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CBN: Financial system, key to Africa realising its potential

Just like it did in helping the continent recover from the impact of the Covid-19 crisis, the financial system will be pivotal in the realization of Africa’s huge potential, the Central Bank of Nigeria (CBN) has said. The Deputy Governor, Financial System Stability of the apex bank, Mrs. Aishah Ahmad, who stated this in her remarks at the 40th anniversary summit of the Financial Institutions Training Center (FITC), in Lagos yesterday, noted that despite its many challenges the continent still has lot of opportunities to: “Leverage its 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.”

She pointed out that digital innovation has intensified growth in the size and significance of the continent’s banks and other financial institutions, and also created new opportunities for new entrants and increased integration with global finance and capital markets.

The CBN Deputy Governor, who is also the Chairman of the FITC Board further stated that: “The African Continental Free Trade Area (AfCFTA) and its focus on intra-Africa trade, the pilot of the Pan[1]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 fuel growth in the near to medium term.” Congratulating the FITC on its 40th anniversary, Mrs. Ahmad noted that since it was established, the Centre has provided knowledge and capacity building solutions for the highly dynamic Nigerian banking and financial industry. Earlier, in her remarks, the MD/CEO, FITC, Mrs. Chizor Malize, said that the summit, which held virtually and physically, was one of the activities lined up by the Centre to mark its 40’th anniversary. She commended the CBN, the Deputy Governor, Reserve Bank of South Africa and CEO Prudential Authority, Mr. Kuben Naidoo, and other stakeholders for their strong support for the FITC over the years.

 

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