CIBN to enhance digital banking, financial inclusion

CIBN to enhance digital banking, financial inclusion

The Chartered Institute of Bankers of Nigeria (CIBN) is poised to enhance digital banking and financial inclusion for robust economic growth.

The Chairman, CIBN Lagos chapter, Peter Ashade disclosed this at a media briefing on Wednesday in Lagos.

According to Ashade, digital banking has become strategic in enhancing the economy, particularly now that the country is seeking greater financial inclusion and more efficient banking services.

“Digital banking services are one of the most significant developments in the banking industry in its long history with its most important features being speed and convenience.

“Bank customers can access their accounts, view their statements, make transfers, pay bills and more, all from the comfort of their homes, offices or on the go,’’ Ashade said.

Ashade, however, lamented that in spite of the many benefits to customers, there are major concerns and challenges, including fraud currently estimated at 31 billion dollars globally.

“Traditional banking habits, security, technical issues and transaction difficulties, all pose major challenges facing the banking industry in the country today,” he said.

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To address the issue, Ashade said the institute would hold a forum with the theme; “Rethink Banking Models in the Digital Age for Economic Development in Nigeria’’ on Aug. 29 in Lagos.

He said that through the forum, the association would retool the system to minimise challenges as well as optimise benefits to operators and end users for more economic development.

Ashade said that in spite of the challenges, the demand for electronic banking services was waxing strong and critical to inclusive economic growth.