CBN pledges confidence building in financial sector

Henry Uche

Following the distrust expressed by banks’ customers and the vulnerability posed by digital disruptions, the Deputy Governor, Central Bank of Nigeria (CBN) , Mrs. Aisha Ahmed, has pledged the apex bank’s resolve to restore confidence and trust of banks among their teeming customers.

Speaking on the theme “Building Trust in Banking Sector for the Next Decade: The role of Chief Risks Officers (CROs), Chief Compliance Officers(CCOs) at a breakfast session put together by Ernst and Young (EY) in Lagos recently, the Deputy Governor, Central Bank of Nigeria (CBN) , Mrs. Aisha Ahmed, said the CBN, as the financial regulator, would leave no stone unturned in restoring the confidence and trust of banks’ customers.

She noted that major efforts to this effect is CBN’s intervention on illegal charges by commercial banks and telecom companies.

Mrs Ahmed stressed that for banks to achieve its long-term goals, elements of trust must be guaranteed.

“While we do our bit to protect customers, banks must not give room for its customers to loose confidence in them, from prices to services and other products you offer. So, you must do everything to ensure that your customers feel that kingship in every transaction you engage with them,” she stated.

Also speaking, the Partner, Advisory Services for EY, Beson Uwheru, charged CROs and CCOs to be proactive in their jobs as the success or otherwise of their companies partly rest on their shoulders.

Uwheru noted that since the expectations of customers remain the same, and the business environment keeps changing, it was expedient that CROs and CCOs must be agile, resilient and deepen their understanding on the complex business world. He stressed that foresight and hindsight are indispensable for them, adding that understanding the direction of the company as well as disrupting themselves to fit into the future was foremost.

“CROs and CCOs must as a matter of priority invest heavily on themselves in knowledge to be able to face the ernomous challenges ahead of them like cyber crimes. Customers want their data protected, they need convenience and safe guaranty of their valuables…”