GTBank not threatened by 'neo banks', Agbaje boasts

Chief Executive Officer of Guaranty Trust Bank, Segun Agbaje, has said despite the disruption of banking industry by the emergence of Fintech and Network Providers, he is not frightened.

Agbaje made this comment at a session at the Social Media Week 2020 held in Lagos.

FinTech companies operating in the banking space have been termed as Neo banks because of their disruptive innovation in the sector and faster route to market.

Agbaje admitted that the fintech and and telecommunications companies are making inroads into the banking space but stated that winning the digital payment race is more than just possessing the best of technology.

Agbaje said: “I have no fear for Telcos; we are ready for Telcos. All we ask for is an equal level playing field.”

There have been arguments as to which sector or firms will dominate the mobile payment market after the Central Bank of Nigeria (CBN) began to offer licenses to fintechs and network providers in order to ensure the growth of financial inclusion.

According to the GTBank boss, winning the digital payment race or dominating the market is beyond just acquiring the best of technology, because technology will become a commodity available to all.