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The way forward for Nigerian banks – Gambia Central Bank official

A top official of the Central Bank of Gambia, Mr. Abdou Ceesay, has advised the commercial banks in Nigeria to embrace modern technology in their operations in order to stay afloat in business.

He gave this advice in an exclusive chat with Sunday Business, at the regional course on ‘’Optimising reserves and foreign exchange management for income generation’’, organised by the West African Institute for Financial and Economic Management (WAIFEM), in Lagos.

He said, “We are aware of the fact that the recent audit conducted by the Central Bank of Nigeria (CBN) on capital adequacy, asset quality, management, earnings and liquidity showed categorically that 12 banks in the country were still operating sub-optimally, though none of the 24 existing banks was rated in the top grades during the period under review by the monetary authority.

‘’This calls for efficiency as well as prudent management in the system. The weak banks need to improve on the use of modern technology in their daily transactions to enhance efficiency in the system. Once this is achieved, it would help to harmonise the financial system and would enable the weak banks to function optimally to increase their turn over. For instance, in The Gambia, we have 13 banks and they use the latest technology in their operations.”

On the move by the Assets  Management Corporation of Nigeria (AMCON), to buy over the rescued banks, he explained that the intervention by AMCON would create efficiency in the financial system, since the apex bank had already injected N620 billion on double digit interest to be repaid in seven years.


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