Fraud Reduction: CBN Orders Banks To Raise Employee Competencies

The Central Bank of Nigeria (CBN) has ordered commercial banks to engage in capacity building of employees so as to enhance competence in the industry and reduce the incidence of fraud in the industry.  Deputy Governor in charge of Financial System Stability of the CBN, Kingsley Moghalu, made the call following the low level of competence in the banking industry which is attributable to insufficient manpower development.

Speaking at the 2013 Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Moghalu reiterated the apex bank’s commitment to ensuring that banks adhere strictly to competence in their operations. He said continuous engagement in capacity building will make bankers to be abreast of events in the sector, especially in this era of technology.

Speaking with journalists shortly after he was conferred with an Honorary Fellow of the Institute, he said the award is a significant professional recognition to him and to other awardees at a period when CIBN is celebrating it’s 50th anniversary. He said, “One of the four pillars of the CBN reform programme is to enhance the quality of banks. So, the whole question of the quality of manpower is critical to improving the quality of banks,” the deputy governor reiterated.

Mr Tay Laun, Chief Executive of the Institute of Bankers, Malaysia, who spoke on ‘Competency Framework in Banking: The Malaysia Model’, told the audience how he developed the competency framework in Malaysia and urged bankers to put in right skills to ensure confidence in the industry.

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