The Central Bank of Nigeria has urged banks to digitise their services, adding that digitisation supports effective supervision of the financial system, data access and management.
The Deputy Governor, Financial System Stability, CBN, Mrs Aisha Ahmad, said this during the opening of the 2019 CBN/FITC Continuous Education Programme for directors of banks and other financial institutions in Lagos.
Ahmad, who is also the Chairman, FITC board, was represented by the Director, Banking Supervision Department, CBN, Mr Ahmad Abdullahi, at the event.
While speaking on the theme, ‘Digital transformation – Repositioning financial institutions: Perspectives and imperatives for the board,’ she said the world was experiencing a digital revolution.
She also said that digitisation was also supporting risk identification, regulatory compliance and enhancing sectoral performance.
The Acting Managing Director/ Chief Executive Officer, FITC, Dr Tunji Ajiboye, said financial institutions were recognising the importance of technology and must respond to digital transformation.
He said the competition facing banks was enormous as financial technology firms and even telecommunication companies were beginning to offer some bank-related services.
Ajiboye said, “Telcos are giving banks a run for their money. Hence, banks need to be proactive in recognising the impact of digitisation on their services and overall operations.
“It is important to understand and constantly discuss how technology is transforming the banking landscape.”
He said that the FITC was already incorporating technology in the delivery of its training, consulting and research services to the industry.
The programme, which was FITC’s 35th edition and the 14th in collaboration with the CBN had demonstrated the readiness and commitment of the FITC board to continually upgrade the competencies and capacity of financial institutions to deliver and meet customers’ expectations, he noted.
According to him, banks had to embrace technology if they wanted to remain competitive.