The decision of the International Monetary Fund (IMF) to slash Nigeria’s 2020 growth forecast to two per cent surprised many analysts and financial pundits.
The antagonists of the forecast believed that Nigeria’s economy will rise above the new two per cent per annual growth projection by the Fund.
In an emailed report to investors, Afrinvest West Africa Limited, an investment and research firm, said last week, the International Monetary Fund (the IMF or the Fund) published its end-of-mission statement on the economy following consultations with fiscal and monetary authorities and other relevant stakeholders.
“While a comprehensive report is yet to be published, the summary of the Fund’s findings captured interesting themes on the state and direction of the economy.
The key highlight of the summary is the downward revision of Nigeria’s 2020 growth forecast to two per cent from 2.5 per cent in its January 2020 update due to low crude oil prices.
However, on a positive note, the Fund acknowledged recent fiscal policy reforms by the Federal Government, specifically the Finance Act, the Deep Offshore Production Sharing Contract Act and the return to the January-December budget cycle,” Managing Director/CEO Afrinvest West Africa Limited, Ike Chioke, said.
In the report titled: ‘IMF’s 2020 Article IV Consultation on Nigeria: Growth Forecast Revised Downward to two per cent’, the IMF applauded progress in ease of doing business, governance and power sector reforms. In other notable areas, such as fiscal and monetary policies, the Fund provides recommendations.
The Fund’s sharp cut to growth forecast came as a surprise, even though we expect economic recovery to remain sluggish in 2020. We are a bit more optimistic on growth given our estimate of 2.4 per cent in 2020, which still represents declining per capita income in the near term.
On the external sector, we both share a dim outlook as the Fund observed that sustained current account deficits and declining reserves, amid increased risk of capital flow reversals, have elevated external sector vulnerabilities.
Also, the Fund noted the need for sustained reforms to boost non-oil revenues to reduce fiscal deficit, which continue to be funded by the CBN beyond permissible limits (not more than five per cent of previous year’s actual revenue) stated in the Fiscal Responsibility Act (FRA 2007).
The analysts explained that in line with our recommendation in the report, the Fund encouraged the Federal Government to leverage the low-yield environment to meet its financing obligations.
“On monetary policy, the Fund proposed that further tightening through conventional means is required to rein in mounting domestic and external pressures from large amounts of maturing CBN OMO bills. In this regard, an interesting perspective that caught our eye is securitising overdrafts to provide more long-term government debt instruments, which would better help in managing system liquidity,” they said.
As predicted by the Fund, the Consumer Price Index report released last week by the National Bureau of Statistics showed that headline inflation increased to a 21-month high of 12.1 per cent year-on-year (Y-o-Y) in January 2020, from 12 per cent in the previous month. Similarly, core inflation rose to 9.4 per cent Y-o-Y from 9.3 per cent and food inflation was higher at 14.9 Y-o-Y from 14.7 per cent.
“The uptrend in price pressures in January is unlikely to be short-lived. We believe the land border closure, insecurity in food planting regions and the upward review of VAT would drive inflation higher in the coming months.
If these persist, combined with the proposed adjustment to electricity tariff in April, we expect inflation to reach a monthly average of 13.7 per cent in 2020 from 11.4 per cent in 2019,” Chioke said.
FirstBank of Nigeria Limited would host Small and Medium Enterprises (SMEs) in its second SME Business Clinic holding in Port Harcourt and Abuja.
The event with the theme: Building a sustainable business will hold between tomorrow and 27.
The programme is in recognition of the significant role SMEs play in achieving sustainable growth and development in the economy of the country.
The Deputy Managing Director, FirstBank, Gbenga Shobo, said: “We are proud of the giant strides we have taken over the years towards enhancing the SMEs for their businesses to thrive, have a fair play in the market and contribute to the Gross Domestic Product of the country.
We remain the trusted financial partner of SMEs and reiterate our resolve to be known as the brand that enables their success; much the same way that we have for over 125 years enabling Nigerians and the economy at large.”
The Chief Executive Officer, Nibbles Plus More Ventures, Owoeye, Oluyomi, stated: “The first step I took after the SME business clinic was to do a strategic road map for my business.
Riding on the information I got from the business trend session on consumer landscape, I had a clearer understanding of who my target audience were and have included that in my business plan.
The feedback, we believe, will help us identify untapped markets and problems in our industry, how to reach them and what value we can offer them.
