The Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN) and Chairman FITC Board, Mrs. Aisha Ahmad, has stated that the Loan-to-Deposit ratio (LDR) has hit about N7 trillion on bank savings.

According to her, the LDR, which the Apex bank had restricted since 2019 till now, has recorded unprecedented growth and financial stability to the nation’s financial sector.

Ahmad stated this on the sidelines of FITC’s 40th anniversary summit 2021 themed, “Towards a shared prosperity in Africa: The role of financial system” in Lagos.

She said the financial system will always be an important driver and facilitator of shared prosperity, pointing out that her role as the Chairman, FITC Board was to ensure that the country has a policy, the right skills and talents needed to meet up with the emerging technology trend.

“The focus of CBN is to make sure that the Board of FITC and the management is strong enough to buy the kind of support that the financial industry needs at this time.

“The FITC is repositioning itself. There have been a lot of achievements under the previous leadership. The current administration’s plan is to be at the centre and fulcrum of capacity building for the financial industry. It is a very wide financial system. We are also looking at the insurance and mortgage sector, so, you will see the FITC transform its training programmes from physical to digital.”

She noted that engagement with the operators is very key to formulating policies that are very relevant to the financial industry.

“We are very positive about the resilience and soundness of the banking sector. The banking sector has been strategically supporting the recovery based on the impact of Covid-19 where some of the forbearances that we granted to the sector have helped to ensure that they retain their capacity to lend and has also given succour to the obligors,” she said.

Earlier, the Managing Director and Chief Executive Officer, FITC, Chizor Malize, said the summit is a gathering of international financial experts, policy makers, development economists, thought leaders and other private and public stakeholders within the financial system in and beyond Africa.

She added that the theme of the event is designed to dissect contemporary issues, challenges and opportunities for the African economy to leverage the financial system.

Also speaking, the Managing Director and Chief Executive Officer, Citi Bank Nigeria, Mrs. Ireti Samuel-Ogbu, stated the need to build capacities to benefit from the African Continental Free Trade Agreement (AfCFTA).

She lamented over the poor state of infrastructure in the country, saying it is one of the reasons for the low level of intra-African trade.

On his part, the Managing Director and Chief Executive Officer, Sparkle, Uzoma Dozie, said partnership while leveraging on technology is key for Nigeria to drive financial inclusion in the country.

He stated that the major factor for financial exclusion is due to the many poor unidentified citizens in the country, calling on the need to drive financial inclusion amongst small businesses.

Source: The Guardian