Chairman of the United Bank for Africa (UBA), Tony Elumelu, has identified regulatory and compliance costs as major challenges stifling the growth and innovation of the banking sector.
Speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 17th annual banking and finance conference in Abuja, Elumelu emphasised the crucial role of the banking sector in Nigeria’s economy.
“Our banking sector is a cornerstone of Nigeria’s economy. The transformation of our banking sector over the last few decades is one of our success stories,” Elumelu said.
“However, the sector faces challenges that impede its growth and innovation, including regulatory and high compliance costs.”
He advocated for constructive dialogue among stakeholders to foster a collaborative environment, enabling the sector to contribute more effectively to Nigeria’s economic growth.
“The success of the Nigerian banking sector is felt beyond Nigeria. By working together, we can build a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians,” Elumelu added.
Regarding the recent implementation of a 70% windfall tax on banks’ foreign exchange gains, Elumelu expressed support for the measure, despite concerns raised by professionals in the financial industry.
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