THE Central Bank of Nigeria (CBN) has identified strong and effective communication as a catalyst to actualise the ongoing banking sector recapitalisation in the country.
Mr Philip Ikeazor, the CBN Deputy Governor, Financial System Stability, said this at the opening of the National Retreat of the Association of Corporate Affairs Managers of Banks (ACAMB) on Friday in Abeokuta.
The News Agency of Nigeria (NAN) reports that the retreat had as its theme “Banks Recapitalisation and Beyond: Amplifying Brand Resilience and Stakeholders’ Financial Inclusivity.”
Ikeazor said that effective communication was crucial to the country’s aspiration of becoming a $1 trillion economy within the next five years.
Ikeazor, represented by Mr Ibrahim Hassan, the CBN Director of Development and Financial Institution Supervision, urged corporate communication and marketing professionals in the banking sector to drive the desired narrative on the apex bank’s recapitalisation exercise.
According to him, the Nigerian financial system is at a critical moment in history and must be professionally managed towards positioning the country’s banks for future challenges and global competitiveness.
“This policy pronouncement is beyond just a compliance directive; it is aimed at repositioning and equipping our banks to be more resilient to shocks.
“To expand credit to the real sector, and to play a catalytic role in supporting Nigeria’s aspiration of becoming a trillion-dollar economy by 2030.
” It is important to appreciate that this lofty and collective ambition is just five years away, and we must be bold and deliberate about this.
” We call upon all our resolve and ingenuity as an industry, a people, a nation to make this vision a reality,” he said.
Ikeazor, who stated that 14 banks have already met the new recapitalisation requirements, emphasised that the exercise remains a trust and confidence-building one which would be achieved through effective stakeholder engagement and communication.
“I must also remind you that as corporate communication professionals, you are certainly more than image managers; you are the custodians of public confidence.
“Every campaign, every press release, every online post shapes how Nigerians perceive the safety and stability of their banks.You must never forget that.
“The Central Bank counts on your professionalism and partnership to tell the story of this recapitalisation exercise with clarity, coherence, and optimism,” Ikeazor said.
In his presentation, Prof. Tayo Otubanjo said that financial institutions should be prepared to change the emerging trends.
Otubanjo, a lecturer at Lagos Business School, spoke on the topic “Enhancing Corporate Brand Resilience”.
The don said that banks should be able to give customers reasons they should operate an account with them.
While reviewing the corporate visual identities of banking institutions, he charged them to keep their brands more “iconic and African”.
“If you look at top banks in Nigeria, I am not sure any of them have a value proposition; the reason to open an account with them or do business with them.
” Financial institutions must begin to differentiate themselves more effectively than before.
“I know that because of the recapitalisation, a number of them will indeed be changing their corporate visual identities because what we have today in the banking industry are very European in disposition.
“When you put any of those logos in Oxford Street or Manhattan, they will blend very well but you will not see a Chinese logo looking European or an American logo looking Chinese,” he said.
On recapitalisation, Otubanjo said banks are currently awash with cash and they should push money out to traders and artisans who want to do business in Nigeria.
“The role of banks is to support businesses within the country and they have the resources now.
“The money should be used purposely for investments in Nigeria,” he said.
Earlier in his remarks, Mr Rasheed Bolarinwa, the President of ACAMB emphasised the significant role of the banking sector in the country, noting that all other sectors depend on financial institutions to thrive.
According to him, the recent recapitalisation of banks is not merely a regulatory hurdle, but a catalyst for re-imagining Nigerian banks as stronger and more inclusive, that can support Nigeria’s ambition of a one-trillion-dollar economy.
Bolarinwa urged members to see the retreat as not just a knowledge-sharing forum but also the beginning of “a community-of-practice that pilots joint brand narratives and share data-driven insights.”(NAN)
