Posted By: | December 04, 2020 |

Evolution or Extinction: ‘Options Arising’ from Technology Disruption in Nigeria’s Insurance Industry

Nigeria’s mobile telecommunications sector emergence in 2001 spurred the development of Information Communication Technology (ICT) businesses such as handsets and recharge card sales, online transactions (internet banking and digital marketing) whilst certain jobs erstwhile considered lucrative (manual marketers and cashiers etc.) became redundant, and some are on their way to extinction. Today, long queues in banks have reduced with the help of mobile banking apps and the ATM, which resulted in an average of 360 workers losing their job every week from January to June 2017 according to the Nigeria Bureau of Statistics' Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength: Q2 2017. In May 2017, Ecobank Nigeria, a subsidiary of Ecobank Group merged 74 branches (thereby reducing physical locations) as a fall out of its digital channels strategy.

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