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CBN’s monetary policy creates virile banking sector — Access Bank boss

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CBN

Access Bank Executive Director Victor Etuokwu says various monetary policies by the Central Bank of Nigeria (CBN) has created a virile banking sector, capable of safeguarding depositors’ funds.

Etuokwu said the monetary policies by the apex bank had also helped in sanitising the banking industry, restoring people’s confidence in the sector.

He spoke at the inauguration of a new Access Bank branch in Iree in Boripe Local government area of the state on Saturday.

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“Banking is one profession that must be well regulated because people put their hard-earned money in it.

“I believe government and CBN has done well in that area because their concerns are all about the safety of depositors’ money’’, Etuokwu said.

He added that the policy of Access Bank to spread branches in all the communities of Nigeria was rooted in the mindset that the economy could not grow unless people were economically empowered.

Etuokwu noted that one of the ways in which local populace could be economically empowered was through bringing retail banking of that nature to their doorstep to stimulate access to credit facilities and business guidance.

He explained that in spite of the inherent merit of internet banking, people still gave priority to face to face banking engagement.

He said: “We believe that internet banking is good, but branch network is also a good place for banking engagement because people still consider the need to engage in face to face transaction”.

Etuokwu said that Access Bank, in accordance with its branch network policy, would open another twelve branches within the South-West zone in the next two weeks.

Earlier in his remarks, Gov. Gboyega Oyetola said that his administration was committed to strengthening the micro-economy through robust Small and Medium enterprises.

Represented by his Commissioner for Finance, Mr Bola Oyebamiji, Oyetola, said that one of the reasons his administration continued to work assiduously to create an environment conducive for investors was to ban poverty among the populace.

The governor, however, said that the state was safe for commercial banks to do business, adding that the issue of internal security remained a cardinal consideration of policy formation and implementation in the state.

“One of the greatest economic measures to finance the economy and empower the people is through Small and Medium enterprises, which access bank is doing presently.

“What gives Osun leverage on this is the utmost priority given to security for the purpose of entrenching factors for ease of doing business, in which security is integral’’, Oyetola said.

Vanguard

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