First Bank Launches Digital Lab

First Bank of Nigeria Limited has inaugurated a digital lab, another means for the bank to leverage on technology for better service delivery in all of its banking channels. The lab which was opened on Thursday July 5^th, 2018 at the Silicon Valley of Nigeria and the hub of technology, Yaba, Lagos is expected to increase the bank’s profitability because many banking products would be launched through the inauguration.

In his remark, First Bank Managing Director, Dr Adesola Adeduntan, said; “Digital technology is actually disrupting the entire ecosystem; technology is disrupting the entire financial market especially, the digital space.”

“Our role as the oldest bank, the largest bank and a bank that has also continuously reinvented itself is to ensure that we are in the forefront of those people disrupting the industry. If you don’t lead disruption, you stand the risk that you will be disrupted.”

“The initiative will give the bank an edge in the market to lead digital innovations, not just in Nigeria but in all other countries where it operates. This is a very important part of our business and it is what we believe will take us to the next level.”

“It is not about making money, it is about protecting the money you are making. If you remember 10, 30 years ago, if people tell us that we can transfer money through the phone and the beneficiary will get it immediately, we will all say no. It is those kinds of land breaking innovations that we will expect from this digital lab.”

“The initiative will boost employment generation and create money for many start-ups with quality innovations and ideas. We are not going to be working on our own, we are also going to collaborate with a number of financial technology companies who are also located in this environment.”

“The digital lab will increase the bank’s profitability because many banking products will be launched through the initiation. The bank decided to open the lab at Yaba, Lagos because it is known as the Silicon Valley of Nigeria and the hub of technology.”

Also, the bank’s Head, Digital Lab, Lola Ekugo, said; “The initiative reflects the bank’s continued commitment to innovation and to expand its digital footprint. The importance of technology and its utilisation across the banking and financial sector cannot be over-emphasised.”

“The creation of value through ideas, products and business modules is critical for the bank to maintain its competitiveness. First Bank is committed at championing innovations to create new digital experiences, enhance existing products to boost digital presence through collaborations to enhance strategic partnership.”