… Digitizes its Operations
by Niyi jacobs
The Chartered Institute of Bankers of Nigeria (CIBN) says the institute, has recently executed an MoU with two credible bodies, namely FinTech Association of Nigeria (Fin Tech NGR) and Financial Service Innovation (FSI).
Following the execution of the agreement, the institute noted that the curriculum for the certification program, was jointly developed by the partners and the content has been endorsed by one of the advisory partners, which is the Centre for Finance Technology and Entrepreneurship (CFTE), Singapore, one of the largest FinTech Online learning Platform globally .
Ken Opara, CIBN president, who revealed this at the 2023 Annual General Meeting (AGM) of the institute held on Saturday in Lagos said that this move will ensure improved customer satisfaction, new driven insights, improved user experience, among other value additions and prospects.
Opara further mentioned that the impending digital transformation would cut across all facets of the institute’s activities, ranging from membership drive to a robust payment system.
On the issue of revenue, he stated that CIBNs revenue rose to N2.06 billion in the year ended December 31, 2022. He said the aforementioned figure represented an increase of 16.9 percent when compared with N1.76 billion recorded in the corresponding period of 2021.
Stating that despite macroeconomic headwinds in 2022, the institute’s net operating surplus also grew from N799.17 million to N838.08 million.
Opara also said total assets grew from N7.31 billion to N7.82 billion.
He attributed the improved performance recorded in the year under review to the efficient utilization of resources and deliberate focus on revenue generation drive.
Meanwhile, Mojisola Bakare-Asieru, the national treasurer of CIBN, praised the dexterity of the management of the institute in achieving 93 percent of the year 2022 budget of N2.216 billion.
She said CIBN is committed to posting a better performance in the current year.
“The Institute recorded a net operating surplus before impairment and amortisation of N837.94 million compared to the 2021 result of N799.17 million,” she said.
“This growth in surplus of 4.86 percent was as a result of efficient utilisation of resources and was above the 2022 budget of N711.02 million.
“The percentage growth would have been more but for a high rate of inflation during the year under review.
“The recurrent expenditure of the institute increased to N1.22 billion as against N966.57 million recorded in the preceding year which translated into an increase of 26.89 percent.
“Asides the general inflation experienced in the country and all over the world, additional staff were employed at strategic levels to reinforce the operations of the Institute.”