Elebute provides roadmap for financial services industry to mitigate impact of COVID-19

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A logo sits on display outside the offices of KPMG LLP in the Canary Wharf business and shopping district in London, U.K., on Friday, July 12, 2013. Recent data suggest Britain's economic recovery is gaining momentum after a return to growth in the first quarter. Photographer: Simon Dawson/Bloomberg

The Senior Partner, KPMG Nigeria and Chairman, KPMG Africa, Mr Kunle Elebute has provided roadmap for the financial services industry to mitigate the multifaceted impact of COVID 19.

Chairman, KPMG Africa, Mr Kunle Elebute

Elebute laid out the roadmap while delivering an address as the Guest speaker at the 2020 Fellowship Investiture of The Chartered Institute of Bankers of Nigeria (CIBN) held in Lagos last weekend

The KPMG Chief believed that for the Financial Services Industry to avoid long term stress on balance sheet  it must ensure balance sheet optimization, evolve de-risking strategy and strengthen asset quality management.

Mr. Elebute who stated the impact of the pandemic has thrown the Financial Services Industry into a state of flux, creating a trilemma stressed that the banking landscape especially has been redefined.

He highlighted the key imperatives for the Financial Services Industry in the new reality to include harnessing the shift to a digital economy, rewriting the risk management playbook and accelerating play in underserved segment of market and driving product penetration and adapting to new ways of working.

Elebute therefore implored the Financial Services Industry to enhance their digital delivery as they continue to deliver value to their various customers and stakeholders.

In his intervention, former Deputy Governor, Central Bank of Nigeria, Mr Ernest Ebi,FCIB who was the Chairman of the occasion charged the Financial Services Industry to refocus on the understanding of the new normal needs of their customers, admonishing them to adopt new operating models that would significantly reshape the industry and support a rapid and stronger recovery.

According to Mr. Ebi who is also a former Chairman, Fidelity Bank Plc, this is particularly necessary as there are concerns around increased non-performing loans in the Industry.

The Governor of the State of Osun, Mr Gboyega Oyetola who was the Special Guest of Honour called for more investments in technology to further liberalise the Industry and enable it reach more customers.

Those who were conferred with the Honorary Fellowship at the Ceremony include the President, Africa Development Bank (AfDB), Mr. Akinwunmi Adesina, the Governor, Bank of Sierra Leone, Professor Kelfala M. Kallon;  the President, West African Bankers Association and President Liberia Bankers Association, Mr. John Davies III; the GMD/CEO, Stanbic IBTC Holdings Dr. Demola Sogunle, HCIB; the MD/CEO, Zenith Bank Plc, Mr. Ebenezer Onyeagwu, HCIB, the MD/CEO, Standard Chartered Bank Limited;  Mr. Lamin Manjang, HCIB.

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