First bank MD kicks against home banking

Dr Adesola Adeduntan, Managing Director of First Bank Nigeria, has kicked against home banking, saying it was capable of causing inflation in the country.

Adeduntan who said this on Thursday in Calabar while educating students of St. Patrick’s college, Ikot-Ansa on Financial Literacy advised Nigerians to cultivate the habit of saving their monies in the bank for future use rather than resorting to home banking.

The programme was part of the bank’s activities to mark the 2017 Global Money week tagged “Earn, Learn, Save Money for Future Use”.

The MD said that the bank as a financial institution was saddled with the responsibility of managing and saving monies for individuals, government, corporate organizations and others.

He said that if all individuals and corporate organizations fail to save their monies in the bank, the situation could cripple businesses.

“The circulation of cash promotes business and a business-driven economy is the bedrock of the nation’s growth and development.

“It is tantamount to economic sabotage when individuals start hoarding money, thereby crippling businesses which depend on cash to strive”, he said.

He said that the programme was organized to educate the children age between 13-17 years with the knowledge of Financial Literacy and entrepreneurship.

According to him, the bank has sent a delegation to 30 schools across the six geo-political zones to empower the students with requisite knowledge on financial literacy.

He advised the students to make good use of the entrepreneurship centre in the school with a view to acquire skills that would make self-reliant after school.

“The 2017 edition of educating students on Financial Literacy is designed to reach out to about 3,000 students in 30 locations across the six geo-political zones in Nigeria.

“Since its establishment in 1894, First Bank has consistently built relationships with customers, focusing on the fundamentals of good corporate governance, strong liquidity, optimized risk management and leadership’’, he said.

In his remarks, the Principal of the school, Rev. Fr. Christopher Okon, thanked the bank for choosing the school to benefit from the Financial Literacy Education.

Okon appealed to the bank to partner with the school in the area of infrastructural development, scholarship for students, teachers welfare and teaching aid.


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