Some financial market experts in Nigeria have called on players and stakeholders in the fintech industry to take the reconciliation challenge in the industry seriously.
These experts made this call at The Guardian Nigeria and Fintech1000+ webinar series, which was anchored by the Deremi Atanda, the Strategy Lead at SystemSpecs.
One of these experts, Cecilia Osoka, a professional accountant with over 27 years in the banking industry, said both the customers and the banks that have reconciliation issues are bound to face some losses and may also be exposed to fraud.
“Perhaps the regulators and all the stakeholders that should ensure good processing cycles burying their head in the sand,” she said.
Another one of the experts, Yele Okeremi, CEO of Precise Financial Systems, also called on the regulators to make more efforts to mitigate the risks in the industry, especially when new fintech products are introduced.
Speaking further, Okeremi urged that systems and processes are set up by regulators to assist in sorting reconciliations problems.
Nigeria In Focus:
Population: 206.6 million (Compared to South Africa's 59.6 million)
GDP: $504.57 billion (Compared to South Africa's $369.85 billion)
GDP Per Capita: $2,465 (Compared to South Africa's $6,193)