Fintechs Redefining Global Banking Industry, Says CIBN Boss

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Peter Uzoho

The President of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Segun Ajibola, has stated that the global

banking industry witnessed fundamental changes in 2017 with financial technology companies (fintechs), redefining activities and operations in the industry.

He also said the emergence of Bitcoin, and other forms of cryptocurrencies was continually being debated among stakeholders in the Fintech

ecosystem and traditional financial institutions, with focus on the legality of the virtual currency, the regulatory challenges it posed.

Presenting the institute’s financial performance and achievements for 2017 at the the 2018 annual general meeting (AGM) of theCIBN in

Lagos at the weekend, Ajibola disclosed that the institute posted an Internally-Generated Revenue (IGR) of N910.76 million for 2017.

He pointed out that the figure was an improvement from N646.24 million recorded in 2016 and, represented a growth of 40.93 per cent.

He noted that the Institute equally closed the year with a net operating surplus of N385.12 million in 2017, reflecting 66.12 percent over N231.83 million for 2016.

“It is imperative for me to inform you that the modest achievement of the financial numbers stated above was the

result of a relentless focus on implementing agreed measures and policies aimed at ensuring that the journey towards the full realisation of the Institute’s vision is not hampered or hobbled by a lack of financial capacity,” Ajibola said.

He announced that the full implementation of the Computer-Based Testing for the Institute’s professional examinations would commence

in the April 2018 Diet Examination. He also disclosed the establishment of CIBN Examination Centres in

Liberia and Sierra Leone, noting that arrangements had been concluded to commence examinations in the two countries.

Meanwhile, the current 1st Vice President of the CIBN, Dr Uche Messiah Olowu was at the meeting announced the President-elect of the institute.

Olowu who becomes the 20th President and Chairman of Council of the institute will take over from Ajibola at his investiture coming up in May.

Other new office holders of the institute include: Mr. BayoOlugbemi, first Vice President; Mr. Ken Opara, second Vice President; and Professor Olarewaju Pius Oladeji, National Treasurer, amongst others.

In his remarks, Olowu thanked members of the Institute for trusting and honouring him with their votes and promised to consolidate on the achievements recorded by the out-going officers.

“You have made a statement with your votes and I shall honour that with every fibre of my vein,” Olowu said.