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FITC Launches Banking Survey Report on Financial Habits of Millenials

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Financial Institutions Training Center, FITC, the innovation-led and technology-driven knowledge institution, has launched a first of its kind Millennial and Gen Z Banking Survey Report.

 

In a statement, FITC said the publication aligns with its commitment to continuously provide cutting-edge knowledge solutions to the financial services sector and provides vital consumer data on a demographic that is fast becoming a significant consumer segment globally.

The publication, the statement added, was designed to provide crucial data on the Millennials and Gen Z market segment and support decision making by key stakeholders within the financial services sector.

Addressing the relevance of the report, Chizor Malize, the Managing Director/CEO, FITC, said the survey was conducted and published by the Insights and Policy Advocacy unit of the FITC.

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She disclosed that the unit provides support to businesses through industry analysis, to enable them to strengthen their customer relationships and make better business decisions, driven by accurate data.

In addition to the Millennials and Gen-Z report, the Insights and Policy Advocacy unit consistently publishes reports that provide actionable insights to the financial services sector.

Malize described the publication as a vital tool for innovators and disruptors planning to design products and services for the Millennials and Gen Z demography.

“Millennials and Gen Zs are set to become the most important customer group for most banks, neo banks and the financial technology (FinTech) companies. Combined, they currently form the largest adult generation globally with the largest economic impact. Their wealth more than doubled to over $9 trillion since the pandemic began.

“They are over two billion strong with spending power in excess of $1 trillion. However, “banks” have largely left cutting-edge research on millennial banking habits out of the design processes for product design and marketing strategies development. Financial institutions can no longer afford to neglect this huge group’’ Malize said.

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“FITC is committed to equipping and supporting the financial services sector and indeed, players and stakeholders across all sectors of the Nigerian economy with the requisite skills and knowledge to succeed. One of several ways by which we accomplish this, is through research-backed insights and accurate data, to aid sound decision making.”

Speaking further, Malize noted that the Millennials and Gen Zs are the most digitally savvy market segment within the financial services sector.

Mr Ademola Adebise, the MD/CEO, Wema Bank, who delivered the keynote address noted that of the interesting highlights in the report, is the discovery that millennials generally prefer digital platforms, while the Gen Z preference skews towards physical branches.

Represented by the Chief Digital Officer, Mr. Segun Adeniyi. Adeniyi, he said this emphasizes the need for banks and financial institutions to create user-centered product experiences, tailored to the unique preferences of this market segment.

Adeniyi attested that insights, driven by behavioral data such as this report, are necessary tools for designing new products, and improving existing ones within the financial services sector.

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Mrs. Aishah Ahmad, the Deputy Governor, Financial Systems Stability, Central Bank of Nigeria (CBN) and Chairman, FITC Board, who unveiled the report, said the financial services sector needs it for effective decision making on new product development.

“Recent changes in the business environment, and more particularly the banking industry across the globe, makes it imperative for periodic research to be conducted on emerging trends and developments.

“This provides data for better understanding of issues, as well as informed decision making for organizational success and business sustainability. The Millennials and Gen Z Survey Report is therefore very apt and highly commendable.” She stated.

 

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Access Holdings Sets New Benchmark in Nigeria’s Finance Talent Pipeline

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New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.

In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.

Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.

For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent.

CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”

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Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet.

Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.

Access Holdings Group Chief Executive Officer Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.”

The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.

That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.

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NCAA to Introduce RFID Technology to Tackle Missing Luggages

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Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages

NCAA to Introduce RFID Technology to Tackle Missing Luggages

Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.

Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.

According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.

Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.

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Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.

He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.

The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.

The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.

The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.

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Firm Urges MSMEs to Increase Digital Payments Adoption for Growth

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eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.

The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.

In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”

Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.

However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.

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She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.

Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.

“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.

Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.

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