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CBN reveals how API ushered in new banking model, freezed one-size-fits-all

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has given details on how the bank revolutionized the nation’s banking industry with the help of Alpha Project Initiative (API).
Speaking at the 2018 Financial Markets Conference on the theme ‘The Nigerian financial market – A catalyst for sustainable economic-growth,’ organised by the Financial Market Dealers Association of Nigeria (FMDAN) in Lagos, he noted that “Let me mention the ‘Alpha Project Initiative’ which brought about the ‘new banking model’ structure that replaced the hitherto one-size-fits-all model of banking. This new model resulted in the establishment of international banks, national banks, regional banks and specialised banks.”
Emefiele, represented by a top official of the bank, Mrs Olatoun Akinola, averred that the adoption of risk-focused and rule-based regulatory framework; zero tolerance in regulatory framework for data/information rendition/reporting and infractions and strict enforcement of corporate governance principles in banking sector have helped to stabilise the sector.
CBN recalled that the expeditious process for rendition of returns by banks and other financial institutions through e-FASS application software, revision and updating of relevant laws for effective corporate governance and ensuring greater transparency and accountability in the implementation of banking laws and regulation had also boosted confidence in the sector.
According to him, Nigerian banks were ranked among key players in the global financial landscape with some of them featuring among the first 20 banks in Africa and among top 1,000 banks globally.
CBN chief further observed that “The Nigerian capital market is not left out in terms of reforms to enhance market performance. Take for instance, since the aftermath of the effect of the global financial crisis on the capital market, the apex regulator in the capital market has stepped up its surveillance activities and initiated different programmes.”
Earlier in his remarks, the FMDA President, Samuel Ocheho, assured that the association will continue to drive sanity and innovations in the nation’s financial system in partnership with the CBN and other regulatory agencies.