FirstBank 125th anniversary: Finance minister wants banks to deepen financial inclusion through technology

…Says large number of Nigerians are still financially excluded

Motolani Oseni

As part of the continued effort in bringing more financially excluded Nigerians into the system, Minister of Finance, Mrs Zainab Ahmed, has charged commercial banks operators in the country to use technology in deepening financial inclusion.

She disclosed this while speaking on Tuesday in Lagos at the First Bank of Nigeria (FBN) 125th-anniversary lecture, themed: “Institutional Impact on Economic Growth and Improved Living Standards.”

The minister noted that Nigeria still has a large number of people who were financially excluded, urging the government to assist the financial sector with policies that would enable them to reach more Nigerians.

She urged the bank to leverage on the country’s large youth population, deploy technology, innovation and incentives that would enhance inclusivity in the banking system.

Ahmed said that the government would continue to create an enabling environment that would not only attract capital but allow such capital to flourish and impact on the economy.

The minister, who also read President Muhammadu Buhari’s goodwill letter to the bank, said that the anniversary was a noble and rare milestone in the history of the Nigerian banking system.

In the letter, Ahmed quoted President Buhari as saying, “First Bank has provided a platform for the economy to thrive from the pre-colonial era, amalgamation period and beyond.

“I commend your iconic institution for its consistency in providing financial service in Nigeria and the world at large for the past 125 years.

“The bank has maintained a positive reputation within and outside Nigeria, made an indelible mark, and maintained its leadership position despite the rapid changes in the global economy.”

Also, Nana Akufo-Addo, the President of Ghana, commended the vision and resilience of the bank which culminated in the spread of branches across the country, Africa and Europe.

Akufo-Addo, represented by Prof. George Gyan-Baffour, Ghana’s Minister for Budget and Planning, said that African countries should leverage its resources and adds value to its raw materials to enhance global interdependence.

In his remarks, Prof. Daron Acemoglu of the Department of Economics, Massachusetts Institute of Technology (MIT), U.S, said that technology was key to drive productivity for economic growth.

Acemoglu said that the government should strengthen institutions, invest more in health, education and technology toward achieving high quality economic and inclusive growth.

In her comments, Mrs Eme Essien, Country Manager, International Financial Corporation (IFC), said there was a need to have more capital to go in the right direction and also an alignment of policies.

Essien stressed the need for Nigeria to deepen financial inclusion, innovate more and make access to loans easier.

Responding, Mr Adesola Adeduntan, Chief Executive Officer, First Bank, said that the bank survived the hurdles of the past years due to its ability to innovate and transform.

According to Adeduntan, the bank has made great strides in enhancing financial inclusion in the country, saying First Bank was the only financial institution with over 750 branch presences in all states.

He reiterated the bank’s commitment to continued innovation, transformation and technology disruption toward boosting the financial system.