‘’Like we were told at the clinic, progressing into the counter intuitive zone of the business model reinventing box is what brings about Innovation. Something must trigger innovation and not just our intuition. Hence, we have chosen research,’’ she added.
The coaches at the event were Seye Olurotimi, Lead Consult at Cedar Tribe Limited, an SME branding expert and business growth consultant and Robert Yakubu, founder of the Instabiz Academy and the Business Mastery Pro-gramme, a digital entrepreneur and business strategist in Port Harcourt and Abuja.
The SME Clinic is organised in partnership with SME Traction, a leading business coaching platform.
It will feature business advisory services, mentoring, networking opportunities and participants will also be acquainted with the requisite knowledge and business tools needed to drive efficiency in their business.
Ecobank Nigeria is set hold its Regional Trade Forum in Lagos.
A two-day event, the forum will hold in March.
It is aimed at providing an opportunity for exporters and importers on the continent to exhibit their products in a marketplace with panel discussions by experts and leaders in the industry.
Announcing the forum in Lagos, the bank’s Head Trade Finance, Sunday Abah, said Ecobank would a the event unveil its trade solutions to its customers by sharing the various payment methods to facilitate cross border trade throughout its network across Africa.
According to him, Ecobank recognises the role of exporters and importers in driving economies through trade.
“By creating a networking forum for importers and exporters via the trade exhibition slated for the first day of the forum, the bank extends support to stakeholders in export and import businesses.
‘’Ecobank’s trade products and solutions are designed around two broad areas: Trade finance, which enables customers benefit from adequate and well-mitigated credit facilitation in import finance, export finance, bill discounting, trade loans, distributor finance, structured trade and commodity finance, among others; also, we do trade services, which gives our customers the advantage of speedy turnaround time and error free processing of import letters of credit, import collections, Customs bonds, export collections and regional trade services, among others,” he noted.
Ecobank’s unique intra-Africa trade solutions enable settlements of trade transactions and mitigation of payment risk; provide regional solutions and enable exporters obtain payment guarantees without the need for a letter of credit and its related costs to the importer. Ecobank works closely with clients in reviewing key factors regarding transactions processing, settlements, financing, and risk mitigation as well as credit enhancement.
The forum is expected to attract hundreds of guests and participants. Leaders from across Ecobank Group will also be attending to share their market specific trade knowledge and information.
Fidelity Bank Plc, has trained over 3,000 undergraduates from various tertiary institutions on skills acquisition through its youth empowerment programme.
The bank’s Managing director/CEO, Nnamdi Okonkwo, disclosed this during the closing ceremony of the Fidelity Youth Empowerment Academy (FYEA) at the Sokoto State University (SSU), Sokoto.
“The students were drawn from the five institutions that have benefited from the banks youth empowerment initiative that aims to teach vocational and entrepreneurship skills,” he stated.
Okonkwo, who was represented by the Head, Corporate Social Responsibility (CSR) and Sustainability, Fidelity Bank, Mr. Chris Nnakwe, called on youths to embrace entrepreneurship and create wealth for themselves instead of searching for non-existing paid jobs.
Organised as part of the bank’s CSR intervention, Nnakwe pointed out that the programme in its seventh edition seeks to empower the undergraduate with skills and enterprise training, which are relevant for self-reliance.
He stated that the bank had organised the programme in various institutions of higher learning, including the University of Nigeria, Nsukka; Waziri Umar Federal Polytechnic, Birnin-Kebbi; Federal Polytechnic Oko, Anambra State; Rivers State University of Science and Technology, Port Harcourt; Bayero University, Kano and Nnamdi Azikiwe University, Awka.
For the Sokoto edition, Nnakwe stated the bank has expanded the scope of the programme to accommodate new areas of vocational training.
Apart from the training on tailoring and make-up, he noted that participants were also provided with requisite skills and first-hand knowledge in fashion designing, cloth embellish-ment, cocktail and phone Engineering, among others.
“We, in Fidelity Bank, have targeted programmes on education, environment and youth empowerment. This one you are witnessing today is part of fulfilling our promises to the society,” Nnakwe said.
According to him, the youths were trained to acquire skills to enable them to become self-reliant and also make them employers of labours even while in school.
He disclosed that at the end of the training, starter packs would be given to each participant to enable him or her to commence business.
Speaking earlier at the opening ceremony, Sokoto State Governor Aminu Tambuwal, thanked Fidelity Bank for choosing the school for the programme.
Tambuwal stressed that as a responsible government his administration has prioritised the welfare of the youths in the state.
