The CEOs of the Chartered Institute of Bankers of Nigeria (CIBN) and banking bodies have condemned the incessant criticism on social media targeting banks.
The financial institutions on Tuesday expressed their concerns in a joint statement signed by CIBN Governor Pius Olanrewaju and Chairman of the Nigerian Bank CEOs Association Oliver Arauba.
According to these institutions, financial institutions contribute significantly to the economy and remain one of the most highly regulated and essential parts of the country.
They added that investors have confidence in Nigerian banks and the sector is the first choice for retail and institutional investors alike.
“The resilience and dynamism of the banking industry is built on customer trust, proving that the sector is fundamental to Nigeria’s economic growth and development,” CIBN and the bank body said.
“The continued strength of this sector should be a matter of national pride, not criticism.
“The banking sector is critical to Nigeria’s economic growth and contributes significantly to individuals, businesses of all sizes and society at large.
“Economic development is highly dependent on the intermediary role of banks, and their positive impact is undeniable.”
The agencies also advised individuals and entities with concerns or complaints about the bank’s operations to report such matters to the appropriate regulatory authority, which can address the concerns fairly and professionally.
“Relying on social media attacks, threats and smear campaigns not only damages the hard-earned reputations of these financial institutions, but also seeks to unfairly manipulate the targeted banks,” it added. Ta.
In a statement, the financial institutions appealed to those engaging in such conduct to desist and consider the facts before filing charges.
CIBN and the bank said regulators were prepared to address concerns with diligence and professionalism, adding that bankers were committed to providing the highest standards of banking services.
“Let us together foster an environment of trust and cooperation, recognizing the positive impact of our professions that brings pride to Nigeria and Africa,” the organizations said.
“As the banking sector continues its efforts to build a resilient Nigerian economy, we call on the public to support our mission to create a stronger economy that works for everyone.”
“Banks are highly regulated”
CIBN and the banking body said the banking industry in Nigeria is governed by strict regulations issued by the principal regulatory body, the Central Bank of Nigeria (CBN) and other direct and indirect regulatory bodies.
It added that a large number of banks are listed and adhere to the highest standards of transparency and compliance as required by domestic and international investors and regulators.
“Nigerian banks are well-staffed with globally competitive and accredited professionals who are regulated by national and international institutions,” he added.
The agencies also said that the operations of local banks are usually audited by global experts, which results in Nigerian banks receiving consistently high ratings. both individually and collectively.
CIBN and the bank’s statement came after Zenith Bank was criticized in X after its customers were unable to access the bank’s app for 48 hours.
