CBN Deputy Governor harps on importance of finance in realisation of Africa’s potential

THE financial system will be pivotal in the realisation of Africa’s huge potential just like it has been in charting the economic recovery path from COVID-19.

The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Mrs. Aishah N. Ahmad made this observation in Lagos at the 40th anniversary summit of the Financial Institutions Training Centre (FITC).

She also said that there is significant room for the continent to leverage the bright spots, particularly the digital transformation and technology innovation being witnessed in the economy and financial ecosystem, to foster more prosperity and reduce income inequality.

This innovation, according to her, has intensified growth in the size and significance of banks and other financial institutions, created new opportunities for new entrants and increased integration with global finance and capital markets.

According to Ahmad, the African Continental Free Trade Area (AfCFTA) and its focus on intra-Africa trade, the pilot of the Pan-African Payments and Settlement System (PAPSS) and Africa’s positioning to benefit from the increased funding and opportunities as part of the outcomes of the climate change conference (COP 26), are just a few critical drivers that should also fuel growth in the near to medium term.

These significant developments have put conversations on Africa’s potential back on the front burner, she added, stressing that Africa, a diverse continent of 54 countries, boasting one of the youngest populations around the world and with thriving economies, rich with enormous and diverse talent, material, and natural resources should be well positioned to deliver prosperity, create wealth and higher living standards for its over one billion citizens.

“However, we are yet to fully realise and harness this potential. The problems and idiosyncratic challenges have been well documented,” she stated.

Speaking on the theme, ‘Towards a shared prosperity in Africa; The role of the financial system,’ Ahmad said the FITC  team had chosen a very topical and strategic theme for the anniversary summit, while appreciating speakers like Mr Kuben Naidoo, Deputy Governor, South African Reserve Bank (SARB) & CEO of the Prudential Authority of SARB.

According to Ahmad, for over 40 years, FITC has provided knowledge and capacity building solutions for the highly dynamic Nigerian banking and financial industry.

The Centre, according to the deputy governor, has always been a pivotal part of the Nigerian financial industry.

“Through the years, FITC has meant different things to different people. For some, it was a place to study for professional exams. I often recall with nostalgia my early days as a young banker studying for my Masters at the FITC library in Apapa Lagos.

“Others have leveraged FITC’s many research publications over the years. Its legendary Journal of Banking and Finance and other industry specific reports have been important input for academia and practitioners alike.

“FITC’s flagship Bank Directors course and continuous education programmes have undoubtedly elevated the leadership and governance capacity in the banking industry,” Ahmad emphasised.

Managing Director/Chief Executive Officer (MD/CEO), FITC, Mrs. Chizor Malize appreciated attendees, especially the panelists at the summit including; Mr Tunde Hassan Odukale, MD/CEO, Leadway Assurance; Mrs Ireti Samuel-Ogbu, MD/CEO, Citibank Nigeria; Mr Segun Ogunsanya, MD, AirtelAfrica; Mr Uzoma Dozie, MD Sparkle and the moderator, Mrs Folakemi Fatogbe, former director at the CBN and CEO the Derisking Lab.