He urged the participants to stay focused and concentrate to benefit from the training.
Also, the Vice Chancellor, Sokoto State University, Sani Dangogo, thanked Fidelity Bank for the gesture, saying the training would go a long way in alleviating the financial burden of the students.
The Acting Managing Director, Coronation Merchant Bank Limited, Banjo Adegbohungbe has said that naira is unlikely to be devalued in the course of this year given the strong state of the foreign exchange reserves.
He spoke at the Coronation Breakfast Session held in Lagos.
The bank chief said that with foreign reserves at $37.23 billion mark, and new policies by the Central Bank of Nigeria (CBN) to attract foreign direct investment.
Speaking on several interventions and policies instituted by the CBN to attract local and foreign investors to the economy.
He said there are several factories springing up across the country adding that if the oil refinery comes on stream as planned and if all those factories come up may be five year’s time, the economic landscape will be totally transformed.
“The amount of jobs and the multiplier effect that we will have on the economy will be quite significant. The point some of them might even earn foreign exchange for the country. Don’t forget that some of these challenges are long term and will need solutions that have long term perspective,” Adegbohungbe said.
However, there are about N4.5 trillion Open Market Operation bills to be redeemed in the first quarter of 2020, head, research Coronation Asset Management, Guy Czartoryski, said in his presentation at a breakfast session on ‘Re-risking the Nigerian Financial System’, held in Lagos.
He said the management of foreign exchange reserves is linked to the CBN’s setting of market interest rates. Currently, Nigeria has a dual interest rate system, with the CBN’s OMO bills available only to banks’ proprietary books and to foreign portfolio investment.
“If the CBN cannot sell sufficient OMO bills to foreigners in early 2020 then this could, in our view, present challenges to its foreign exchange reserves management and distrust the current N362.50/$ exchange rate,” he said.
Continuing, he said: “If you look at all that the CBN has been doing, it is about managing the exchange rate. At at today, the foreign investors can come in and exit at will and that is an incentive for them to invest in the economy”
Also speaking, head, trading, Coronation Merchant Bank Limited, Iyobosa, Sorae, said to reach the goal of attaining foreign direct investment, there are certain things that should be put in place, which she said the CBN is already doing but remains the fiscal side.
Interswitch Limited, a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa, and American Express (AmEx), are pleased to announce a new partnership to expand the usage and acceptance of American Express Cards across Nigeria.
The partnership with Interswitch will enable American Express Cardmembers to transact using a wide range of merchants, who process payments through the Interswitch platform, for a range of travel, retail, hospitality and dining expenses, as well as ATM withdrawals. The partnership will also allow Interswitch to integrate its network of merchants in Nigeria into the global American Express network.
As part of the agreement, Interswitch will assume responsibility for managing American Express merchants in Nigeria, while bringing new merchants onto its platform. Previously, American Express Cardmembers could only use their cards at select locations across the country. This new partnership broadens that acceptance to Interswitch merchants, ATMs and websites nationwide.
Divisional Chief Executive Officer for Payment Processing at Interswitch, Akeem Lawal said: “AmEx and Interswitch are aligned in our desire to provide fast and secure payment solutions and transactions across Nigeria. With this new partnership, we are improving AmEx Cardmember access to a convenient and secure network, which also benefits our merchants who will gain new opportunities presented by an expanded user base. By remaining card scheme neutral, Interswitch will continue to explore innovative partnerships that will benefit consumers and retailers alike.”
Lawal also reiterated the commitment of Interswitch to reliably cater to its valued merchants, to reinforce the Company’s mantra of ‘Transaction solutions you can depend on’. He recommended new merchants join the Interswitch platform, highlighting that the addition of American Express cards can help to expand their businesses.
The Agile Practitioners Association of Nigeria, Nigeria’s largest Agile professional body, has concluded plans to host the Third Annual Agile Nigeria Conference 2020, with the theme Accelerate Your Delivery.
This indication was given at a press conference organised in Lagos. The event is scheduled to take place from March 5-6 in Lagos.
The yearly conference is dedicated to furthering Agile principles and providing a venue for people and ideas to flourish. The main conclusions of the Agile Conference will be reflected and incorporated into the declaration of how Agile will help transform workplaces, businesses and services as well as the adoption of Agile frameworks by the participants at the Conference.
Chief Executive Officer/Founder, The Agile Advisor Africa, Mrs. Abiodun Osoba, expressed delight at the emerging opportunities, growing appetite and evolution of Agile in Nigeria.
