As the country attains 62 years of Independence, economists have called on the Federal Government to seek more innovative policies that would further support its efforts on economic growth and development.
Former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), Dr Uju Ogubunka, made the call in an interview with the News Agency of Nigeria in Lagos on Saturday.
Ogubunka said the federal government could focus more on strengthening the nation’s productive capacity to expedite the desired economic development.
“It is not appropriate that after 62 years of independence, a large percentage of what our people consumed is still imported.
“No country will develop this way.
Our government needs to do more in harnessing the enormous prospects to facilitate our self-reliance,” Ogubunka said.
He noted that the government also needed to focus more on its human capital assets by expanding the knowledge and skills of its people, saying that it affects economic growth.
“We must insist on training our human capital because it is linked to the next phase of growth as a people.
“Giving so much emphasis on trainings is crucial in transforming our society and making it more relevant in our digital world,” Ogubunka said.
Also, the President, Standard Shareholders Association of Nigeria (SSAN), Mr Godwin Anono, said at this stage of the nation’s independence, more effort must be made in tackling challenges associated with critical sectors of the economy.
“Resolving the headwinds associated with production will accelerate our economic independence and enhance our domestic capacity.
“Then, the country can develop economically and be recon with globally,” Anono said.
He noted that the federal government must continue to enhance the business environment to attract more private capitals.
Also, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the federal government could continue to modify the structural changes in the economy.
According to him, the service sectors alone contribute as much as 56 per cent to the Gross Domestic Product (GDP) of the economy.
“The sector’s contribution to employment opportunities and revenue generations to government has grown tremendously over time,” Yusuf said.
He noted that the federal government should execute a better macro-economic management framework to stabilise the exchange rate.
“This will eradicate the challenge of illiquidity in the foreign exchange market and stem the current depreciation of the nation’s currency.
“It is imperative to have urgent reforms in the foreign exchange market, with greater focus on supply side strategy.
“There is need to review the disproportionate emphasis on demand management of the foreign exchange market to attract private sector capital,” Yusuf added.
Jaiz Bank has appointed Dr Sirajo Salisu as its Managing Executive Officer, the Company Secretary, Mohammed Shehu, said in a statement in Lagos on Monday.
Shehu, in the statement made available to the Nigerian Exchange Ltd.(NGX), said that the appointment would take effect from Oct. 16.Salisu is to replace incumbent Managing Director, Malam Hassan Usman, who is retiring same date.
Until his appointment, Salisu was the Executive Director, Business Development (North).
He is a Certified Risk Manager (CRM), Fellow, Institute of Credit Administration (FICA), and honorary senior manager, Chartered Institute of Bankers of Nigeria (CIBN).
He started his banking career in 1992 with Inland Bank Plc as a supervisor and rose to the position of General Manager in 2009 with First Inland Bank Plc.While in the services of the bank, he held various management positions in operations, credit administration and business development, before becoming Regional Manager, FCT, Abuja.
In 2009, he was appointed as Mnaging , Arab Gambian Islamic Bank (AGIB), a position he occupied till January, 2015.Salisu joined Jaiz Bank in 2016 and served as the Regional Manager (South), while supervising the treasury department of the bank.
In 2018, he was appointed Chief Risk Officer of the bank and later elevated to the position of Executive Director.
Coronation Merchant Bank has projected a rise in Nigeria’s Consumer Price Index (CPI) to 22. 2 per cent on a year-on-year basis.
Ms Chinwe Egwim, chief economist of the bank, stated this on Wednesday during a panel discussion at the 15th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
The discussion was on: ‘Nigeria’s Economy in the Last Five Years: Lessons Learnt and Choices to Make in the Next Five Years.
’ Consumer Price Index, also called headline inflation, measures the level of price change in goods and services.
According to the National Bureau of Statistics (NBS), it rose to 19.64 per cent on a year-on-year basis in July, compared with 17.38 per cent in July 2021. “Now, from our vantage point at Coronation, looking ahead in Nigeria, we expect further upticks in headline inflation.
