Monetary specialists on Wednesday mentioned gamers and stakeholders within the fintech business should take the difficulty of reconciliation significantly.
This was shared at The Guardian Nigeria and Fintech1000+ webinar collection anchored by the DeRemi Atanda who leads the technique perform of SystemSpecs.
Cecilia Osoka, an expert accountant with over 27 years within the banking business, mentioned each the shoppers and the banks which have reconciliation points are certain to face some losses and may even be uncovered to fraud.
“I think the truth of the matter is, adequate attention has not been given to reconciliation issues in the financial institutions,” Osoka mentioned.
She mentioned regulatory authorities may have been overrun by the brand new initiatives which were labored in by fintech stating that folks, subsequently, are usually not giving ample consideration to verify the techniques are working correctly.
“Perhaps the regulators and all the stakeholders that should ensure good processing cycles burying their head in the sand,” she mentioned.
Yele Okeremi, CEO of Exact Monetary Methods, additionally pointed on the regulators to make extra efforts in securing in mitigating the dangers within the business particularly the brand new fintech merchandise.
“The regulators have a role to play because it is normal for entrepreneurs to be over-optimistic in their expectations and in their planning, so the ball will fall on the laps of regulators to pull them back,” Okeremi mentioned.
He added that solely organisations which might be operationally environment friendly can deal with reconciliation issues “very well”.
Okeremi, subsequently, urged that techniques and processes are arrange by regulators to help in sorting reconciliations issues.
“Reconciliation problems can only be solved through a systematic and system which must involve senior and executive managements,” Okeremi mentioned.