Professionals and Stakeholders in the banking industry have cautioned Deposit Money Banks (DMBs) against the practice of sending spinsters, young and married women after net worth individuals and members of the public to source for deposits with outrageous targets.
The experts believe that such deposit mobilization strategy is bad because it exposes these women to various kinds of inducements.
Speaking at the just concluded 22nd World Conference of Banking Institutes, in Lagos, Nigeria, with the theme: ‘Rethinking the future of Banking and Finance and Life Long Learning’, Oba Riliwan Akiolu, said, “Your method and approach in sending single girls and married women, to go and look for deposits at all cost is very, very humiliating.”
He advised DMBs to use the opportunity of having bankers from all over the world to fashion out ideas on how to address youth unemployment; adding that government should equally work hand in hand with bankers to design a program that will enable graduates who have finished their one-year Youth Service to access at least N1 million loan of a year’s tenure without stringent collateral.
Similarly, Mr. Adjiedj Bakas, a distinguished thought leader and author of the Future of Banking in his presentation, advised banks to embrace technology, use the ideas of young people, start financial education, recognize the grassroots in their financial inclusion drive and never be afraid to try something new, if they must survive the future challenges that technology will bring into banking.
Also, Vice President Yemi Osinbajo, urged the banking sector to support the country’s Economic Recovery Growth Plan (ERGP) to enable it achieve 7 per cent annual growth forecast by 2020.
The Vice President, represented by Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, commended the industry for supporting national development in many ways, stressing that the industry must overcome funding challenges for the government to achieve its aims.
Osinbajo said the industry must also support Small and Medium Enterprises (SMEs) to achieve inclusive growth.
“The banking industry has been able to provide job opportunities to many Nigerians, among others.We expect the sector to support our EGRP to enable it achieve sustainable and inclusive growth of core 7 per cent annual growth by 2020.”
The council Chairman, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Olusegun Ajibola, expressed gratitude to the Central Bank of Nigeria (CBN) and other sponsors of the conference especially, Lagos State Government for providing adequate security and adopting the conference as part of activities marking the state’s 50th anniversary.
He said the conference is “an avenue to showcase the rich cultural heritage, hospitality and investment potentials of Lagos whilst attracting more foreign direct investments into the State.”
According to Ajibola, more than 750 delegates from over 30 countries across the world namely: U. S.A, Germany, Australia, South Korea, Brazil, Italy, Kenya, Gambia, Togo, Mali, Kuwait, Mongolia, Ghana and South Africa among others are participating at the WCBI, taking place from April 24 to April 28 in Lagos.
In its 42nd year since it debuted in Scotland, United Kingdom in 1975, the World Conference of Banking Institutes (WCBI), for the first time, is been hosted by Nigeria, courtesy of the Chartered Institute of Bankers of Nigeria (CIBN).