Our end year forecast has inflation hitting 22.2 per cent on a year-on-year.
“This projection took into consideration modest increases in the month-on-month inflation.
“Our forecast is also influenced by structural issues impacting the cost of doing business such as insecurity and the impact of the Russia-Ukraine crisis on the economy,” Egwim said.
She added that there would be an increase in circulation of the naira toward the end of the year, as the period would be the peak of electioneering toward 2023 elections.
According to her, this is likely to trigger some level of demand pull inflation, as what is seen currently is more of cost push inflation.
“Based on our model, headline inflation should moderate to about 17.28 per cent in 2023 and then it should maintain a downward trajectory to 11.35 per cent by 2025. “We assume that the ongoing crisis would cease or that a workable solution to supply side shocks and severe cost push inflation would be implemented, in addition to other assumptions,” she said.
On economic diversification, which has non-oil exports at the front burner, Egwim said if Nigeria’s non-oil export potential was optimised at the minimum, at least, a two per cent boost in non-oil GDP was obtainable on a quarter on quarter basis.
According to her, the two per cent projection bars any severe contractions to oil GDP or assuming that GDP remains at its current level, and also assuming that oil price stays at 70 dollars per barrel or is able to hit above 70 dollars per barrel.
“So, overall GDP can hit double digit if we see a two per cent growth on a Q-on-Q basis and if we impose that across quarters, dragging all the way to 2025. ”We can see it hit as high as 11.25 per cent and a doubling essential if we are going to achieve inclusive growth, which is important to tackle the poverty levels that we are currently seeing.
“To support this diversification towards non-oil, banks can contribute in many ways, like accelerating the drive around sensitisation programmes, fairs and campaigns.
“This will help micro small and medium sized businesses equip themselves with tools to enhance their eligibility with regards to gaining access to finance or gaining access to business expansion support,” she said.
Egwim explained the increased urgency to optimise Nigeria’s non-oil export potential based on the latest foreign trade data released by the NBS was essential.
She said non-oil exports accounted for just 26 per cent of total exports in the first half of 2022. She listed issues impacting non-oil export growth to include roadblocks, infrastructure deficit and quality of current export products.
Egwim said others were issues around production value chains and value addition of select export products, especially in the agriculture sector.
The Chartered Institute of Bankers of Nigeria (CIBN) has called on banks’ managements to stop setting unreasonable targets for their staff.
The Institute made the call in Abuja on Wednesday while presenting a research report with title ‘The Analysis of Human Capital Attrition in an Evolving Glocal Context: A Case Study of the Nigerian Banking Industry.
’The research was presented at the 15th Annual Banking and Finance Conference of the institute with title ‘Repositioning the Financial Services Industry for an Evolving Glocal Context.
’Dr Grace Makinde, the Coordinator of the research, said undue targets given to bank staff by their managers contributed to human capital attrition in the banking industry.
She said that employees’ attrition impacted negatively on the economic performance of any organisation or industry.
Makinde, a Senior Lecturer at Babcock University, said that work load, job recognition and work environment be given due attention by managers in the industry.
She suggested that regular review of policies and benchmark work pattern to meet international best practices be adopted in the banking sector.
According to her, the banking industry ”was bleeding, people are leaving and it is affecting all of us.
”If we can work on these push factors, things that are pushing people out of the work place then, many workers will prefer to stay.
”They will stay when the environment is conducive and culture acceptable,” she said.
Dr Ken Opara, the of CIBN, said that the recommendations from the research and the event would be disseminated to policy makers and participants.
”As a pivotal sector of the economy, we are not oblivious of the “brain drain or Japa syndrome affecting the workforce in our country.
”This is an annual event of our Institute that offers the banking profession a platform to engage with stakeholders and the economy on developments affecting the industry.
”We are in the digital age where technology has made a significant impact on every industry, including the financial services industry,” he said.
