Banking Industry need Increased Digitization, Stronger Corporate Governance — Experts

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Banks in Nigeria
Banks in Nigeria
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Banking Industry need Increased Digitization, Stronger Corporate Governance — Experts

Nigerian banking industry needs increased digitization, stronger corporate governance and enhanced communication among stakeholders to effectively play its role in the nation’s quest for sustained economic growth.

Banks in Nigeria
Banks in Nigeria

Financial sector experts stated this at a leadership discussion series titled: “Strengthening the banking system and facilitating sustained economic growth: Roles of the Regulators, Operators and the Banking public” organised in Lagos by the Financial Institutions Training Centre (FITC).

Speaking on the need for increased digitization, Managing Director, Sterling Bank Plc, Mr. Abubakar Suleiman said: “The first part is to digitize the process of providing credit to consumers and Small Medium Enterprises. I also think banks and government should pick the sectors they can specialize in and focus on giving them credits.”

On his part, the President, Bank Customers Association of Nigeria, Dr. Uju Ogubunka, stressed the need for enhanced communication.

He said: “We have three stakeholders in the banking system. They are the regulators, the operators and the banking public. There is a missing gap between them that brings about the problem that we are having here. The regulators should find a way where they would have to bring the customers to share thoughts with both the operators and regulators.”

Speaking on the challenge of corporate governance, past president, Chartered Institute of Bankers, Prof. Olusegun Ajibola said: “It is lack of corporate governance that will allow a chief executive officer to upturn an entrenched system of governance without regards for the process of changing governance rules. If we can tackle all these both at the regulatory and the operating levels, I think we will converge at a point where we can now take decisions that will help us serve the interest of the various sectors of the economy and by so doing help to move the economy forward through real growth not nominal growth in the economy as a whole.”

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