The Chartered Institute of Bankers of Nigeria (CIBN) has inducted 2,161 banking professionals, while urging the new inductees to consistently keep in touch with current trends in their field of expertise and the impact such trends would have on their respective job role.
Speaking at the Induction ceremony which took place in Lagos recently, President, CIBN, Mr. Uche M. Olowu, said the number of those inducted was the highest in the Institute’s history, with 848 ACIB, 1,222 MCIB, 37 Diploma, 34 CBMBA and 20 MSc/ACIB inducted. This, he added, translates to an astounding increase of 175 per cent as 785 bankers graduated in 2018 as opposed to 2161 graduates in 2019.
The number of Associates, he said, grew from 241 in 2018 to 848 in 2019, representing an increase of 607, a 251 per cent growth over the previous year.
While urging the inductees to avoid falling into the trap of complacency, he implored them to embrace the Compulsory Continuous Professional Development (CCPD) programmes which would assist them in mastering the developments in the global banking industry.
Stating that artificial intelligence and robotics were changing the game in customer relationships and front office operations, he added that jobs previously reserved for officers such as tellers may become obsolete, with machines capable of performing approximately 30 per cent of the work currently done at banks, in the next two to three years.
It is pertinent to mention that the increasing competition in the digitised banking environment would no longer be between banks but with non-banking institutions, he said.
“Fintech and big tech firms such as Google, Amazon, Facebook and Apple are now capturing more of the banking value chain. Furthermore, payment service banking is set to further disrupt the banking industry. For example, as at July 2019, telcos such as MTN and Airtel Nigeria had been granted licenses by the Central Bank of Nigeria. PWC suggests that from 2025-2035, a market economy would readily exist without traditional banks,” he pointed out.