Nigeria’s Financial Services Sector to grow by 8.3% in 2022 – Bismarck Rewane projects

Bismarck Rewane, the Managing Director/Chief Executive Officer of Financial Derivatives Company, a renowned research company, has projected an 8.32% growth rate for Nigeria’s Financial services sector in 2022, in view of the perceived positive policies expected to reinforce activities in the system.

This, he revealed during a webinar on Nigeria Economic Outlook 2022, themed: A rear view look at 2021, lessons learnt-Outlook 2022, convened by First Bank of Nigeria

The webinar aims to set the tone for the year by providing an opportunity for participants to learn directly from economic experts to stay informed and knowledgeably empowered to make the right decisions in their socio-economic activities in 2022 which will be impacted by the micro and macro-economic activities of the country.

Bismarck Rewane, the event’s keynote speaker, explained that the growth may arise as a result of aggressive digital innovation and lending solutions being put in place by Financial Institutions, and the collaboration with FinTechs in the promotion of Financial Inclusion in the country.

For the industry to grow further, Mr. Rewane explained that there are possible mergers and acquisitions to take place within and across tiers in the industry in order to boost capital structure. Last year, a very new bank acquired controlling shares of an old generation bank in a landmark deal.

Amongst others, he noted that: Tier 1 banks will leverage on robust customer base and balance sheet size; deepen penetration to unbanked and underbanked; increase African footprint; and as well improve corporate governance within the banking space, while there will be a surge in FinTech and mobile payments.

Other speakers were Ini Ebong, Executive Director, First Bank of Nigeria Limited Treasury and International Banking; OpeyemiAgbaje, Chief Executive Officer (CEO) of RTC Advisory Services Limited, Olaitan Martins, Group Executive, Transaction Banking and Augustine Uddin, the Chief Economist, FirstBank.

The Bank maintains the leading position in many of the markets in which it operates, market-leading distribution capability and a well-recognised brand with a large customer base.

With over 750 business locations in Nigeria, all on-line and real-time, the Bank has one of the largest domestic sales networks in the country. As a market leader in the financial services sector, FirstBank pioneered initiatives in international money transfer and electronic banking in the country, serving more than 14 million customer accounts.

First Bank’s strategy has been focused on restructuring the business to take advantage of growth opportunities within the industry, pursuing business line expansion across strategic business units, continuously implementing a systematic international expansion plan, sequencing its growth initiatives across defined metrics, as well as building synergies and cross-selling across the FirstBank Group.