Mr. Nnamdi Okonkwo, the Managing Director, Fidelity Bank Plc. on Thursday, said that 90 per cent of its banking transactions would be on digital platforms in the next two years.

Okonkwo disclosed this at the 42nd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), hosted by Fidelity Bank in Lagos. He was represented by Mr Mohammed Balarabe, deputy managing director of the bank, at the event. Okonkwo said that presently, 80 per cent of the bank’s transactions were on digital platforms.

“In Fidelity today, I think 80 per cent of our transactions happens on the digital platforms.

“And the aspiration is that within the next two years, we should have 90 per cent of all our transactions outside the banking hall on the digital platforms,” he said.

Speaking on the theme, “Internal audit in the new digital Frontier,” Okonkwo said that banks should embrace the digital age through development of digital products and as well be prepared for their challenges.

“In Fidelity today for instance, what they have done is to embrace this digital age and have been working towards ensuring that not only do we use it as an enabler, but it is also a thing that we use to have control of the system,” he said. He said that bank auditors should be prepared for the challenges that would come about due to digital age.

“There is need for us to really be prepared to embrace it, but most importantly, walk through it.

“What you find is that, advancement in technology has enabled the automation of several processes and procedures in the banking industry.

“And what that means is that some services that used to appear very complex and difficult for the public to access have now become so simplified.

“All you need to do now is just touch a button on your computer, laptop or phone and the service is available to you. “That is a very good development, but it comes with its own challenges and I think sessions like this should take time to look at what those challenges are, and how can we overcome them,” he said. (Daily Sun)

•Photo shows, L-R; Second Vice Chairman, Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Felix Igbinoba; Deputy Managing Director, Fidelity Bank Plc, Mohammed Balarabe; Chairman, Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN)Yinka Tiamiyu at the Association of Chief Audit Executives of Banks in Nigeria’s 42nd Quarterly General Meeting in Lagos.