Opara said that technology had transformed financial services with the latest fintech solutions and modern trends.
”As a result, the financial services industry would need to adapt to this much faster pace of change.
”Services, products and technologies that were new and useful yesterday will not necessarily be so soon.
”This year’s edition of the conference aims to consider the forces that could significantly impact the overall landscape of the financial services industry in a rapidly evolving world,” he said.
The News Agency of Nigeria reports that the conference attracted various stakeholders from the financial services industry across the country.
The International Labour Organisation (ILO) says it is providing technical support to the Federal Government of Nigeria to ensure the amendment of labour laws.
Ms Vanessa Phala, ILO Country Director, made the disclosure at the 15th Annual Banking and Finance Conference, organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Wednesday in Abuja.
Phala spoke with newsmen on the sideline of the conference after a panel discussion on the topic, “Workforce Globalisation: Opportunities and Threat’’.
According to her, ILO is currently playing a role in the dispute between the Academic Staff Union of Universities (ASUU) and the Federal Government.
“The role that we can play is not different from the role that we are already playing.
“I must indicate that the Federal Government has been in the process of reviewing labour laws and ILO has been in the forefront providing technical support.
“This is to make sure that the revision is in line with some of the conventions that the government has ratified.
“I think with what is happening with the ASUU situation, is of course happening in different countries.
I had an opportunity to be in South Africa an in the forefront of negotiating amendments to labour laws.
“So, you do get situations where the matter drags on for a very long period of time, but it’s unfortunate.
This is because we are talking about the future of the generation of Nigeria and that will actually contribute towards the economic growth and development of the country,’’ she said.
Phala advised that it was essential for parties to understand and recognise the need for speedy resolution of the problem.
She said, “I think in order to resolve them, there has to be willingness to look beyond some of the petty things, but there has to be commitment to also trust that the conversations and the solutions are for long lasting.
“So, it takes a lot, in terms of providingwww.
eNaira and global digital currency revolution eNaira and global digital currency revolution By Kadiri Abdulrahman, News Agency of Nigeria When the Central Bank of Nigeria (CBN) introduced its digital currency, the eNaira in October 2021, the idea was to create an alternative to the fast growing cryptocurrencies being patronised by Nigerians.
According to European Central Bank, e-money, broadly speaking, is an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the e-money issuer.
The bank said e-money products can be hardware-based or software-based, depending on the technology used to store the monetary value.
Central banks across the world, including CBN, have the mandate to control the circulation and supply of currencies.
However, the phenomenal rise in acceptance of all forms of digital currencies poses a threat to that authority.
In recent years, bitcoin and other cryptocurrencies have become attractive to young people globally mainly due to their high returns over a short period of investment.
However, experts say cryptocurrencies are susceptible to certain financial vulnerabilities and abuse.
To counter this, the CBN in February 2021 announced a ban on cryprocurrency transaction within the Nigerian banking system.
In their place, the apex bank unveiled plans to float eNaira.
At the unveiling ceremony President Muhammadu Buhari said that the initiative would help increase remittances, foster cross border trade, improve financial inclusion, make monetary policy more effective”, among others.
Mr Godwin Emefiele, the CBN Governor, in a recent media report assured that eNaira will open up a whole new market of digital currency users for financial institutions to increase their customer base and add value to their account owners.
“The framework of eNaira is such that it entrenches many pipelines of collaboration and further strengthens financial institutions core service delivery.
“By its very nature with regards to its mandates, eNaira enhances the structures of these institutions instead of replacing same”, Emefiele said at a recent “eNaira Hackathon” event.
At the event, a collaborative initiative between the CBN and the African Fintec Foundry (AFF), Emefiele announced that the digital currency had recorded 200,000 volumes and four billion Naira value of transactions since its inauguration.
The CBN governor also said that the eNaira had reached 840,000 downloads, with about 270,000 active wallets comprising more than 252,000 consumer wallets and 17,000 merchant wallets.
