AfCFTA, a catalyst for driving growth, development — Experts
Financial experts have re-echoed the strong potentials of the African Continental Free Trade Area (AfCFTA) with emphasis on the intra-Africa trade opportunities. The experts spoke at the 40th anniversary of FITC, the world-class, innovation-led, and technology-driven knowledge institution which provides learning, advisory services and policy advocacy to the Nigerian financial service sector. The Deputy Governor, […]
Mr. Folashodun Adebisi Shonubi, Deputy Governor, Operations Directorate, Central Bank of Nigeria; Mr. Patrick Akinwuntan, Managing Director, Ecobank Nigeria PLC; Ms. Chizor Malize, Managing Director/Chief Executive Officer, FITC and Dr. Oladimeji Israel Alo, Managing Director, Excel Professional Services at the FITC 40th Anniversary Dinner/Awards and the Unveiling of its New Brand Logo Event which held in Lagos recently
Financial experts have re-echoed the strong potentials of the African Continental Free Trade Area (AfCFTA) with emphasis on the intra-Africa trade opportunities.
The experts spoke at the 40th anniversary of FITC, the world-class, innovation-led, and technology-driven knowledge institution which provides learning, advisory services and policy advocacy to the Nigerian financial service sector.
The Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), and Chairman Board of Directors, FITC, Mrs Aishah Ahmad, highlighted the pilot of the Pan African Payments and Settlement System (PAPSS) as key growth drivers for the continent from the short to medium term, making the African Financial system a catalyst for driving growth and development opportunities for the African continent.
Ahmad, who applauded the Management of FITC for providing knowledge and capacity building solutions for the Nigerian banking and financial industry in the last 40 years, said the institution has continued to be prominent and relevant in the Nigerian financial system.
“FITC has transformed in response, from a small fledgling institution in 1981, and has today, repositioned itself as a strong contender for knowledge solutions in a markedly evolved financial system – leveraging its institutional memory, significant brand equity, technology and exceptional people to remain resilient and relevant,” she said.
She lauded the innovativeness and commitment of the Managing Director/CEO, FITC, Ms. Chizor Malize, in making the centre a reference point in global learning solution, capacity building and advisory services.
Deputy Governor & CEO, Prudential Authority, Kuben Naidoo, who noted that countries with a high inequality index are undeveloped and have weak and fragile economies in comparison to other countries where the index of inequality is low, stressed that achieving shared prosperity is a primary concern of several governments in the world not only to boost the socio-economic situation of individuals but to reach a high inclusive growth across board.
Naidoo also noted that Nigeria has done well on financial inclusion, but in addition, requires ethics to make ethics rank high as core principles.
He encouraged FITC to put ethics at the top of the agenda of its knowledge solution and curriculum for the financial services, as it drives the transformation of people and organization thereby keeping the financial system more stable.
The Managing Director/CEO, FITC, Ms Chizor Malize, noted, “the FITC 40th Anniversary theme, ‘Towards a Shared Prosperity in Africa; The Role of the Financial System’ is imperative at this time considering the disproportionate impact the Covid-19 pandemic has had on several vulnerable groups, coupled with the economic inequalities that have exacerbated across the African continent.”
According to Malize, “the situation has triggered an urgency, requiring the financial services sector to play the critical role of supporting not just speedy economic recovery, but also ensuring an inclusive and shared opportunities towards wealth creation and prosperity for African countries and its citizens leveraging financial services innovation within the banking and payment systems”.
A high point of the day was the Anniversary Dinner and Inaugural FAFE Financial services award night.
The FAFE Awards ’21 winners include Guaranty Trust Bank Plc who won the Product Innovation Award; Zenith Bank Plc, who won the Service Excellence Award; FCMB took home the Financial Inclusion Award, while the Best Mobile Banking App Award was won by Guaranty Trust Bank Plc.
Employee Engagement Award was won by Sterling Bank Plc; Non-Interest Banking Award went to Jaiz Bank, while the Regulatory Excellence Award went to the Central Bank of Nigeria.
For the Other Financial Institutions (OFIs) Awards, Accion Microfinance Bank took home the Service Excellence Award, while the Product Innovation Award was won by LAPO MFB.
In the Fintech Awards Category, the Challenger Brand Award went to Piggyvest while the Product Innovation Award went to Paystack.
The Development Bank Award category was won by Bank of Industry (BoI), while the Insurance Bank Award went to Leadway Assurance Company. Stanbic IBTC Pension Managers emerged winners in the Pension Award Category.
Malize said the FAFE Awards was designed to recognise organisations’ drive for excellence, thereby promoting investments in innovation, service quality, sustainability, and impact within the Financial Service sector.