IFE OGUNFUWA examines the growth of investment in software by Nigerian banksTen Deposit Money Banks reported fresh investments valued at N46.2bn in software in the first three months of the year in order to deliver hitch-free digital banking services to customers. This is an increase of 1129 per cent in software investment compared with the same period in 2019. Experts described software as digital products, which form a critical asset of the financial institutions to carry out transactions, streamline banking processes and protect customers’ funds. This amount represented 11,423 per cent increase in software investment as against N32.63m in the first quarter of the previous year. To drive digital banking services, Access Bank acquired new software worth N1.44bn, as against N22.91m in the first quarter of the previous year, recording a 6,185 per cent rise in software investment.

Source: Punch May 24, 2020 23:03 UTC