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Digital banking rubbishing investments in physical asset by banks—CIBN Report

Strong signal has emerged suggesting that sooner than later, many banks would stop establishment of physical branches for service extension and deepening of branch networks.
Revelations from the 2018 annual report of the Chartered Institute of Bankers of Nigeria (CIBN) seen by Business Hilights, showed the professional body agreeing that “Digital banking platforms are continually becoming strong threat the brick and mortar system of banking”.
The report noted that with the threat to traditional banking system, “In years to come, banks that leverage on the technological advancement of the world would attract a larger market share than those investing only in physical asset”.
“The sector should embrace emerging technologies and use these practices to the development of the industry so as to foster economic growth at large.
CIBN report further averred that apart from the jumping adoption of ever incoming digital applications, “The nation’s banking sector is clearly taking another quantum leap and responsibility with the establishment of the Shared Agent Network Expansion Facility (SANEF).”
The professional body further agreed that both digital banking platforms and SANEF are vastly driving the needed realisation of its commitment to support the goal of achieving 80 per cent target of financial inclusion by 2020.