She said: “This year’s conference promises to be bigger and better than its previous editions. We have lined up no fewer than 29 subject matter experts from within and outside of Nigeria as speakers.’’
This conference therefore offers an unparalleled opportunity for participants to glean new ideas, share knowledge, and experiences on a truly international stage.”
She stated that the two-day conference is bundled as Agile DevOps Conference, for great thinkers interested in sharing thoughtful insights on the approach, technologies and tools to develop, deploy and maintain software in Agile environments, while the Business Agility Conference is a revolutionary platform that brings together great speakers, cutting-edge Agile practices and exciting learning opportunities for any domain or industry.
CSL Stockbrokers Limited, a subsidiary of FCMB Group Plc, has emerged as the new stockbroker to the Federal Government of Nigeria. The appointment of the firm, as announced by the Debt Management Office (DMO) on February 18, followed an open competitive bidding process in which other stockbrokers participated.
With the appointment, CSL Stockbrokers now has the mandate to execute all transactions of the Federal Government on the Nigeria Stock Exchange (NSE). This includes, posting bid and offer prices of government securities, supporting the DMO’s objective of promoting trading of Federal Government securities on the Exchange and attracting more retail investors to the domestic capital market.
CSL Stockbrokers, rated as one of the top five stockbroking firms in Nigeria, provides institutional and corporate brokerage services to investors and select issuers. At the heart of the firm is a robust research platform which supports local and international investors who desire in-depth coverage of the Nigerian capital market and the economy.
In a statement, the DMO said as Government Stockbroker, CSL Stockbrokers is mandated to build upon the achievements already recorded by increasing the participation of retail investors in all Federal Government Securities, such as Bonds, Sukuk, Savings Bond and Green Bonds listed and trading on the NSE.
The DMO added that, ‘’the appointment of CSL as the Government Stockbroker is a further demonstration of the commitment of the DMO to the development of the domestic market, in particular, promoting liquidity, as well as, growing and diversifying the investor base’’.
Commenting on the appointment, the Chief Executive Officer of CSL Stockbrokers, Abiodun Fagbulu, described the development as another milestone in the commitment of the firm to be the investment management services provider of choice in sub-Saharan Africa, driven by deep market knowledge and global standard investment management expertise.
According to him, ‘’CSL Stockbrokers consider this appointment as an opportunity to contribute to the growth and development of the domestic capital market in a way that is sustainable and profitable to investors’’.
Analysts are of the opinion that CSL Stockbrokers, which has over 30 years operating history in the capital market with consistent impressive performance, is well positioned to support the DMO, with regards to meeting the Government’s financing needs in a prudent manner that supports economic development while proactively managing the associated risks.
CSL Stockbrokers Limited was established in 1977. It is a subsidiary of FCMB Group Plc, one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. The Group, which is listed in the prestigious Nigerian Stock Exchange (NSE)-30 Index in terms of market capitalisation and liquidity, has consistently witnessed impressive performance and growth along all key indices, especially those around profitability, deposits, customer numbers and assets under management.
Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said food security is critical, as it enhances national security, and to ensure our continuous survival as a country, we must put agriculture in the front burner.
Speaking at the Ecobank Agribusiness Summit in Lagos, the bank chief said it was an initiative to create a common platform that brings together partakers in the agric value chain, be it producers, processors, logistics entrepreneurs, insurance practitioners and others within the sector to think a better approach to agriculture sustainability for Nigeria.
”Agriculture is not just a culture, it is a business. Historically, agriculture used to be the lead within the economy, before the advent of petroleum, now, we understand that the long term sustainability of the economy can only come from agriculture, because of its ability to create employment for the teeming young population and its ability to integrate all the parts of the country. When it is agriculture, there is no North, West, South and East, it is all about where do I get the best item, best quality, best value. In addition, given the landscape in Nigeria, given the population within Nigeria, we are a natural market and so when you look at what the government and the central bank has been promoting in the last four to five years, a lot of focus have been on supporting Agric as a means to reduce the import bill of Nigeria and ultimately increase the export revenues of Nigeria.”
It is over five years since financial stability was the dominant reason for choosing banking relationships. Fifty-five per cent of retail banking customers say they choose to maintain their banking relationships because of the quality of customer experience, last year’s Nigeria Banking Industry Customer Experience Survey (NBICES) report by KPMG has shown. FirstBank has stayed ahead of competition and maintained market dominance through improved customer services and product development, writes COLLINS NWEZE.
