The fast growing electronic banking segment has equally thrown up major challenges in the system with its vulnerability to fraud estimated at $31 billion as at 2018.
The development has put industry stakeholders, including financial experts in the country on their toes, as they rethink ways to retool the system to minimise these challenges and optimise benefits operators, end users and maximum economic development.
Owing to this, a statement disclosed that bankers under the auspices of Chartered Institute of Nigeria, (CIBN), Lagos branch are poised to spearhead the crusade through a discourse at this year’s gathering to rub minds on the way forward and sensitise members of the public on emerging trends and benefits of digital banking.
Tagged “Rethinking Banking Models in the Digital Age for Economic Development of Nigeria,” the Chairman, CIBN Lagos branch, Peter Ashade, told journalists that the topic was instructive for the general banking public, the sector and regulators alike, saying digital banking had become strategic in the heart of the economy, particularly now the country was seeking greater financial inclusion and more efficient banking services.
“Digital banking service is one of the most significant developments in the banking industry in its long history. Two of the most important features are 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 reiterated.