Alhaji Umaru Ibrahim, managing director/chief executive officer of Nigeria Deposit Insurance Corporation (NDIC), has projected that the future of the banking industry will be more complex in terms of product offerings, except players become proactive enough to deploy latest technologies.
Speaking at a two- day 2014 bank examiners conference tagged “Sustaining a Safe and Sound Financial System through effective banking supervision” in Lagos, Ibrahim added that the industry has continued to face challenges of debt recovery in terms of those owed by the closed banks, some of which remained unrecovered since 1994.
According to him, there is need to focus on the challenges faced by the examiners in appraising the affairs of the banks.
He pointed out that in tackling the challenges of lending in the Nigerian environment, corporate governance, impact of fixed income securities on the financial position of deposit money banks, technological innovations including mobile payment and their implications for sustainable banking have remained topical.
He stated the corporation has commenced implementation of the risk-based supervision and differential premium assessment of deposit money banks.
He noted that the dynamics of the financial sector had continued to throw up emerging and mundane issues, which demanded a new focus and made a review imperative.
Ibrahim continued that emerging issues like sustainable banking, mobile and e-banking, consumer protection and consumer education had attracted the attention of regulators worldwide.