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.

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.”

https://www.financialwatchngr.com/2018/05/28/experts-advocates-for-increased-digitization-in-banking-industry/

Do they have to advocate? Can't they follow future trends?

If they are truly passionate about 'economic growth' they should start offering 'long term' 'unsecured' loans at 'reasonable' rates to upcoming entrepreneurs/businessmen.........


Ps- Someone in the banking industry needs to explain the "Card maintenance fee" charge because i don't understand what my bank is maintaining in my card. I swear the day it will enter my head, i will take my card to the bank and they must carry out 'maintenance' in front of me..........

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G

Very good


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what tha _fuck is digitization?

Fidelity Bank has introduced digital lab. Staff

Start your ecommerce store, it's easier than you think...
https://www.nairaland.com/4505379/what-dropshiping-how-make-3500

How secure is the level we at?

I am a digital person for a long long time already. Nigeria's headmasters have always taken me back to square zero. If digitization will restore me then I say it is better.

Even Cupid has gone digital. What's the problem of banking?

9. Don't use Nairaland for illegal acts, e.g scams, plagiarism, hacking, gay meetings, incitement, promoting secession. Vanguard article

No be the person wey get money for bank account ho use arm? shuu!

We Don't need digitization, we need effective digitization.

As we digitalize banks, security of the system is vital because I was shocked last week when a medical doctor who was arrested for an involvement in cybercrime confessed that Nigerian banks will be easier for him to hack because their systems have no firewall.

SA already has cryptocurrency ATM. The world is talking IoT, Analytics, blockchain but major discussion is either Buhari next term, Obasanjo power project or Sagay in Nigeria. Over the next 20 years it will dawn on us what these guys are turning the nation to.