December 03, 2007/ Vanguard
As part of the United Nations Millennium Development Plan, the Central Bank of
The apex bank, which has spearheaded the banking reforms that lead to more vibrant banking sector, also revealed that it has licensed over 350 micro finance banks in different parts of the country with a view to taking the culture of saving to the grassroots level.
These facts were revealed by the deputy governor of CBN, Rev. Tunde Lemo, last Sunday at the Ajebo camp of
There was so much talk about ethical adherence and professionalism in the banking sector. What will this do to our nation?
“Well, I think we should be at the vanguard of ethics. We should lead while others follow and we should show forth the light for others to follow. And, through this appointment, I believe God will use us to let people know that they need to be bankers with good ethical values and etiquette,â€ÂÂÂÂÂ
Is the CBN doing anything about mortgage financing policy in the country?
“We are working on that, we are working on the review. Before it starts, there will be definite statements on that and we’ll unleash the potentials in mortgage, so that people will have access to mortgage in the nation.â€ÂÂÂÂÂ
On the re-denomination of the naira, which was rested by President Umaru Musa Yar’Adua
“We don’t talk about naira here, we talk about godliness and ethics, but we must go by what the president has said. It’s been rested now and the president has a final say and he has said what he should say, and if there should be anything, it will come from the Presidency.â€ÂÂÂÂÂ
What’s your advice for bankers on how to maximize the benefits of the consolidation programme and the technological revolution? “I think as you see it now, everybody is seeing the result. The international community is even coming to invest. I believe bankers should ensure that they embrace very good risk management practices so that we can consolidate properly. The case of consolidation, opportunities are there and they are looming large now. But, the icing is to help the real sector. I think we should begin to see them now invest heavily in the real sector so that this economy will grow.â€ÂÂÂÂÂ
On micro finance banking and its potential to stimulate growth in the real sector. “Well, over 350 of them have been licensed. We are going to see the grassroots empowered. We are going to see poverty reduced, we are going to see economic emancipation. Over 65 per cent of them who, hitherto, had no access to the orthodox or the normal banking services will, therefore, now have access through these micro finance banks.â€ÂÂÂÂÂ