Several Innovations Ongoing in Banking Industry-CBN

Innovations are currently ongoing in the banking industry across the world, Dr Adetona Adedeji, the Acting Director, Banking Supervision Department at the Central Bank of Nigeria (CBN) says.

Adedeji,who said this at the 30th Nigerian Economic Summit (NES) in Abuja on Monday, said that these innovations would add value to the consumers experience by making it seamless.

According to him, we have several innovations that we have introduced into the banking industry, especially in the area of e-channel.

”However, for us, the innovation we expect from the side of the CBN majorly now is through the artificial intelligence.”

He noted that banking was a business of trust and confidence, adding that by the time the confidence you have in your financial system was eroded, there would be problems.

Adedeji also said that CBN was working hard to bring down inflation in the country.

”So we want to plead for your understanding, as we are doing everything possible within our power to make sure we phase off inflation.

”Any policy we roll out now is that which will help us to achieve that. We want to crave the indulgence of Nigerians to please exercise patience. We understand what the country is going through,” he said.

In the same vein, the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, said that they had policies that favour exporting.

”We have been very intentional in reducing the tax burden on businesses.

”The government can actually find ways to incentivise companies like groups around the world that are willing to come and invest here,” Oyedele said. #Several Innovations Ongoing in Banking Industry-CBN

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