Experts claim cashless economy not attainable yet

Despite several interventions from regulators and stakeholders, financial operators have noted that a cashless economy would not be obtainable soon, owing to myriads of challenges that the sector is facing.

According to them, lack of trust, lack of infrastructure, network failure and reversal issues, unfavourable policies from regulatory bodies, are fundamental problems hampering adoption of the digital economy.

To put an end to this, the experts stressed the need for a standard form of identification.Speaking at a press conference in Lagos, Executive Director, Infrastructure Business, Inlaks, Tope Dare, said banks should explore opportunities technology has to offer. 

He added that the firm, a systems integrator in sub-Saharan Africa, is set to address these issues and the future opportunities in digital banking at the maiden edition of the Inlaks Digital Summit slated for this week.

Dare said the summit themed ‘Unlocking the opportunities in the digital banking age’ would highlight how African business leaders could harness future trends in the industry.

According to him, the meeting aims at providing the regulators, financial experts, shareholders and the government with powerful insights in unlocking the future of banking in the digital age.“At the present, the financial sector is experiencing a pervasive change due to the unprecedented transformation enabled by technology. Therefore, there is need for education and awareness of the role that technology can play in driving socio-economic growth,” he added.

Managing Director Africa Operations, Inlaks, Femi Adeoti, said the firm had over three decades thrived successfully in bringing authentic and innovative solutions to its customers.“In today’s world of unprecedented shift in digital tendencies across industries, every economic sector must be well-prepared for the imminent change to stay relevant.“Inlaks Digital Summit 2019 will address issues relating to the relevance of technology to the financial and banking industries and how African business leaders can harness it,” he added. 

In this article:
Femi AdeotiInlaks
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