa and Sierra Leone respectively with relevant statistics. He simplified the Topic as “using Technology to make service delivery easier”.
Dr Gilpin maintained that with Technology one does not requires face to face interaction to be able to get things done underscoring that Financial Technology also means “using Technology to accelerate finance”. He also pointed out that in freehold economics, the multiplying effects, velocity and all the spaces are effectively enhancing the use and thrive of Fintech.
He described the impact of Velocity as having a loaded amount of money within an economy and conducting transactions that will also impact Interest rates, Money supply, and Inflation stressing that Financial Technology supports the sector.
“The growing Fintech industry will create jobs, opportunities across the continents and also across Sierra Leone,” adding that we have a potential to do that saying it can be sustained if we can target the masses for transactions, understand the regulatory terrain, the provision of cash, people, the enabling environment stressing how the Government has been working to meet those demands.
He informed that the Private sector and the public sector must have good internet penetration and better roads asserting how the use of Application Program Interface (API) plays vital roles for communication and efficient networking at different ends with the primary aim of providing services to other pieces of software interface, referencing the current National Payment Switch that was recently launched by the Central Bank of Sierra Leone.
The Managing Director said the use of the payment switch will create instant access to cash for financial instruments (Cheques, debit cards, VISA, Mastercard…) of different institutions and banks”.
Before the end of the lecture, Dr. Gilpin opened the floor for questions and comments. Several questions were asked followed by general comments and concerns that were well addressed.
He acknowledged that Fintech in Sierra Leone is growing but not as fast as in other countries saying Sierra Leone has a high rate of unbanked population that can utilize these goods and services. Dr. Gilpin affirmed that Fintech can be sustained by the public and the service providers with huge potential to make profits.
In some of the recommendations he proffered the Managing Director said though Sierra Leone is facing challenges, the country can do more through enhancing infrastructure, regulatory limits with the understanding that the country needs effective internet connectivity for sound market penetration.