“ I am pleased to inform you that Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by simply dialling *997 from their phones,” he said on the ease of operating eNaira.
According to Mr kingsley Obiora, Deputy Governor, Economic Policy, CBN, Nigerians should embrace eNaira because of it is convenient to use.
Citing the case of South Korea, he said: “In south Korea, 77 per cent no longer use cash to do payment, while in the Philippines it is 30 per cent.
“In Nigeria, we are also seeing the same decline in the use of cash, the minting of currencies in the CBN has been reducing in the last couple of years”.
An Economist, Dr Tope Fasua, and Chief Executive Officer of Global Analytics Consulting Limited described the idea of eNaira as a welcome development.
Fasua said that the idea of eNaira was commendable, projecting that in the future, digital currencies will be dominant other currencies.
However, Brookings Institution in a report advised that electronic currencies should be approached with caution.
“They could undermine the business models of conventional banks and their role in the financial system, making it hard for central banks—which operate largely through the banking system—to maintain financial stability”, the organisation warns.
Similarly, European Union in a report warns that widespread use of digital currencies would reduce the demand for central bank money and thus reduce the size of the balance sheets of central banks or profits of central banks will shrink, but not disappear.
Against this background, a financial analyst and Senior Lecturer at the Pan Atlantic University, Dr Olalekan Aworinde, said there was the need to further sensitise the public on the risks of electronic currencies.
“I think that the CBN should be aware of the fact that there is the risk of cyber-attacks with the introduction of the eNaira.
“As a result, the CBN needs to properly educate the masses on how to use the eNaira in a way that would not put their safety and the safety of their funds at risk,” he said.
This sentiment is shared by the past President of the Chartered Institute of Bankers of Nigeria (CIBN) Mr Okechukwu Unegbu, who advised the CBN to involve relevant stakeholders to ensure that the financial sector is not negatively affected as a result of the introduction of the eNaira.
The eNaira is another form of cryptocurrency which the CBN has banned, and it seems that the apex bank is trying to imitate what it banned.
“There is the need to do a thorough research and robust stakeholder engagement, with the CIBN, ICAN, and other relevant professional bodies, and also create adequate sensitisation on the eNaira”, he said.
As the CBN continues to make efforts to popularise the eNaira among Nigerians, adequate sensitisation is required to improve the acceptance level of the digital currency locally before it is internationalised.
Some experts suggested that government should show the way by using eNaira to for existing welfare programmes.
Others urged the government to shift social welfare programmes and NYSC payments to eNaira platforms to increase its acceptability among Nigerians.
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The Chartered Institute of Bankers of Nigeria (CIBN) has signed an agreement with the FinTech Association of Nigeria (Fintech NGR) and FinTech Development and Advocacy Initiative (FSI), to promote professionalism in the financial services industry.
The News Agency of Nigeria reports that the signing of the agreement was witnessed by representatives and members of CIBN, FinTech NGR and FSI, at the Bankers House, Victoria Island, on Thursday in Lagos.
Dr Ken Opara, of CIBN, said the alliance was a unique one in the annals of the Institute.
“First, this is the first time the institute is collaborating with two partners at once for the provision of a certification.
“Secondly, this is the first collaboration agreement to be executed during my tenure.
“Thirdly, this initiative is a further step towards the realisation of the mandate of the institute to promote professionalism, whilst enhancing knowledge and competencies in the financial services ecosystem,” he said.
The Fintech Certification Programme is intended to sharpen the minds and raise awareness of industry players about the importance of leveraging technology for financial inclusion and growth.
Opara said the role of the Institute was to be the bridge that would engender positive handshake among all the players (banks, fintechs, other financial agents) in the financial services industry.
This, he said, would be done through capacity building programmes, training, content development, advocacy and sound corporate governance policies.
The CIBN president also said his administration would be built on six strategic pillars with the acronym FUTURE.
According to him, the first pillar with the alphabet ‘F’ is Financial Innovation and Transformation.
