Banking remains a game-changer – Banking expert

Chief Executive Officer of First Bank of Nigeria Limited and Subsidiaries, the parent company of FBNBank Ghana, Dr. Adesola Adeduntan, has stated that banking remains a game-changer for countries like Ghana and Nigeria, for the facilitation of socio-economic development and bringing people together.

Delivering his address at the FBNBank@25 Gala Dinner held in commemoration of the 25th-anniversary celebrations of FBNBank Ghana, Dr. Adeduntan indicated that “banking has remained a game-changer for West Africa since the 1890s when it was introduced into the sub-region.

Through the introduction of banking, we have enjoyed benefits like the monetization of our economies, improved trade, socio-economic development and the bridging of the gap between people and cultures. We are told of the support thriving businesses like Elder Dempster, A. G. Leventis, U.A.C. and others enjoyed from the banks of those days and how the introduction of formal businesses generated momentum in the socio-economic development of the then colonial territories which have become our countries now.”

Dr. Adeduntan mentioned that the late 1890s also witnessed the birth of the First Bank of Nigeria, adding that “for over 127 years, the First Bank of Nigeria has remained committed to this role, ensuring responsible support through generations to the growth of economies and businesses.”

He explained that in line with the same enterprising spirit with which First Bank committed itself over generations to support the growth of economies and businesses, the Bank migrated its business to Ghana to set up FBNBank Ghana.

According to Dr. Adeduntan, “working together with our stakeholders like the government, regulators and people of Ghana, we aim to leverage our experience and capabilities to become a major player in this country (Ghana). I am happy to say, our team in Ghana is capable and passionate about seeing this through and we from the parent company are ready to support.”

He revealed that since taking over from the erstwhile International Commercial Bank in Ghana, FBNBank Ghana with the full support of First Bank of Nigeria has focused on delivering sustainable support to key sectors of Ghana’s economy with a dedicated focus on SMEs. He noted that FBNBank’s support continued throughout the peak period of the COVID-19 pandemic, ensuring that critical supply lines remained open.

Thanking the key stakeholders, including His Excellency the President Akufo-Addo, the government and people of Ghana, the Bank of Ghana and other regulators and also customers and clients of FBNBank Ghana, the Chief Executive Officer of First Bank of Nigeria Limited and Subsidiaries pledged their commitment to contributing significantly to Ghana through staking a stronger claim to becoming a major player in the country’s financial sector.

He added “I would like to reemphasize that our commitment to Ghana is absolute as shown by our actions during the recent recapitalization of banks in Ghana. FBNBank is ready and capable of going the long haul with Ghana just as First Bank has done in Nigeria.”