ACAMB Unites Financial Sector for Transformative Banking Reforms in Nigeria

The banking and financial services sector in Nigeria witnessed a significant milestone as the Association of Corporate Affairs Managers of Banks (ACAMB) hosted its 3rd Stakeholders Conference in Lagos.

Themed “Building Bridges: Collaborative Solutions for a Trusted Banking and Financial Services Experience,” the event brought together key players from various financial institutions, regulatory bodies, and consumer protection agencies to discuss and address critical issues affecting customer experiences in the industry.

In his welcome address, ACAMB President Rasheed Bolarinwa emphasized the evolving nature of the financial landscape and the sector’s commitment to fostering transparency, prioritizing consumer welfare, and championing industry excellence.

He highlighted the conference’s role as a crucial forum for addressing and resolving consumer issues, providing a comprehensive understanding of Nigeria’s banking and financial services landscape.

Bolarinwa acknowledged the interconnected relationships among the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs), other financial institutions, and regulators, including the National Insurance Commission (NAICOM) and the National Pension Commission (PENCOM).

He also recognized the vital contributions of consumer protection agencies and the Nigeria Inter-Bank Settlement System (NIBSS) in ensuring a robust financial ecosystem.

“Our objectives today are ambitious yet essential,” Bolarinwa stated.

“We aim to educate consumers and empower them to make well-informed decisions about banking and financial services. By fostering open and constructive dialogue among consumers, regulatory bodies, the media, and financial institutions, ACAMB strives to build mutual understanding and trust.”

He further reiterated ACAMB’s dedication to reinforcing the industry’s reputation both within Nigeria and internationally, emphasizing the importance of regulatory compliance and a trustworthy environment.

“Ensuring regulatory compliance is a cornerstone of our mission. We are here to deepen stakeholders’ understanding of existing and evolving CBN regulations,” Bolarinwa added.

Innovation was another key focus of the conference. Bolarinwa stressed the need to explore progressive solutions that enhance customer satisfaction and inspire financial institutions to adopt forward-thinking approaches.

“Innovation is at the heart of our agenda. We must explore opportunities for progressive solutions that enhance customer satisfaction and inspire banks and other financial institutions to adopt forward-thinking approaches,” he said.

Bolarinwa praised Nigeria’s banking and financial services sector for its resilience, adaptability, and innovation, noting that it stands as a beacon of stability amid economic fluctuations.

He credited the regulatory framework established by the CBN for ensuring the sector’s integrity and underscored the importance of collaboration among various financial entities. As the conference progressed, participants engaged in discussions on consumer protection, fair practices, and the need for transparency in the industry.

Bolarinwa highlighted the crucial role of consumer protection agencies in safeguarding public interests and nurturing a culture of transparency.”

This conference aims to bridge the past, present, and future, fostering collaborative relationships, transparency, and innovation. It is a testament to our collective responsibility to address consumer concerns and cultivate an inclusive, resilient, and consumer-centric banking and financial services landscape in Nigeria,” Bolarinwa concluded.

The event saw contributions from various participants, speakers, and panelists who shared insights and perspectives on enhancing the banking experience for Nigerian consumers.

Bolarinwa extended his deepest gratitude to all involved, including ACAMB EXCO, members, the media, partners, and the organizing committee, for their invaluable contributions.As the conference concluded, there was a sense of optimism and determination among attendees to build a more trusted and dynamic financial services environment.

The 3rd ACAMB Stakeholders Conference marked a significant step forward in the journey towards a brighter future for the banking and financial services industry in Nigeria.