Sterling Bank Wants More Digital Solutions from CeBIH
The Managing Director/Chief Executive, Sterling Bank Plc., Abubakar Suleiman, has called on members of the Committee of e-Business Industry Heads (CeBIH) to deploy the digital competencies used in developing Nigeria’s payment system to solve other socio-economic problems in the country.
He gave this charge while delivering the keynote address at the 2018 annual CeBIH retreat, with the theme ‘Exploring opportunities in the new digital economy’, in Abeokuta, Ogun State. He said “All the intellectual power that was used to attack payment now needs to be moved elsewhere.”
Abubakar noted that while there were crises in critical sectors such as education, agriculture and transport, banks and other digital payment professionals had the capabilities and solutions to accelerate the solutions to the crises in the sectors.
“I think we live in a time when we have new tools, and these tools are so powerful that all we need to do is to decide we are serious about solving any number of problems and we can solve them in record time.”
Speaking on the impact of digitisation as a tool for addressing socio-economic issues, Abubakar said, “Digitisation is, on one hand, data, and, on the other hand, how you transmit data. Every single work we do in digitisation has to do with data and how it is transmitted and what it does.
“The pace of the commerce will determine the pace of payment. So, if we don’t solve for payments, we would not have been able to solve for commerce or increase the pace of commerce, which is essentially what drives your Gross Domestic Product, the velocity of money and of transactions cannot be higher than the velocity of transaction in the real world.”
The Deputy Director/Head of Payment System Oversight, Central Bank of Nigeria, Musa Jimoh, called on banks to leverage on the huge data at its disposal to develop innovative solutions to customers’ socio-cultural needs.
According to him, “The greatest challenge that we have today within the payment industry is how we see our data. The financial system is sitting on huge data but it looks like nobody is harnessing it.”
The Chairman, CeBIH, Stanley Jacob, said, “The CeBIH believes that digitisation and electronic business has gone beyond payments and channels as it now feeds into every critical sector of the economy and our daily lifestyle.”
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