The Vice President, Professor Yemi Osinbajo has urged the banking industry to brace up for disruptive innovations and the progress in technology.
Professor Osinbajo stated this on while declaring open the 12th Annual Conference of the Chartered Institute of Bankers of Nigeria, CIBN, in Abuja.
The Vice President said Nigeria’s 117million telephone users have created a huge market where financial technology companies would play an active part in the banking industry.
Professor Osinbajo also said he had been speaking with telecommunication companies and banks to seek ways of resolving issues that could arise from advancement in technology.
He said a lot of young Nigerians who were members of the creative group of the Industrial Policy and Competitiveness Advisory Council had shown how the government could modify policies and rules to enable them, not just to access credit, but also for banking licenses and other financial institution licenses.
He said that the response of the Central Bank of Nigeria and banks in Nigeria were progressive.
The Vice President also advised the Nigerian financial services sector to redefine and challenge itself to partner with the public sector and players in the capital market.
He said this was necessary for the industry to key into the opportunities offered by the Africa Continental Free Trade Agreement, ACFTA, which President Muhammadu Buhari signed in Niamey, Niger, this year.
Dr Joseph Nnanna, who represented the Governor of the Central Bank of Nigeria, reminded bankers in Nigeria of the trends in the industry and the need to keep pace with them.
Dr Nnanna challenged bankers to support the government in asset creation and in the creation of jobs for Nigeria’s teeming population.
Earlier in his address of welcome, the President of the CIBN, Prof. Uche Olowu, said financial institutions must re-imagine banking within the context of our daily lives, our routine, our needs, our desire and impact on our future.
He added that the 12th Annual Conference of the CIBN was significant because it also marked the 125th anniversary of the banking industry in Nigeria.