Charles Okonji
Financial experts have disclosed that digital financial services would be creating over 95 million jobs, which can add 1.6 billion unbanked people to the formal economy and will also increase the GDP of developing countries by $3.7 trillion in 2025.
According to the President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Uche Olowu, aside the benefits of efficiency and cost effectiveness from digitisation, the issue of financial inclusion is also a step closer towards being resolved.
He said, “As we already know, the Central Bank of Nigeria as part of its National Financial Inclusion Strategy aims at significantly increasing financial inclusion rates from 58.4 percent recorded in 2016 to 80 percent in 2020. Banks who choose to operate under the current banking model would hinder the advancement of this policy. On the other hand, banks that choose to stay ahead of the curve can leverage on digital banking to further facilitate the efforts of the apex bank.”
Olowu advised that banks must remember its core services and consider more innovative ways to offer such services outside of the traditional avenues (via physical branches) in order to achieve sustenance in the digital age.
Speaking with The Nation, the President, Fintech Association of Nigeria, Dr. Segun Aina stated that digital age presents multiple opportunities on how to deliver services to customers, adding that it allows multiple players banks, MNOs, and for Fintech to collaborate to create a combined solution for customers.
According to him, “Banks are going to become platforms, so we will become a trusted, single, integrated platform. A major requirement of the technological revolution is the availability of adequate skilled manpower. Some global banks now make “coding” skill a prerequisite for their staff. There is an urgent and great need to identify talents, up-skill and re-skill existing staff for the future of work.
“Traditional forms, contents and delivery models of professional banking institutes cannot adequately equip staff of banks for the future work requirements. Professional banking institutes such as CIBN must be digitally transformed internally, with staff and stakeholders retooled and re-equipped to be able to support impact and earn the confidence of its core constituencies. There is a high risk that the core market will be dominated by digitally focused learning and certification institutions that are springing up across the world.”
https://thenationonlineng.net/digital-banking-to-create-95m-jobs/
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