The Chartered Institute of Bankers of Nigeria (CIBN) has inducted 1,270 new members across various categories at its annual induction and prize awards ceremony, reinforcing its commitment to strengthening professionalism in the banking sector.

The event, attended by industry leaders and policymakers, featured former Deputy Governor of the Central Bank of Nigeria (CBN), Sarah Alade, as the keynote speaker.

Addressing the inductees, Alade described the ceremony as the beginning of an elevated professional journey, urging them to go beyond routine banking practices and become transformative leaders. “This induction marks a new phase in your career. Will you settle for conventional banking, or will you redefine industry standards?” She challenged them.

She highlighted the progress of Nigeria’s financial sector from a fragmented system in the early 2000s to its current position as a key player in Africa, crediting reforms such as Basel compliance and digital transformation. However, she noted challenges, including Nigeria’s low credit-to-GDP ratio of 21 percent compared to South Africa’s 70 percent. She called on banks to expand lending to critical sectors using innovative risk management frameworks.

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Alade stressed the need for greater technology integration, urging banks to adopt artificial intelligence, blockchain, and fintech collaborations to enhance efficiency. She noted the importance of sustainable finance by incorporating environmental, social, and governance principles into lending decisions. Addressing the growing threat of cybercrime, she pointed out that digital fraud resulted in N9.5 billion in losses in 2023, underscoring the urgency of stronger cybersecurity measures. She also called for enhanced collaboration between regulators and financial institutions to create a more resilient banking system.

Pius Olanrewaju, CIBN President, echoed these themes, citing data that banks embracing digital transformation experience significantly higher revenue growth. He also referenced the Edelman Trust Barometer, which found that ethical institutions enjoy greater customer confidence.

The newly inducted members included regular chartered bankers, MCIB members, SMP/AMP professionals, MSc pathway members, and Chartered Banker/MBA candidates. The cohort also featured international members from Sierra Leone, The Gambia, Kenya, Cameroon, Rwanda, and Ghana.

Olanrewaju urged members to embrace the CIBN’s legacy agenda, noting that the future of Nigeria’s banking industry would be shaped by those who combine technical expertise with visionary leadership.