Bank customers always have their perception on what they want their banks to do for them, and that determines their perception on the lender. The most important thing for a customer could be the convenience a bank’s products and services offer, or quality of its services.
According to the recently-released Nigeria Banking Industry Customer Experience Survey (NBICES) report by KPMG, customers are more informed and know what experiences feel like, often judging their experiences across industries.
They are no longer comparing banks with their peers, but rather against their best experiences.
Customers compare their banking mobile apps to the gaming or shopping apps on their smartphones. Banks still enjoy high levels of trust; for the leaders in this year’s research, only about three per cent of their retail banking customers say they want to switch their main bank relationships.
This is in comparison to an industry average of six per cent. Nevertheless, there is a growing trend of customers using services from providers while keeping their main bank relationships.
Also, major three reasons for maintaining banking relationships shows that quality of service experience, financial stability, image and reputation are crucial.
With these developments, right thinking banks are adapting to what the customers want. To be competitive, banks have to offer easy online and mobile tools and great customer service at a low price. That’s why FirstBank of Nigeria Limited prioritises quality customer services and product development.
For FirstBank, it is about capitalising on these elements to not only draw in consumers, but also get them to stay around and start promoting the brand as well. These have impacted positively on its brand and earned it several recognitions.
For instance, FirstBank emerged 2019 Best Mobile Banking App and Fastest-Growing Retail Bank winner by Global Business Outlook.
FirstBank CEO Adesola Adeduntan
The award rewards excellence in companies. It rewards innovation, creativity and the drive to create value.
FirstBank earned the Fastest-Growing Retail Bank recognition because of its leading role in promoting financial inclusion, a drive which has resulted in its 44,000 Agent Banking network designed to complement the provision of beskpoke financial services at its over 750 branches nationwide.
It also won the Best Mobile Banking App award thanks to its Firstmobile banking app’s capability at performing a wide range of financial transactions in a safe, adaptable, futuristic and efficient manner. The user-friendly app is widely renowned for its ease of navigation and state of the art security features to mitigate risk against fraud.
Last year, FirstBank bagged numerous awards across various areas of its business operations. The awards comprise Women Empowerment Category – Sustainable Banking Awards by CBN Bankers Committee, Best Private Bank in Nigeria by Global Finance Magazine and World Finance Magazine respectively; Best Process Automation Initiative, Application or Programme by Asian Banker International Excellence in Retail Financial Services; Best Banking Brand Nigeria by Global Brands Magazine.
The bank was also named the Best Retail Bank in Nigeria by Global Banking and Finance Review and Asian Banker International Excellence in Retail Financial Services Awards; Cashless Driver: Highest Volume in Bill Payments and Highest Transaction Volume in Real-Time Payments by CBN Electronic Payments Incentive Scheme (EPIS) – Efficiency Awards; Long Service Corporate Award by Nigerian Economic Summit Group; Best Financial Inclusion Program – Nigeria and Bank of The Year – Nigeria by International Investor, among others.
Speaking on the awards, the bank’s Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said: “We appreciate the recognition of these awards by the awarding bodies. The awards are dedicated to all our customers across the globe as their continued patronage of our services is appreciated. We remain steadfast and would not rest on our laurels at rendering bespoke financial services tailored to meet the financial needs of our valued customers, irrespective of where they may be.”
According to the KPMG report, when assessed against the six pillars, integrity, de ned as being trustworthy and engendering trust, is the Pillar where Nigerian banks perform the strongest. This is not unexpected given the role banks play in the lives of customers.
Integrity is also fundamental to great customer experience – without it, the experience loses value. Personalisation, which is the bank’s ability to use individualised attention to drive emotional connection with the customer, lags other pillars and we discuss this further in the document.
Ultimately, as more banks progress towards an average score, less differentiation is noted amongst them by customers. Performing well is the new minimum standard required and adapting to changing expectations is critical to success.
Speaking at the third lender’s yearly Fintech Summit in Lagos, FirstBank Chief Executive Officer, Dr. Adesola Adeduntan, said the bank remained committed to putting its customers first with excellent financial services and devising new ways of effectively meeting customers’ financial needs.
