ICT webinar for the banking sector in Nigeria opened the door to a new market for Czech fintech companies
21.02.2024 / 20:17 | Aktualizováno: 21.02.2024 / 20:41
It is no secret that Czech fintech companies are among the elite in the industry worldwide. What is less known is how digitisation and the ICT sector in sub-Saharan Africa, and more specifically in Nigeria, is moving forward by leaps and bounds. Nigeria in particular has seen significant growth in the ICT sector in recent years, with demand far from being saturated. The ICT sector in Nigeria has become a major contributor to the country's economy. Therefore, the Embassy of the Czech Republic in Nigeria, CzechTrade Nigeria and Pearly Bleuwaters International Limited (a member of the Lagos Chamber of Commerce and Industry) jointly prepared a webinar on ICT and Software Development for the Banking Sector in Nigeria on February 9, 2024.
The banking market of Africa's most populous country is indeed a great opportunity for Czech companies to take advantage of. The Nigerian banking sector is mainly demanding services in the area of cybersecurity and artificial intelligence, but is also interested in a broader portfolio of financial technology services. It also includes the creation, deployment and management of products and services related to applied technologies. The technologies of Czech companies have attracted the attention of potential Nigerian banks due to their innovation and flexibility towards the customer.
Ambassador's Opening Speech
The online presentation on February 9th was attended by 6 selected Czech IT companies: Blindspot Technologies s.r.o., Flowmon Networks a.s., GreyCortex s.r.o., MONET+ a.s., ThreatMark s.r.o., Wultra s.r.o., which were given space to present their portfolio in 10-minute blocks. On the Nigerian side, 9 major Nigerian banks participated: United Bank for Africa (UBA), First City Monument Bank, NOVA BANKS, Eco Bank, Signature Bank, Fidelity Bank, Zenith Bank, Access Bank, Jaiz Bank. After the individual presentations, space was left for questions and a moderated discussion which brought further interesting suggestions. The seminar was opened by the Ambassador of the Czech Republic to Nigeria, H.E. Mr. Zdeněk Krejčí. The whole webinar lasted one hour and three quarters and was led by Mrs. Marie Nwanyanwu, Economic Diplomat of the Embassy in Nigeria and Mr. Štepán Beneš, Head of the CzechTrade Lagos Office.
The programme was positively evaluated by both Czech and Nigerian participants, despite the connection failure, due to which the participants had to log in again for the online meeting. However, this technical inconvenience only proved that there was genuine interest in the seminar and that the Nigerian banking sector perceives Czech fintech companies as suitable partners.
ICT webinar for the banking sector in Nigeria opened the door to a new market for Czech fintech companies
After the seminar, a follow-up email was sent out to companies with general recommendations on how to proceed with negotiations in the Nigerian cultural environment. According to our information, companies are already communicating with potential Nigerian customers from the banking sector and we hope that these talks will soon bear fruit in the form of concluded contracts for Czech companies. And the subsequent demand for other Czech ITC products and know-how.
Author: Marie Nwanyanwu, Economic Diplomat, Embassy of the Czech Republic in Nigeria