Lagos Business School (LBS) has partnered with global professional services company, Accenture for the Nigeria Innovation Index 2018 to showcase and reward organisations in Nigeria’s financial services industry, who are integrating innovation into their products and services.
Held at Eko Hotel and Suites, the maiden edition of the Nigeria Innovation Index 2018 saw a gathering of representatives from participating banks and fintech companies, some of whom were rewarded for being innovative role models in their industries.
The Index attracted 30 entries with 13 and 17 entries from the banking and fintech sectors respectively. The adjudication process involved the invitation of the top six entries from each category and winners were finally selected by a team of judges led by Academic Director, LBS, Dr Olayinka David-West.
Speaking on the process, Dr David-West said, “It was a rich and detailed process as we used some rubrics in ascertaining the conceptualisation and innovation strategies employed by the participating companies.” She added that the essence of the Index was to help people harness and improve on the innovation processes in their organisations.
Wema Bank emerged winner in the Innovation Masters in Banking category while online payment service company, Flutterwave won in the Fintech category. In the Strategy, Innovation, Ideation and Absorption category, Wema Bank and Access Bank took the leading position for banking while Flutterwave and Paystack triumphed in Fintech. The final category was won by Nigeria’s first fully digital bank, ALAT by Wema Bank, which emerged as the Banking Innovation Concept of the year.
Managing Director, Financial Services at Accenture, Toluleke Adenmosun stressed that this new generation of fintech players, especially those who have been recognised by the Index, have used digital business models to enhance customer experience and opened the door to new segments and revenue sources. Adenmosun emphasised that Accenture had zero influence over the selection of winners, adding that the decision was entirely up to the team of judges chaired by Lagos Business School.
The Nigeria Innovation Index is part of Accenture’s efforts to track, record, recognise, report, reward and support innovation in Nigeria and in turn, grow the economy.
LBS, through its Sustainable and Inclusive Digital Financial Services (SIDFS) initiative, engages in research and advocacy projects with the goal of creating an inclusive ecosystem for financial services.