In the light of the debilitating challenges that has been facing banks operating in Nigeria of recent, especially since the current economic recession, a forum will on March 30, 2017, at the White House Hotel, GRA, Ikeja, assemble experts and industry leaders to discuss a way forward for players in the financial services industry.
Tagged, the “Meeting of Minds” the forum is put together by BRANDish, Nigeria’s leading marketing and brands communication publication, has as its theme; “What Should Nigerian Banks do Differently” and is part of contributions to conversations geared towards lifting businesses in Nigeria off the recession by changing the way businesses are conducted, especially by the banks.
Banks in Nigeria have been facing tough times since the current recession hit the Nigerian economy with shrinking deposit liabilities that was worsened by the implementation of the Treasury Single Account regime which took public sector deposits and Federal Government revenue collections from the banks.
The consequence of this has been massive job losses in the industry as banks, no longer able to cope with huge wage bills in the face of thawing revenue, have had to ask many of its employees to go.
Speaking on the reasons behind the “Meeting of Minds,” Ikem Okuhu, Analyst-in-Chief, BRANDish, said the event, billed to hold every quarter will seek to aggregate expert views on what banks in Nigeria should do differently, not just to enable them remain in business but also to ensure they provide the needed support to enable the economy grow.
“Everybody is in agreement that banks in Nigeria are currently facing very difficult times. Businesses that should be the critical drivers of growth for this sector are shrinking as a result of the economic slowdown and banks, which, on their part, should be supporting businesses are finding it hard to survive. This calls for urgent rethinking and rejigging of what banks do and how they do it,” he stated.
Okuhu also drew attention to the fact that apart from the introduction of technology that has smoothened banking business over the last 10 years, the approach of bankers to the business of engagement and marketing has virtually remained unchanged the beginning of banking business in Nigeria.
“I will not hold brief for the experts that will be speaking on that day, but you will agree with me that there is need to tweak, or altogether alter the approach of banks to the business of banking. The current mode has outlived its usefulness and there is urgent need to fashion a new way for the business, otherwise, the economy will continue to be beleaguered and banks, as a result will continue to slide,” he explained.