Microsoft and Pricewaterhouse Coopers, PwC have beckoned on the Central Bank of Nigeria, CBN and other regulators in the financial institutions to initiate standardised policy framework and regulations in the digital space as this would spur growth and development of the economy in general.
The Microsoft and PwC also encourage the Chief Financial Officers, CFOs of companies to embrace digital technology in their businesses in order to reduce cost and enhance revenue for their companies.
Speaking at the Microsoft CFOs Roundtable partnership with Harvard Business Review, in Lagos, Director Industry Solution, Financial Services, Microsoft Transformation at Microsoft, Mr. Mayowa Agboade, reaffirmedMicrosoft commitment to streamlining and enabling digital transformation in the financial services industry, saying: “Nigerians need to imbibe digital technology as a culture as this is the future for transforming business and the economy.”
He said: “The role of today’s CFOs and finance executives needs to be broader and requires an increased appreciation of technology. The emergence of the digital age is fundamentally changing the priorities and roles of today’s finance executives with security at its core.” While traditional roles that involve cost reduction as well as sourcing new revenue streams remain at the core of the CFO and COO function – exploring new opportunities for growth has emerged to the fore.
This disruption has been enabled through the integration of advanced technologies such as artificial intelligence, mixed reality and blockchain.” Agboade said: “The CBN needs to be involved in the blockchain technology and be able to draft policy framework that would drive this digital technology.”
Speaking at the Roundtable, in its speech titled “The Role of CFOs in the digital era”, Partner & Leader, Experience Centre & Technology & Emerging Technology, PwC, Mr. Femi Osinubi said “The future of finance lies in technology as it is capable of increasing productivity, profit and reduce cost. A cohesive digital finance strategy to enable a transformation is required. This include: Enterprise Performance Management, EPM, mobile computing, Robotic process automation, blockchain, real time/self service computing, analytics and visualisation, machine learning and Artificial Intelligent, AI , Chatbots and Speech recognition .”
He said: “Technology is changing our industry and business all over the world. To this development, the CBN and other regulators in financial sectors need to come together and initiate policy framework and regulations on digital application and implementation that would help the economy grow speedily. There is need for public sector to begin to adopt digital technology in governance but they must understand the processes before they can initiate policy that would eventually go through the law making process.”