Wigwe and others highlight need for inclusive growth and technological innovation in banking sector – The Sun Nigeria



By Chinenye Anuforo

Group Managing Director / CEO, Access Bank Plc, Herbert Wigwe, challenged bankers to focus on the future of banking by embracing millennials for innovative growth.

He stated the above in his opening remarks at the 14th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) on the theme “Economic Recovery, Inclusion and Transformation: The Role of banking and finance ”.

According to Wigwe, during the conference focused on the need to reposition the banking and financial sector as an engine of economic recovery, inclusive growth and development, there is a need to embrace millennials and Gen Z in the sector. banking and supporting financial inclusion as a way to advance the banking sector and ensure economic growth.

The two-day conference, which was held virtually and simultaneously in Abuja and Lagos, brought together a range of dignitaries, including Muhammadu Buhari, President of the Federal Republic of Nigeria, Paul Kagame, President of the Republic of Rwanda, the Professor Yemi Osinbajo, Vice-President of the Federal Republic of Nigeria; His Excellency, Mr. Babajide Sanwo-Olu, Executive Governor of Lagos State; Ms. Zainab Ahmed, Honorable Minister of Finance, Federal Republic of Nigeria among others.

Speaking on the need for financial inclusion, President Buhari said technological innovation is crucial in today’s business world, adding that with the Internet of Things (IoT), the majority transactions now take place online ”.

Kagame, for his part, urged the banking sector to further integrate technology to remain competitive and increase financial access and inclusion, adding that “banking cannot be just a service for the elites.”

Further demonstrating that the banking industry is ready to implement such strategies, CBN Governor Godwin Emefiele announced at the conference that the Nigerian International Financial Center (NIFC) will be established, which will serve as an international gateway for capital and investments focused on payment system technology and infrastructure.

More than 10,000 people from various sectors of the economy with global representations are said to have attended the conference to discuss in depth the best strategies to move the economy forward.

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