Connect with us

Finance

DMBs Must Support FG’s Job Creation Efforts -CBN

Published

on

interest
  • DMBs Must Support FG’s Job Creation Efforts -CBN

The Central Bank of Nigeria (CBN) on Tuesday said the Deposit Money Banks (DMBs) must support the Federal Government in asset creation, the CBN said at the annual banking and finance conference in Abuja.

Mr. Godwin Emefiele, the governor, CBN, who was represented by Deputy Governor, Economic Policy Directorate of CBN, Joseph Nnana, said, DMBs must scale up their operational landscape through capacity building and modern digital skills that are capable of creating jobs for Nigerians.

“We must support the government in creating jobs for the teaming population. That’s why we employ banks to ensure that idle assets, idle liquidity are transferred to asset creation,” Joseph Nnana stated.

“Today, the central bank is calling on the banking system to be alive to its responsibility. We cannot proceed with an economy without banks. Neither can we conceive banks without an economy. The days of arm chair banking, playing in the treasury bills space are right behind us.”

Nnana highlighted some of the apex bank’s recent initiatives, the 60 percent loan to deposit ratio, to emphasise that the central bank is very serious on growth and new job creation.

“As Nigerians, the future of our country is in our hands. And that future must be defined by the banking industry. Without money, we go nowhere; in any economy in the world, with money, we can go places – provided the managers of this money are anxious to do well for the economy. And I know we shall do well for this country,” Nnana added.

Accordingly, Vice President Yemi Osinbajo, who also was a special guest of honour at the event, said the financial services industry must challenge itself to partner with the public sector on job creation and growth stimulation while simultaneously redefining itself to benefit from the nation’s economy and its people, especially with regards to the recently signed African Continental Free Trade Area.

“We must jointly think through how to really lend to the SMEs and the entire real sector; how to deepen capital market and financial mediation; how to partner in developing our mortgage market, what we need to do to deepen consumer credit; lending to agriculture,” he said.

Uche Olowu, president of the Chartered Institute of Bankers of Nigeria, said financial institutions have to reimagine banking in the contest of daily lives, our routines, our needs, our desire and the impact on our future to stay atop of things.

“Consequently, we must embed, finance infrastructure into the nation’s payment system as we put the customer in control and the heart of our business model through democratizing access to data. We must transform financial services by creating value. The scale of change requires a broader and strategic system of structure. Incumbent banks therefore, should step up their strategic responses,” he stated.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

on

Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

Continue Reading

Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

Published

on

Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

Continue Reading

Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

Published

on

The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending