FITC CEO harps on role of banks in economy

The Financial Institutions Training Centre (FITC) has said the growth of the economy depends on the strength and success of its banking sector.

The FITC Managing Director/CEO, Lucy Newman, said in a statement that the implementation of guidelines and effective policies in the banking system would strengthen the system and facilitate sustained economic growth.

Speaking at the FITC Thought Leadership Discussion Series in Lagos, Newman said the discussions in the series and the outcome of the forum would trigger significant insights into how to strengthen the financial sector.

She said the discussion series were in line with the mandate of the FITC to protect, promote and advance the knowledge and practice of banking and finance in Nigeria and Africa.

Also speaking, the Director-General, Zambia Development Agency, Patrick Chisanga, who spoke on how to strengthen the banking system and facilitating sustained economic growth, said the success of the banking sector could not be achieved without addressing the issue of corporate governance.

He said corporate governance and the government were inseparable.  He added that his submission was informed by his experience of how investor confidence in the Zambian economy increased and resulted in higher Foreign Direct Investment inflow because of demonstrated commitment to political stability and corporate governance.

According to Chisanga, it is safe to conclude that corporate governance is a beacon to attract foreign investment and create effective, efficient and sustainable business enterprise. He described corporate governance as an immutable factor in the enthronement of efficiency and prosperity in any system.