By Bolaji Israel
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.
