FinTech

Fintech will Reduce Transaction Cost in Capital Market — CIS

AS part of measures to reduce high transaction cost in the capital market, the Chartered Institute of Stockbrokers, CIS, has emphasized the need for operators in the market to embrace Financial Technology, FinTech, in their operations.

The Chairman, CIS Annual Conference Organising Committee, Abiola Adekoya, on the sidelines of a press briefing for the Institute’s forthcoming 23rd Annual Conference in Lagos, weekend told Financial Vanguard that the advent of FinTech will help to reduce transaction cost for both operators and investors in the market.

She said: “We are going to encourage operators to embrace the FinTech in their operations as we have seen the banks collaborating with the FinTech firms in providing services that eventually lead to a reduction in the cost of transactions, speed up processes and improve efficiency. The FinTech would have a great impact in our market when all operators embrace this technology.

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“In the capital market, the use of FinTech will eliminate the physical stress of going to the bank to open an account for clients, and open Central Securities Clearing System, CSCS, account. It will also help reduce the settlement cycle for securities transactions and reduce the paperwork that goes with cost among others. An investor who wants to partake in the capital market can stay in the comfort of his house to affect deals and so on.”