“About 30 per cent of banking revenues come from the payment space.” Nigeria Banking NigerianBanks
Speaking on ‘Going beyond the digital experience’, Agbaje said that banks have realised that anybody who has the ability to leverage digital technology has become a competitor and is now competing with traditional banks who historically owned the payment and financial services space.
“The ease and use of phones is really driving this payment revolution. Mpesa does over $30 million. As the rest of sub-Saharan Africa starts to do about 68 per cent, the amount up for us to fight for is about $60 billion in yearly revenues of the payment space. This is a very lucrative and very fast growing space and Africa’s youth population is clearly driving it.”
According to Agbaje, who hinted that if the Nigerian Communications Commission should grant the bank a telecoms license, “GTB will bring down data prices below what is currently obtainable in India. Just tell NCC to grant us access, and you will see what we are capable of doing. At least, you can see the digital footprints GTB has created in the banking sector. We are not resting.
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