Expert Seeks Improved Synergy between IT, Finance

By Omolabake Fasogbon

Financial expert, Chidi Alabi has stressed the need for a strengthened synergy between technology providers and financial institutions in the country. 

According to him, the move was expedient given the growth and stronger influence of technology, with many organisations   yet to adjust their operational model to fit with modern realities.

Alabi in particular stressed the need for Accounting and Finance professionals to be in constant talk with technology providers in order to be abreast of trends in practice globally. 

He urged the Institute of Chartered Accountants of Nigeria (ICAN), to take advantage of seasoned fintech players in the country, like SystemSpecs to be able to enhance Accounting profession in the country.

He said, “The accounting and finance disciplines are consistently being transformed through innovations in automation, cloud-based services, artificial intelligence and unprecedented access to data. Indeed, technology in accounting and financial planning has transformed the sector with newer and advanced software, and its ability to ensure accuracy and reduce errors, which helps businesses avoid tax penalties and other issues. Furthermore, it is now much easier to organise audits in a highly efficient manner.

“In Nigeria, the rising impact of technology on accounting processes is illustrated in the emergence of innovative financial management systems such as the federal government’s Treasury Single Account (TSA) and the rise of the booming fintech sector which has provided thousands of jobs for Nigerians and helped millions of organisations and individuals process financial transactions more efficiently.

“Today, Nigeria has become the leading fintech hub in Africa with several products like Remita,  Opay e.t.c,  providing innovative solutions servicing millions of people in diverse sectors.”

He urged financial regulators to maximize the leverage provided by fintech and other digital technology solutions to stimulate efficiency and fast track business growth in a tough, highly competitive, and rapidly changing market.