Despite macroeconomic pressures, the Nigerian banking industry has remained resilient by actively taking part in Nigeria’s quest for a $1 trillion economy by 2030.
President and Chairman of Council of the Chartered Institute of Bankers in Nigeria (CIBN), Prof Pius Deji Adeyanju at the 59th edition of the Bankers Dinner in Lagos.
Adeyanju, who was visibly delighted to have the Governor of Lagos State, Mr Babajide SanwoOlu, Governor, Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, Governor, Central Bank of Sierra Leone, Dr Ibrahim Stevens and other eminent personalities present, said the banking industry in Nigeria is ready to play big in the foreseeable future.
He said, “The Nigerian banking industry has also shown resilience this year despite the macroeconomic pressures such as rising inflation, and exchange rate fluctuations, amongst others.
“The banks’ recapitalisation exercise also attests to the fact that we are well on our way towards not only strengthening the financial sector but also supporting a $1 trillion economy envisaged by 2030
“The year 2024 has been an eventful year for our industry and the economy. Various policies and regulations have begun to yield fruit. For example, the Nigerian economy continues to be more resilient and agile as shown in the steady growth from 2.98% in Q1 to 3.19% in Q2 and now 3.46% in Q3 of 2024”.
He added that the institute will continue to pursue its mandates of capacity building, entrenching ethics and professionalism among practitioners as well as empowering the young generation.
“All our programmes in the year were top-notch, the 17th Annual Banking & Finance Conference had over 13,000 participants in attendance. We also focused on empowering the youth through various programmes such as the Annual Generation Next Forum, as well as the Institute’s Mentoring and Internship schemes”, he added.
He added, “It is also instructive to note that this year we debuted the first-ever Agency Banking Certification Programme in collaboration with the FIC Professional Network, with a view to entrenching ethics and professionalism among practitioners in that space as well as deepening financial inclusion.
“These achievements are in line with the LEGACY Agenda I unveiled as the 23rd President/Chairman of Council of The Chartered Institute of Bankers of Nigeria earlier this year”.
In his keynote address, CBN Governor, Mr Olayemi Cardoso, said the apex bank is aware of the challenges being faced by Nigerians with cash withdrawals from bank branches and ATMs and that effective December 1, 2024, customers experiencing difficulties should report such directly to the CBN through designated phone numbers and email addresses to enable the apex bank to sanction the banks.
He said banks will henceforth be sanctioned for the disappearance of cash at ATMs across the country.
To address the tide, he said: “Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states. Guidelines will be distributed widely to raise public awareness.
“We also urge full regulatory compliance by all stakeholders, including mobile money operators and PoS agents, to promote digital transaction channels and improve service delivery. Any financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties.”
“The CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end. Our focus is on ensuring a seamless cash flow for Nigerians while fostering trust and stability in the financial system.”
“I must express my concern over recent delays in some payment gateways in settling financial transactions. Trust is fundamental to fostering digital transactions, and we must take every necessary step to preserve that trust in our payment systems. These delays often disproportionately affect vulnerable segments of our population. To address this, we will impose strict penalties on non-compliant institutions to safeguard consumer trust and ensure swift redress mechanisms are in place.
“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians. To address this, we are conducting spot checks across Deposit Money Banks (DMBs) and will impose penalties on underperforming institutions.
The high point of the dinner was the Special Fellowship Investiture of two eminent members of the banking industry who have distinguished themselves. They are Mr Olayemi Cardoso, the Governor of the Central Bank of Nigeria and Mr Babajide Olusola Sanwo-Olu, Governor of Lagos State.
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