The President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Deji Olanrewaju, has urged regulators and operators in the banking sector to deepen digital transformation to promote an inclusive financial system.
The call came as the Deputy Governors in charge of Corporate Services and Operations directorates of the Central Bank of Nigeria (CBN), Emem Usoro and Dr Bala Bello, respectively, were conferred with distinguished Honorary Fellows of the CIBN at the weekend.
The Director of Strategy and Innovation Management of the CBN, Monsurat Modesola Vincent, was conferred with the title of Honorary Senior Member (HCIB).
At the CIBN Fellowship Investiture Ceremony held on Saturday in Lagos, Olanrewaju emphasised the need for the banking industry to continue leveraging technology to drive performance, inclusion and sustainable growth.
Olanrewaju noted that the event marked a significant moment in the institute’s history as it conferred honours on 687 distinguished individuals, including 21 Honorary Fellows, 440 Elected Fellows, and 225 Honorary Senior Members (HCIB).
He congratulated the awardees, describing their elevation as recognition of their “dedicated service as torchbearers of innovation and integrity” and their lasting impact on the nation’s banking profession.
He said the theme of this year’s investiture reflected the rapid evolution of Nigeria’s banking landscape, which has transitioned from physical operations to dynamic, digitally connected ecosystems.
“Over the past decade, Nigerian banks have evolved into expansive digital ecosystems, enabling real-time connections among millions of individuals and enterprises,” he noted.
He cited data showing that electronic payment transactions rose to N384 trillion in July 2025, with mobile and PoS payments surging over 200 per cent year-on-year — a trend he said underscores the industry’s innovation, financial inclusion, and operational efficiency.
The CIBN President highlighted key milestones achieved within the sector, including progress on bank recapitalisation ahead of the 2026 deadline, the country’s removal from the Financial Action Task Force (FATF) grey list, and renewed investor confidence in Nigeria’s financial reforms.
“These developments position the Nigerian banking and finance sector as a vital engine for sustainable economic growth and regional leadership,” he stated. He pointed out that the economy’s 4.23 per cent GDP growth in Q2 2025reflected the positive impact of these collective efforts.
“These achievements demonstrate the sector’s crucial role as the bedrock for sustainable development and economic diversification in Nigeria,” he said.
