ACAMB, Stakeholders Attribute Loan Default, Inflation to Changes in Financial Sector  

Kayode Tokede

The Association of Corporate Affairs Managers of Banks (ACAMB) and key market stakeholders have highlighted high loan default, hike in inflation rate, and adoption of technology, among others to dynamic changes taking place in the financial sector in Nigeria.

The Group MD, CMC Connect, Mr. Yomi Badejo-Okunsanya, at the 2nd National Stakeholders’ Conference of ACAMB held in Lagos explained that the financial services are facing high incidents of cybercrime, low marketing budgets, and low trust levels between customers and financial institutions operating in the country.

Badejo-Okunsanya in his keynote address at the conference with the theme: “Marketing Financial Services in Dynamic Times,’’ said financial institutions in Nigeria is contending with limited marketing budget, and restricted advertising promotional effort, stressing that many traditional financial institutional are taking advantage of their customers and not operating in their own interest.

He urged financial institutions in the country to rebuild customer trust by finding new ways to meet their needs.

The President of the Chattered Institute of Bankers of Nigeria (CIBN), Ken Opara who was presented by the registrar/chief executive of the institute, Mr. Akin Morakinyo said the topic resonates deeply with the rapidly changing and evolving lasting landscapes that characterize our modern world.

Opara in his special address noted that today’s interconnected global economy and the financial services sector stand at the crossroad of innovation, competition, and social expectations.

The President, ACAMB, Mr. Rasheed Bolarinwa, in his welcome address, said the topic underscores the dynamism of the today’s world and the impact on the financial services industry.