The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Mrs. Aishah Ahmad, has encouraged banks to sustain their commitment to sustainability in designing business models.
This, she said, would enable them manage disruptions and make positive environmental and social impact in their quest to deliver value to their stakeholders.
She made the call while delivering her remarks at a Webinar, organised by the Centre for Financial Studies (CFS) of The Chartered Institute of Bankers of Nigeria (CIBN).
Mrs Ahmad maintained that Banks and other financial Institutions can only survive disruptive events if they fully embrace sustainability principles stressing that this had become even more critical during periods of significant disruptions such as the current coronavirus pandemic (COVID-19) ravaging the world.
According to her, though primarily a health crisis, the negative spillover effects on business and the economy are complex and pervasive, considerably slowing economic activities in most countries.
The Webinar tagged CIBN Advocacy Dialogue Series 2.0 focused on “Enhanced Sustainable Banking (ESB) Model in the Event of Major Economic and Business Disruptions’. Mrs Ahmad told over eight hundred participants who connected to the programme through Zoom and YouTube that prior to the disruption caused by COVID-19 pandemic, financial services was undergoing significant evolution.
The Deputy Governor of Central Bank of Nigeria was of the view that Banks have had to modify their business models to address changes caused by innovation, digitalization, new entrants by Fintechs, increasing regulation and changing needs and behavioral patterns of customers.
