An IT expert, Harold Olamilokun, has canvassed for a collaboration between banking and telecommunications to rejuvenate the nation’s financial landscape which he said is pivotal to Nigeria’s economic growth.
Olamilokun, who is the Founder of Talentcroft and Senior Partner at Rane Interaktiv Medien Limited, said: “In this period of Nigeria’s economic challenges, I find myself compelled to raise a resounding call for collaboration between two pivotal sectors: banking and telecommunications. This is not a mere theoretical proposition; it is a practical imperative aimed at navigating complexities and rejuvenating our nation’s financial landscape.
“As I reflect on the vast possibilities, it becomes evident that the collaboration between our banking and telecom sectors is an untapped wellspring of potential. This synergy is not an abstract idea but a tangible solution that can unravel the intricacies of our economic challenges.
“My plea for collaboration is, at its core, a call for driving financial inclusion. I envision a harmonious convergence of telecom and banking services creating a crescendo, reaching those often left on the margins. Mobile financial services emerge as a tangible avenue to bridge existing gaps and foster inclusive economic growth”.
Beyond theoretical ideals, the collaboration between these sectors, according to Olamilokun, has the potential to compose an economic symphony as the harmonious integration of telecom and banking services can amplify transactional efficiency, streamline financial operations, and contribute to a more robust economic landscape.
He said: “In this symphony, challenges present themselves as discordant notes. The burden of increased taxes, mounting USSD debts, and the financial struggles faced by major telecom players are the dissonant elements.
“We must address these challenges, advocating not only for collaboration but also for practical steps like regulatory reforms and streamlined taxation.
“Within these challenges lie opportunities for innovation— bridges over troubled financial waters.
“I stress the importance of practical, creative solutions born from a collaborative spirit. These innovations can harmonize the discordant elements within our industry.
“Now, let’s pivot to the realm of fintech—a disruptive force defying norms and reshaping Nigeria’s economic narrative. Fintech startups, in their audacious endeavors, stand as resilient beacons amid the ongoing tech brain drain.
“Their ability to defy conventional norms and introduce groundbreaking solutions has made them attractive hubs for tech talent.
“The success of these fintech disruptors is not just a testament to their innovation but a harbinger of what collaboration can achieve. Envision the possibilities that collaboration between banking and telecom sectors could unfurl.
“A symbiotic relationship between these domains holds the key to unprecedented development, especially in the realm of tech talent recruitment.
“In the context of this collaboration, consider the evolution of our transactional landscape. Twenty years ago, call center agents marked a new business opportunity for Nigerians. Now, we witness the rise of point-of-sale agents taking transactions to the streets and crannies.
“The desire to transact as swiftly as we communicate has reshaped the financial landscape. However, recent downtimes in various banks reveal the industry’s struggle with competence in this area, necessitating robust collaboration with communication giants to smoothen transactions”.
While some banks are currently in serious talks with telecommunications players to scale up their services and improve the quality of services to consumers, the race in 2024 will be determined by the banks that latch on heavily on all available telecommunications components.
“The fusion of banking and telecom, traditionally disparate domains, would not only fortify the fintech ecosystem but also serve as a magnet for tech talent.
“The collaborative force would enable the creation of innovative solutions, drawing from the strengths of both sectors. This collaborative model becomes a counterforce against the brain drain, offering professionals a compelling reason to contribute to the technological advancement of their home turf.
“In essence, the success of fintech startups is a testament to the transformative power of collaboration and innovation.
“By defying norms and embracing disruption, these startups have set a precedent for what can be achieved. The collaborative potential between the banking and telecom sectors is not just an avenue for progress; it is a strategic imperative to counter the tech brain drain, cultivating an environment where tech talent is not only retained but also attracted, contributing to the flourishing landscape of Nigeria’s technological future”, he added.