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Fintechs can’t lend to Dangote, but banks can—Chike Obi

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Chairman of Bank Directors Association of Nigeria (BDAN), Mr. Mustapha Chike Obi has debunked the growing fears that Financial Technologies (FinTechs) will soon push traditional banking institutions away from core banking businesses.

Addressing financial issues of national importance Thursday morning in a national TV Station, the current Chairman of Fidelity Bank Nigeria and economic adviser to Atiku Abubakar Campaign Organisation for Nigeria’s 2019 presidential election said rather than overtake banks; FinTechs are only making banks rise up to current and trending banking realities as they concern technologies.

He averred that many banks in Nigeria today are advancing in technologies more than some Fintechs and will continue so to remain in banking business.

Giving bites to his analogy, Chike-Obi said yes Fintechs can do banking businesses but there is a limit because for instance, they cannot give deep pocket loans to the likes of Dangote and others but only traditional banks can.

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