The Chartered Institute of Bankers of Nigeria (CIBN) has reiterated the importance of electronic banking, emphasizing that no economy can grow without recourse to electronic banking.
The Rivers State chapter Chairman of CIBN, Barrister Clem Osuji who stated this at the Annual Bankers Dinner of the body in Port Harcourt on Thursday, said electronic banking has taken a pride of place as an integral driver of the nation’s economy.
According to the Rivers CIBN Chairman, electronic banking has come to help Nigerian economy especially e-commerce and the banking sector.
The banker-cum-lawyer said the theme of the event “Electronic Banking and Economic Development” was apposite as it will x-ray the importance of electronic banking in the economic development of the country.
He asserted that the advent of electronic banking has dissolved many bottlenecks usually associated with monetary transactions. Citing an instance where transactions like money transfers would usually take a minimum of 21 days for clearance, he said these no longer happens because of the use of mobile apps which are installed on the customer’s devises.
Osuji added that electronic banking has also eliminated risks of cash robbery and loss of cash associated with carrying physical cash from one point to another.
He further noted that it was for this specific reason that the Central Bank of Nigeria (CBN) introduced what it called the cashlite policy, which bars the withdrawal of over N500,000 in a third party cheque and also stops one operating a corporate account from withdrawals in excess of N3million.
The Rivers CIBN boss also stated that in the policy of doctrine of creation of money, electronic banking helps to keep money in the system, noting that if money is in the system, it would go round the system which, according to him, would be of immense benefit to businessmen and other people alike.
“You can imagine a situation where monies are being kept under the pillow, in water tanks or other such places, it becomes very difficult to create money to grow the economy”, he posited.
Also speaking, a professional financial management consultant, G.N. Ogbonna Phd, noted that the need for electronic banking cannot be overemphasized.
He averred that electronic banking is accessible, flexible, fast, more convenient and helps in reducing corruption while also enthroning accountability.
Dr. Ogbonna who noted that Nigerian economic development thrived on the use of electronic banking as ‘lubricating oil’, outlined the use of POS, ATM, Mobile Apps as some form of electronic banking.
Other bankers who spoke at the event urged the public to immediately contact their bank when the phones that contains their mobile bank Apps is stolen or lost.
Our correspondent reports that the venue of the yearly even was filled to capacity as people other than bankers also graced the occasion.
