First Bank MD reveals what can drive business growth in Post covid-19 era

The Chief Executive Officer, First Bank of Nigeria Limited, Adesola Adeduntan, has asserted that activities like  technology and innovation are the fillip that can drive Business business growth in the post-COVID-19 era
He said this during a Digital Disruption Series webinar organised by the Surrey Business School of the University of Surrey, England,
Acccording to him, the Central Bank of Nigeria (CBN) has for years encouraged innovation of the financial sector, noting that it has resulted in the positive growth  in the sector.
He added that the financial services sector, has witnessed growth in terms of innovation, adding that this has allowed the Financial Technology (Fintech) firms to thrive.
The webinar was themed: “Digital disruption: How can companies thrive in Africa post-COVID-19.”
The First Bank CEO was of the view that stakeholders need to study the environment and take advantage of the digital space to meet the needs of the public.
He noted that FirstMobile, the bank’s mobile banking and *894# USSD platforms,  has been impacting positively on the financial institution, the industry and the financial ecosystem.
“We have the largest bank agents – close to 90,000 – of them spread across the country, helping to bring in people that were financially excluded into the financial system,” he said.
He cited capital constraint, social infrastructure and cultural approach as wedges militating against growth in creating innovative and indigenous knowledge
“In Nigeria, to solve the capital constraint, the Central Bank of Nigeria and the Banker’s Committee contribute certain percentage of our profit to a pool of fund to serve as equity for entrepreneurs,” he said.
He noted that the absence of social infrastructure in African countries limits the chance of the citizens to lead better and quality life,

Leave a Reply

Your email address will not be published. Required fields are marked *