“Customer experience and innovation are key in our approach to satisfying our customers. As a leading banking services solutions provider, FirstBank has continued to set the pace in the financial services industry, coming up with new initiatives to provide financial products and services with greater speed, accountability and efficiency. Evidently, Financial technology is causing positive disruption in the financial services industry. The impact of technology in lifestyle business and other areas of today’s customer is huge. We are therefore following global trends in collaborating with Fintechs and other big technology companies on several transformational initiatives to satisfy our customers’ needs,” Adeduntan stated.
He said the purpose of the summit is to converge thought leaders on the Fintech space to champion discourse around financial technology and proffer solutions that will shape the future of banking. He said key areas of interest to the bank, amongst others, are propositions around e-business and digital offering, agent banking, wholesale or transaction banking, retail and Consumer Lending and SME Productivity.
FirstBank’s Group Executive, Technology Services, Callistus Obetta, said Fintech has made positive disruptions in banking and other financial services; and institutions would do well to take advantage of it.
Rewarding youths with scholarships
First Bank has splashed N2.7 million worth of scholarships on 18 customers under its XploreFirst promo to boost savings culture and promote financial inclusion among students.
The winners were drawn from the six geopolitical zones and Lagos at the finale/grand raffle of XploreFirst promo. The winners emerged through an electronic draw handled by Tequila on behalf of the bank and supervised by KPMG, National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Commission (CPC).
FirstBank Group Executive, e-Business & Retail Products, Chuma Ezirim, said: “XploreFirst is a FirstBank savings account variant designed specifically for students between the age range of 18 to 29.” Ezirim said a minimum of N1, 000 was required to open the account and account holders are to maintain a minimum balance of N200 to run the account. He said the XploreFirst promo was one of the special benefits of the account.
According to him, the 18 winners that emerged at the final draw will be offered yearly scholarships of N150,000 each. Ezirim said the initiative was targeted at youths, especially those in tertiary institutions and informal sector, to enhance savings culture and drive financial inclusion across the country.
“Customers are offered yearly scholarships of N150,000 as incentives to maintain a certain amount of deposit, in this case, N10,000 in their account over a 30-day period to qualify for the monthly draws and giveaways.
“Customers who maintain the set balance over the six months’ period are eligible to win the jackpot of N150,000, the grand finale prize,” he said.
Ezirim noted that the initiative would be sustained by the bank in line with the Central Bank of Nigeria’s (CBN) financial inclusion mandate.
Also, the bank’s Head, Youth/Women Banking, Mr. Olufemi Odumuboni, said the promo dynamics was centered on making people to engage in financial discipline.
Odumuboni said winners were selected based on certain principles that made them eligible to qualify for the draw. He explained that apart from the N2.7 million set aside for the yearly scholarships, the bank had splashed about N900, 000 on customers who won at the various monthly draws for data purchase for their mobile phones.
“Winners from the monthly draw selected from the bank’s six geopolitical zones are entitled to N5, 000 each, which they are encouraged to use for data purchase for their mobile phones,” Odumuboni stated.
Susie Onwuka of CPC commended the bank for ensuring transparency throughout the promo.
Onwuka said the bank had deployed modern technology in the promo process to eliminate bias, noting that, the agency was happy with the process and the bank.
“Promotions should be registered to show transparency and ensure fairness to the consumers,” she said. Onwuka said the regulatory body would follow up with the winners to ensure they were rewarded accordingly. Some of the scholarship winners included Mr. Offiong Micheal, Ezugba Chukwuebuka, Olorunfemi Oluwatunmise, Adekale Adenike and Agbakwuru Dorcas.
Banks have continued to invest in technology. Also, JP Morgan invests over $10 billion yearly in technology and innovation to drive positive change and constant breakthroughs. For instance, Bank of America, with deposit and balance sheet size standing at $1.38 trillion and $2.35 trillion has also made huge investments in technology.
Citibank is also bringing the technologies to emerging market. Its customers can apply for their credit cards online, submit their documents, and wait for few minutes to get their card issuance application approved online rather than having to queue in branches.
More regulation for Fintechs
CBN Governor Godwin Emefiele agrees that the rising influence of Fintechs in financial services had facilitated expanding access to financial services to hard-to-reach populations and small businesses at low cost and risk.
Emefiele said so far, over $2 billion was spent yeary on the acquisition of hardware and software solutions. This, he added, will ensure that Nigeria addresses emerging opportunities and challenges in the digital era.
He said the CBN and the Bankers Committee had also decided to work towards the establishment of an Information Communication Technology (ICT) training centre, which will also include an Information Technology hub. He added that the CBN would be reviewing the regulatory framework for Fintech operations to protect customers using their payment platforms.
