Chike-Obi, Yuguda urge banks to adopt new technology
Chairman of the Bank Directors Association of Nigeria (BDAN) and Chairman of Fidelity Bank Plc, Mustafa Chike-Obi, has advised bankers to assist the current administration in achieving its goals and objectives towards building a better Nigeria.
Chike-Obi also charged bankers to adopt financial technology, artificial intelligence (AI), while staying up to date with information on technical changes to make their jobs easier.
He stated this at the weekend during the induction ceremony of 1,212 new members by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
Chike-Obi who spoke virtually said: “We have seen dramatic change in our economy since the beginning of this new government. It has good and bad implications. The objectives of increased revenue, reducing borrowing and liberalisation of the petroleum motor spirit (PMS) market.
“All of these, I think, are good objectives. We can argue whether or not it was too fast or it was not communicated enough to know what the objectives were. But the objective is good. What we need to do now is to assist the government to make sure that we achieve the objectives as smoothly as possible.
“We are on this journey now. We want to make the journey as efficient and comfortable. Banks will be a big part of the objective. I will advise and suggest that CIBN seek a visit to the President to explain what CIBN does and basically to get his support.”
Besides, he noted that there are lots of regulations by the Central Bank of Nigeria (CBN) that affect the banking system.
“We must be conversant with these regulations and see how it affects the profession,” he explained.
Director General, the Securities and Exchange Commission (SEC), Lamido Yuguda, also advised bankers to be adaptable to the changes currently being experienced in the financial system.
Yuguda said the skills domiciled in the financial sector are currently changing, hence the need for bankers to learn, relearn and get acquainted with the trends in the sector.
He said the capital market has contributed significantly to the growth witnessed in banking today, and emphasized the need for financial institutions to earn the trust of their investors and depositors.
According to him, when trust is lost in the sector, it allows fake and Ponzi schemes to take over the financial landscape.
President and Chairman of the Council of the CIBN, Dr Ken Opara, said the theme of the event resonated deeply with the rapid changes that have continued to shape the financial sector landscape.
“We live in a world of unceasing transformation, fuelled by the convergence of technological breakthroughs, shifting market dynamics and changing customer expectations,” he said.
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