He said, “under this pillar, we plan to among others, institutionalise Fintech Certification in collaboration with other credible bodies to sharpen the minds and awareness of industry players in optimising technology for financial inclusion and growth.
“I am extremely delighted that three months after mounting the saddle of leadership of the Institute, we are taking sure steps towards the achievement of this objective.
“Under this Agreement, the three institutions have come together to award Fintech Certification, which offers an excellent opportunity to bridge the tech talent gap and indeed further drive the implementation of the Competency Framework in the banking and finance industry in Nigeria.
” Opara appreciated the Bankers Committee and the Central Bank of Nigeria for appointing the institute as the Accreditation Agency for the implementation of the Competency Framework.
He said the institute would not take the appointment for granted, expressing its determination to make a success of the assignment, which would lead not only to more knowledgeable professionals but improved service delivery.
Mr Ade Bajomo, President, FinTech NGR, said the partnership was a historic moment for FinTech NGR.
“If you cast your mind back only a few years ago, people were wondering whether FinTechs will take over banks and whether banks will still exist.
“But I think we are getting down to a point where you can see that both FinTechs and banks will coexist, they will co-compete and of course, there will be banks that will be more successful because they’re agile, and there will be FinTechs as well that will be successful because of tapping opportunities that perhaps the banks cannot see.
“But in all of these really, it is essential to develop capacity and capability,” he said.
Bajomo said banking as a profession was well regulated with strong compliance, strong culture of capacity building, knowledge building among others, adding that there was the need to also build capacity within the FinTechs in Nigeria.
“If you look at banking as a profession, it’s well regulated, there’s strong compliance, but there is also a strong culture of capacity building, knowledge building.
“When you look at FinTechs and, indeed, the nature and age of FinTechs in our country, it’s about agility, it’s about innovation; and those things that are lacking in terms of compliance regulations have to form the foundation.
“If we’re going to provide scalable, trustworthy financial services, then we have to build that capacity within the fintech.
“But we also have to build the capacity within banks to be more agile, so that way, it’s a rising tide and our economy will benefit from it, the rest of Africa and the rest of the world will benefit from it,” Bajomo said.
Mrs Aituan Kola-Oladejo, Executive Director, FSI, who described CIBN as a “forward thinking institution,” said the signing of the agreement would sharpen the FinTech industry.
She said, “this agreement will open the gate for more FinTech innovators into the FinTech ecosystem, as what was lacking was trust.
Mrs Kafilat Araoye, Managing Director, Lotus Bank Ltd., has emphasised the needs for banks to continuously engage their employees on career development programmes to reduce the level of resignation among millennials in banks.
Araoye made the call at the 2022 Graduates’ Induction and Prize Awards Day of the Chartered Institute of Bankers of Nigeria (CIBN) on Sunday in Lagos.
She spoke on the topic, “Career Development in a Changing World: Strategies for Financial Services Professionals’’.
According to her, there is a need to address the great resignation witnessed in the banking sector.
“All banks now have post-university, pre-work academies or programmes to prepare elaborately sifted graduate candidates for employability, individual employees can thereafter specialise in any of several possible areas.
“At least 60 per cent of workers in the financial services industry are millennials, so we must consider how to attract, motivate and retain them through career development programmes.
“Employers should consider placing greater emphasis on employee potential than on past performance when administering career development programmes,’’ she said.
She urged financial institutions to invest in enhancing the standard of tertiary education, the main pipeline for future manpower and also deploy career coaches, counsellors and mentors to help young employees find their purpose.
She commended CIBN on its mentorship programme advising that the programme should be enhanced and all interested young bankers who had graduated should be accommodated.
She advised that career progression should be tied to professional CIBN certification, at the industry level, and recertification (backed by a pronouncement) The managing director said that emphasis should shift to the creation of careers around innovation, digital skills and entrepreneurship, to replicate the corporate mindset of FINTECHs in all financial Institutions.
