Business
CBN Tasks Financial Institutions On Technology
The Central Bank of Nigeria (CBN) has urged financial institutions and organi-sations to embrace technology to remain competitive.
Deputy Governor, CBN, Mr Adebisi Shonubi, stated this at Greenwich Registrars and Data Solutions Ltd seminar held in Lagos with the theme: Big Data in Nigeria.
Shonubi represented by Director, Information Technology Department, Hajiya Rakiya Mohammed, said many organisations had gone out of business due to their inability to adapt to current trends in technology.
He stated that organi-sations must harness the power of data and wind of change in their environment to remain competitive in product development and services.
To survive in this age, organisations need to have an idea and data that will enable them to play in their ecosystem,” Shonubi stated.
According to him, organi-sations must have a very clear vision to look at data as an asset to harness its benefits.
He also stressed the need for traditional institutions to seek ways of leveraging technology and provide better services to customers through the deployment of alternative engagement channels and platforms.
Shonubi said companies must redesign and harness data and generate insights that enabled quantifiable difference to customers, revenues and profits in order to remain relevant in the industry.
Also speaking, Acting Managing Director, Greenwich Registrars & Data Solutions, Obiageli Chiki-Ijegbulem, stated that one of the most important developments of the 21st century was the rise of data driven service delivery.
Chiki-Ijegbulem said, “most traditional organi-sations that have not crossed the digital divide are at a disadvantage because they incubate a cohesive ecosystem that inhibits the establishment of a fully integrated digital culture.”
“This conundrum stems from an enshrined mundane work culture, weak disposition to change management and quality of the human capital.
“Factually, the significance of big data does not revolve around the quantity of data you have, but what you do with it.
“You can take data from almost any source, analyse it to generate intelligence that will help your business in areas like customer life cycle management, new product development and smart decision-making.
“Ideally, mature organisations build protocols and employ tools for data security, these tools in themselves depend on big data to track and neutralise evolving threats,” she said.
The Executive Director, IT & Operations, Access Bank Plc, Mr Ade Bajomo said Nigeria had the opportunity to solve Africans problems by leveraging the best technology ecosystem.
According to him, this can be achieved if companies digitalise their strategies in such a way that they become more competitive to serve the customers in the most efficient manner.
“We need to drive and participate in this transformation to boost our organisations.
“Based on this pattern, we want to move into predictive, which is digital transformation.
“The fourth industrial revolution is powered by data and 90 per cent of all the data created in the world was generated in the last two years,” Bajomo said.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters