Nume Ekeghe

The Chartered Institute of Bankers of Nigeria (CIBN) has inducted 1,270 new members across multiple categories during its annual Induction and Prize Awards ceremony, reinforcing its commitment to professional excellence in the banking sector.

CIBN in a statement noted that the event, attended by key industry players and policymakers, featured a keynote address by former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Sarah Alade who emphasised the need for innovation and adaptability in the rapidly evolving financial landscape, urging the inductees to move beyond routine banking practices and become catalysts for transformation.

“This ceremony marks the beginning of a new professional journey. The question is, will you settle for conventional banking, or will you redefine industry standards through innovation?” she asked.

Highlighting Nigeria’s financial sector transformation since the early 2000s, Dr. Alade acknowledged advancements driven by regulatory reforms, Basel compliance, and digital technology adoption. However, she pointed out persistent challenges, such as Nigeria’s low credit-to-GDP ratio of 21 per cent compared to South Africa’s 70 per cent, stressing the need for banks to expand lending to priority sectors through innovative risk assessment frameworks.

CIBN President, Prof. Pius Olanrewaju, reinforced these priorities, citing data that digitally progressive banks achieve 3.5 times higher revenue growth than their peers. He also referenced the Edelman Trust Barometer, which found that financial institutions with strong ethical frameworks enjoy 26 per cent higher customer confidence.