She advised employers to give serious consideration to flexi work, remote work, and outsourcing adding that supposedly scarce skills were available through remote work, only for employers to adapt.
She advised employer’s to lay emphasis on the employee’s productivity and not necessarily on physical presence at work.
For employees travelling out for further studies, she urged employers to put in place a special programme that would re-absorb them after their studies.
“The career development task now requires innovation and a shift in paradigm by all parties, especially the CIBN must strengthen and uphold the Compulsory Continuous Professional Development programme.
“It should institute re-certification programmes to keep bankers current and relevant “It should promote the adoption of the various certifications available in the professional series to promote specialisation,’’ she said.
Araoye, therefore, advised newly qualified bankers to be ethical and people of integrity saying that there was nothing left of a banker who loses his integrity She urged them to be patient as a career was a life-long phenomenon, while advising them never to stop learning and keep up to date with emerging trends She said there were lots of disruptions happening and would happen out there, advising them to remain nimble, noting that the duties of a financial advisor 10 years ago were now remarkably different from what they were today.
Araoye enjoined them to be open to opportunities, move across functions, and be versatile and not to be mono-skilled.
Earlier, Dr Ken Opara, of CIBN, said that 1,857 graduates were inducted and 1099 Associates through the Regular Examination route.
Opara said others included 47 Associates through the CBMBA route, 21 Associates via the route and 690 Microfinance Certified Bankers.
He urged the inductees who successfully completed the Banking Professional Examinations and Certification Programmes of the Institute, to stay connected to the institute.
“I encourage all our Inductees to stay connected to the institute, identify with a branch of the institute in your domain, so you can take maximum advantage of the various innovative initiatives from the Institute towards your personal and career development.
“As I conclude my remarks, may I challenge all our Inductees not to rest on your oars, the world is yours to take, go for it, reach for your peak and be whatever you want to be.
Remember “while you cannot direct the wind, you can adjust the sail to get to your destination,’’ he said.
Some financial experts have advised the Central Bank of Nigeria (CBN) to leverage technologies and innovations by the BRICS countries to strengthen the naira.
The experts gave the advice at the maiden edition of the Annual Banking and Technology Forum, organised by the Centre for Financial Studies of the Chartered Institute of Bankers of Nigeria (CIBN) on Thursday in Lagos.
The News Agency of Nigeria reports that the hybrid meeting had, “Leveraging on Technology to Gain a Competitive Edge” as its theme.
Mr Adjiedj Bakas, an economist, specifically urged the CBN to base the naira on gold to allow it compete with the US dollar in value.
According to him, if the CBN wants the naira to be fairly strong and stable, it should fund it on gold, oil and gas and other commodities.
“The BRICS countries – Brazil, Russia, India, China, and South Africa – these five powerful nations, strong, big economies, are coming with a lot of initiatives, which might be beneficial to Nigeria.
“They are coming up with a new global reserve currency based on gold, oil and gas and other commodities, and that is going to compete with the US dollar,” said Bakas.
He said the BRICS had also developed an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment system, also in use in Holland and Nigeria.
“So, they come up with an alternative to SWIFT, a competent alternative to the dollar.
“And this new global reserve currency is founded on gold, and commodities.
“So, my advice would be for the Nigerian Central Bank to base the naira upon gold; you have to buy lots of gold, and we have tonnes of gold.
“But also have to base it on all the oil and gas reserves of Nigeria, and then the naira will be worth much more,” Bakas said.
The expert also urged the banks to utilise both SWIFT and the new payment platform introduced by the BRICS, which is based on Alipay and WeChat. “It is connected with facial recognition, artificial intelligence and security; you can follow the money and the traces everywhere,” he said.
He urged banks to offer young people a good future by moving along with these technological trends that have boosted the the world’s Gross Domestic Product.
“Step in, dive into in this technological revolution because technology is going to change blue collar workers and devices are going to take over a lot of our financial administration.
