FirstBank CEO Lists Technology, Capacity As Key For Post Covid-19 Growth

…Thumbs Up Mobile Banking (Firstmobile) And USSD (*894#)
Platforms

Dr Adesola Adeduntan, Chief Executive Officer, First Bank of
Nigeria Limited said technology, innovation and enhanced
capabilities have become necessary to achieve significant business
growth in the post-COVID-19.

Adeduntan made this remark on Thursday during a Digital
Disruption Series webinar organised by the Surrey Business School
of the University of Surrey, England.

The webinar was themed: “Digital Disruption: How Can Companies
Thrive in Africa Post-COVID-19.”

According to the FirstBank boss, it is about studying the
environment and leveraging the digital space to proffer solutions
tailored to suit emerging challenges

Adeduntan cited FirstMobile, the Bank’s mobile banking and *894#
USSD platforms as some of the digital disruptions that had impacted
positively on the financial institution, the banking industry and
the financial ecosystem as a whole.

“We have the largest bank agents – close to 90,000 – of them
spread across the country, helping to bring in people that were
financially excluded into the financial system,” he said.

On barriers to growth in creating innovative and indigenous
knowledge, the CEO cited capital constraint, social infrastructure
and cultural approach as some of the limiting factors encountered
by businesses in Africa.

“In Nigeria, to solve the capital constraint, the Central Bank
of Nigeria and the Banker’s Committee contribute certain percentage
of our profit to a pool of fund to serve as equity for
entrepreneurs,” he said.

According to the FirstBank CEO, absence of social infrastructure
in African countries has denied citizens the ability to lead better
and quality life, thus leading to the migration of many young and
brilliant minds from the continent.

He said the bank evolved a deliberate approach in its
employment, remuneration, exciting work roles and talent
development to inspire and retain its young workforce.

Dr. Adeduntan added that there were significant opportunities in
Africa, with over one billion population, while noting that
opportunities were available for young and innovative people
willing to work smart and hard.

The FirstBank boss noted that the bank had been in existence for
127 years, and had been strategically positioned for exponential
growth through its ability to leverage innovation to reinvent
itself.

Also speaking at the event, Prof. Kenneth Amaeshi, Thought
Leader, University of Edinburgh, Scotland, said COVID-19 had
unravelled the need to realign Africa’s institutions, and convert
challenges to opportunities.

Amaeshi said African governments should evolve more favourable
policies and incentives that would encourage renewed innovation,
increase investment in education, research and development and
intellectual property protection.

“As much as we want to celebrate technology development in
Africa, we need Africans to participate and contribute to the
knowledge going on in the digital space,” he said.

…Thumbs Up Mobile Banking (Firstmobile) And USSD (*894#)
Platforms

Dr Adesola Adeduntan, Chief Executive Officer, First Bank of
Nigeria Limited said technology, innovation and enhanced
capabilities have become necessary to achieve significant business
growth in the post-COVID-19.

Adeduntan made this remark on Thursday during a Digital
Disruption Series webinar organised by the Surrey Business School
of the University of Surrey, England.

The webinar was themed: “Digital Disruption: How Can Companies
Thrive in Africa Post-COVID-19.”

According to the FirstBank boss, it is about studying the
environment and leveraging the digital space to proffer solutions
tailored to suit emerging challenges

Adeduntan cited FirstMobile, the Bank’s mobile banking and *894#
USSD platforms as some of the digital disruptions that had impacted
positively on the financial institution, the banking industry and
the financial ecosystem as a whole.

“We have the largest bank agents – close to 90,000 – of them
spread across the country, helping to bring in people that were
financially excluded into the financial system,” he said.

On barriers to growth in creating innovative and indigenous
knowledge, the CEO cited capital constraint, social infrastructure
and cultural approach as some of the limiting factors encountered
by businesses in Africa.

“In Nigeria, to solve the capital constraint, the Central Bank
of Nigeria and the Banker’s Committee contribute certain percentage
of our profit to a pool of fund to serve as equity for
entrepreneurs,” he said.

According to the FirstBank CEO, absence of social infrastructure
in African countries has denied citizens the ability to lead better
and quality life, thus leading to the migration of many young and
brilliant minds from the continent.

He said the bank evolved a deliberate approach in its
employment, remuneration, exciting work roles and talent
development to inspire and retain its young workforce.

Dr. Adeduntan added that there were significant opportunities in
Africa, with over one billion population, while noting that
opportunities were available for young and innovative people
willing to work smart and hard.

The FirstBank boss noted that the bank had been in existence for
127 years, and had been strategically positioned for exponential
growth through its ability to leverage innovation to reinvent
itself.

Also speaking at the event, Prof. Kenneth Amaeshi, Thought
Leader, University of Edinburgh, Scotland, said COVID-19 had
unravelled the need to realign Africa’s institutions, and convert
challenges to opportunities.

Amaeshi said African governments should evolve more favourable
policies and incentives that would encourage renewed innovation,
increase investment in education, research and development and
intellectual property protection.

“As much as we want to celebrate technology development in
Africa, we need Africans to participate and contribute to the
knowledge going on in the digital space,” he said.