Former Chief Executive Officer of Access Bank, Aigboje Aig-Imoukhuede, has emphasised the need to focus on and grow other segments of financial services such as insurance, asset management, fintech and e-commerce.
In a press briefing ahead of his book launch ‘Leaving the Tarmac: Buying a Bank in Africa’, Aig-Imoukhuede advocated for the same type of revolution that took place in banking to happen across all the financial services segments.
Speaking on the future of financial services, he noted that banking had been the dominant financial service, while others were yet to come of age.
According to the former Access Bank boss, the largest financial intermediaries in any economy were not banks but the insurance companies and asset managers.
He said, “What banking does is it’s a place for you to save your money and make payments. Insurance company and asset management is where your wealth is created, where your future and your legacy is preserved.
“That’s why of course that aspect of financial services is in multiple times larger than banking.”
Aig-Imoukhuede stated that Nigeria and other parts of Africa were lagging behind in these financial services, noting that if the gap was not fixed, the country would remain third ranked in terms of the competitiveness of financial services globally.
-Punch