“So, as a bank, you should be fast, provide fast services, especially to the millennials; and also leverage the digital naira because they all love the Central Bank’s digital currency,” he said.
The Director, Information Technology Department, CBN, Mrs Rakiya Mohammed, said the apex bank had been proactive by creating enabling environments for the banking industry to thrive.
She said the monetary authority came up with guidelines, frameworks, and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry.
“If we have learnt anything in the CBN, it is the fact that technology will not wait for regulation, so we decided to be as agile as possible.
“We have tried to be proactive by creating an enabling environment via guidelines, frameworks, and innovative products to stimulate creativity in the banking sector without stifling the healthy competition among participants in the industry.
“In 2021, when the CBN announced its intention to roll out the first central bank digital currency in Africa and one of the first in the world, some people were skeptical as to our capacity to accomplish what other central banks were still reluctant to do.
“But we were convinced it was the way to go because the technology trends were clear to us.
It is either you embrace disruption, or you become obsolete.
“Despite the naysayers, the eNaira was successfully launched and has been gaining momentum in adoption both locally and internationally with close to a million wallet downloads across individuals and merchants,” she said.
She narrated how the monetary authority recently stumbled on a twitter post where someone said the large population of unbanked Nigerian international students in the North Cyprus city of Lefkosa were using the eNaira to facilitate payments for goods and services.
Mohammed, who was represented by Mr Afolabi Adeleye, said, “These digital natives are not waiting.
“At the CBN we are beginning to have conversations around monetary policy in the metaverse, open banking, digital identities, among others.
“Leveraging the gains in adoption of the eNaira, we recently concluded our first hackathon focused on expanding its use in driving financial inclusion and cross border remittances.
“Embracing technology as a business enabler to drive competitive advantage is no longer optional.
It is a matter of corporate survival going into the future.
” Dr Ken Opara, of CIBN, represented by the first council Vice-President, Prof. Pius Olarenwaju, said, “This event provides another opportunity for us to offer value to our stakeholders as they try to navigate the financial technology and digital finance world.
“Indeed, this event could not have come at a better time as the ways in which we conduct banking has changed dramatically since technology entered the fray.
“Banks are now focused on elevated levels of personalisation and tailoring solutions to meet customers’ needs which have been enabled by the fast-tracking of digital transformation.
The Chartered Institute of Bankers of Nigeria (CIBN) said it would hold its annual conference to share ideas on how to address changing trends in the industry.
The of CIBN, Dr Ken Opara, made the announcement at a media parley on Friday in Lagos.
He said that the conference to hold Sept. 13 to Sept. 14, would be hybrid, taking place at the Transcorp Hilton Hotel, Abuja and through Zoom Teleconferencing, with dignitaries from around the world in attendance.
The News Agency of Nigeria reports that the theme of the conference will be: “Repositioning the Financial Services Industry for an Evolving Glocal Context”.
“The banking industry has continued to evolve; technological innovation is the thing in the industry.
“The financial system is the only industry today that you can see the kind of innovation that is going on.
It is one of the few industry in the world to have an online real-time payment services as much as possible.
“But we think that the industry is dynamic, changes continue to come up globally.
“You can see what is happening in the supply chain, you can also see what is happening in the Russian- Ukraine space as much as possible.
“So, the idea is basically to have this conference that will provide a platform to share ideas on how to address changing trends in the industry and how things are coming up.
“Also, how do we build capacity, how do we energise our people, how do we ensure that the new generation of people continue to be relevant in the industry,” Opara said.
The event would be organised through a Consultative Committee, chaired by the Managing Executive Officer, Sterling Bank Plc, Mr Abubakar Suleiman.
President Muhammadu Buhari, Prof.Yemi Osinbajo, Governor Babajide Sanwo-Olu, Mrs Zainab Ahmed, the Minister of Finance, among other dignitaries are expected at the conference.
The Central Bank of Nigeria Governor, Godwin Emefiele, would be the Chief Host of the Conference while Opara would be the host.