President Muhammadu Buhari of Nigeria and his Rwandan counterpart, Paul Kagame on Tuesday called for a strong financial system that is not only inclusive and supportive but works for all.
Speaking at the opening ceremony of the two-day 14th Annual Banking & Finance Conference holding simultaneously in Abuja and Lagos, both leaders called on bankers to leverage the opportunity in the emerging global digital economy to build an inclusive, supportive and enduring financial system.
Buhari, who was the distinguished guest of honour at the event joined virtually from the State House, Abuja, and stated that the COVID-19 pandemic has changed everything while creating new business opportunities, especially in the digital space.
According to him, “Digital evolution is a watchword for survival. We must harness all the opportunities but also be mindful of the risks. There are massive opportunities in the African Continental Free Trade Agreement (AfCFTA), and I charge banks in the country to leverage on this in building a resilient economy.”
The President urged the banking and financial services sector to play stronger roles in ensuring that small and medium-sized enterprises (SMEs) become fit-for-purpose as well as provide them full support to excel, noting that such financial intermediation would be essential at a time like this when Nigerians are grappling with the adverse impact of the COVID-19 pandemic.
Buhari commended the organisers of the event, the Chartered Institute of Bankers of Nigeria (CIBN) and the entire banking and finance industry for the commitment towards charting a practical path for economic recovery and transformation of the country and Africa in general.
“I commend the financial services industry for its interventions and contributions towards the promotion of financial inclusion and literacy in our country. And more importantly, the roles played by the banks in fostering the economic growth of the country.
“We need you, the banks to drive value creation by developing new technologies, scaling payment infrastructure to serve the diversified economies expected to benefit from this agreement,” Buhari said.
The President stated that technological innovation was also important in the modern business terrain, and noted that most transactions now take place online given the advent of the Internet of Things (IoT).
“As we continue to progress towards the next frontiers of digitalisation, we must harness all opportunities while being mindful of the inherent risks. For example, the protection of data is now of utmost importance to provide users with more secure access to the online space,” he said.
Buhari spoke about the ongoing efforts to reduce poverty in the country, stating that it has continued to grow, with 1.6 million poor and vulnerable households, comprising more than 8 million individuals currently benefiting from the Conditional Cash Transfer programme, while N300 billion had been disbursed to farmers.
According to him, “1.6 million poor and vulnerable households, comprising more than eight million individuals, are currently benefiting from the Conditional Cash Transfer programme, which pays a bi-monthly stipend of N10, 000 per household. The National Social Investment Programme remained the biggest in Sub-Sahara Africa and one of the largest in the world.”
Keynote speaker, President Paul Kagame of Rwanda, who joined virtually from Kigali, charged financial institutions to seek expression in the most challenging issues facing Africa and contribute to building a continent to work for all.
“The banking sector must understand its role in building a resilient economy as we look forward to working together to build Africa that works for all,” he said, and made case for aggressive pursuit of an inclusive financial system, saying banking services should not be exclusive to the elite in the face of growing poverty.