The Minister of State for Science and Technology, Mohammed Abdullahi, has said that the application of Science and Technology will help accelerate economic growth through conversion of ideas into values.
Abdullahi said this at the 4th African International Conference on Islamic Banking during the week in Lagos.
He said: “I am pleased to note that a forum of this nature is been organised to fast track the development of Islamic Banking in Nigeria by the introduction of Disruptive Technologies and Innovation’’.
Advertisement
The Ministry of Science and Technology, he added, has been in the fore front in promoting Science, Technology, Innovation and research development through various initiatives.
He listed some of the initiatives which include: Presidential Standing Committee on Invention and Innovation, Technology Exposition Programme, Technology Transfer and Diffusion, Technology Adaptation and Domestication, Technology Acquisition, Intellectual Property Right and Information Management System.
He further said that Financial Technologies (Fintech) was aimed at transforming businesses thereby making it more attractive for prompt service delivery.
“Though we are beginning to learn more about Islamic Crypto Currency E-Dinar, Coin robe, Murabahah Commodity Trading, ” he added.
Abdullahi further said that the adoption of Fintech, offers an opportunity to attract more customers while improving efficiency as well as creating an atmosphere of competitiveness and potential profits.
The minister also added that in Malaysia, the acceptance on Fintech solutions has attracted and expanded the country’s wide patronage from its citizens and has also created growth in SME’s access to funds which capitalizes on large accessibility by use of phones and tablets.
“Bio metric identity applications by use of finger prints, eye scans, or facial recognition has enabled illiterates and semi-illiterate customers to have easy access to their accounts and banking services. he added.
He further disclosed that Islamic System of Banking is being embraced and gaining more acceptances in Nigeria as industries has remained unaffected by the global financial meltdown.