The keynote address, delivered by the former Deputy Governor of the Central Bank of Nigeria (CBN), Dr Sarah Alade, urged the new inductees to embrace innovation and rise to the challenges of modern banking.

Alade framed the induction as the starting point of a transformative professional journey.

Stating that the ceremony opens doors to greater responsibilities, she posed a thought-provoking question to the inductees: “Will you settle for routine banking or redefine industry standards?”

Her speech touched on the substantial progress made in Nigeria’s financial sector from its fragmented state in the early 2000s to its current position as a continental leader, crediting reforms like Basel compliance and digital transformation while highlighting significant challenges that remain, such as the country’s low credit-to-GDP ratio of 21 per cent, compared to 70 per cent in South Africa.

The retired banker emphasised the need for banks to adopt innovative risk frameworks to increase lending in priority sectors.

She highlighted four strategic imperatives to guide the future of banking in Nigeria. To keep pace, banks must encourage the integration of artificial intelligence, blockchain and fintech partnerships through technology adoption.

According to her, this must be accompanied by sustainable finance, to mainstream the incorporation of environmental, social and governance (ESG) principles in lending decisions.

Additionally, banks must address the rising threat of digital fraud, noting the loss of N9.5 billion in 2023, she said. She emphasised policy collaboration to strengthen cooperation between regulators and the banking industry.


https://guardian.ng/business-services/business/cibn-inducts-1270-new-members-advocates-innovative-banking/