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With Fintech Training, CIBN Aims to Change the Banking Industry.

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With fintech training, CIBN aims to change the banking industry.

 

The Chartered Institute of Bankers of Nigeria (CIBN) said that its collaboration with fintech companies would promote the growth of the Nigerian financial services sector.

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NewsReport Nigeria reports that with Financial Service Innovation (FSI) and the Nigerian FinTech Association (Fin Tech NGR), CIBN has signed a Memorandum of Understanding (MoU).

After the contract was signed, the institute noted that the partners had jointly developed the certification program’s curriculum and that one of the advisory partners, the Centre for Finance Technology and Entrepreneurship (CFTE), Singapore, one of the biggest FinTech online learning platforms globally, had given its approval to the material.

President of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Ken Opara, who revealed this at the 2023 Annual General Meeting (AGM) of the institute on Saturday in Lagos, said that this move will ensure improved customer satisfaction, new driven insights, and an improved user experience, among other value additions and prospects.

He noted that the impending digital transformation would cut across all facets of the institute’s activities, ranging from membership drives to a robust payment system.

On the issue of revenue, he stated that CIBN’s revenue rose to N2.06 billion in the year ended December 31, 2022. He said the aforementioned figure represented an increase of 16.9 percent when compared with N1.76 billion recorded in the corresponding period of 2021.

Stating that despite macroeconomic headwinds in 2022, the institute’s net operating surplus also grew from N799.17 million to N838.08 million,

Opara also said total assets grew from N7.31 billion to N7.82 billion.

He attributed the improved performance recorded in the year under review to the efficient utilization of resources and the deliberate focus on revenue generation.

Mojisola Bakare-Asieru, National Treasurer of CIBN, lauded the dexterity of the management of the institute in achieving 93 percent of the 2022 budget of N2.216 billion.

She said CIBN is committed to posting a better performance in the current year.

“The Institute recorded a net operating surplus before impairment and amortization of N837.94 million compared to the 2021 result of N799.17 million.

“This growth in surplus of 4.86 percent was as a result of efficient utilization of resources and was above the 2022 budget of N711.02 million.

“The percentage growth would have been higher but for a high rate of inflation during the year under review.

“The recurrent expenditure of the institute increased to N1.22 billion as against N966.57 million recorded in the preceding year, which translated into an increase of 26.89 percent.

“Aside from the general inflation experienced in the country and all over the world, additional staff were employed at strategic levels to reinforce the operations of the institute,” Bakare-Asieru said.

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