The Guaranty Trust Bank yesterday brought together registered banking institutions in the country to hold further discussion on how to strengthen banking relationship for growth and financial development.
Representatives who were gathered, including officials from the Central Bank, submitted their individual contributions on the issue, and further discovered ideas that are necessary for the promotion of the banking industry.
The Managing Director of Guaranty Trust Bank Ade Buraimo who also doubled as chairman of the ceremony explained that banking institutions should focus on the situation on the ground which involves banking and money market since without development in the money market the banking system may likely not progress to their aspirations.
He maintained that this can only be achievable through the involvement of the entire banking institutions in the country to mount the spirit of confidence in one another and see how changes can be visible. He continued to say that “if you are a seller and there is no buyer then there is no market since one of the principles of economics says, for a market to exist there must be a buyer, a seller and there must be commodities to be traded”
Mr. Buraimo also noted that trading can be enhanced through the art of buying and selling for the purpose of making profit and said that “trade can be done in many forms: through Forex, gold, diamond and other commodities”. These can also be activated in the banking system to realize the growth of the banking industry.
The Head of Wholesale Banking at the Standard Chartered Bank Mubaiwa Mubayiwa suggested that there should be openness in the banking institutions, especially on issues that have to do with the growth of the banking industry.
He said that “interbank system is key to the development of the banking industry since the profit expected will be more than 650Million Leones a year. This drive can only be made possible if banking institutions are ready to comply through information sharing, loan and other means of transactions through the guidance of the Central Bank”
Representatives of the Banks present highlighted some of the issues that are militating against the growth of the industry and proffered solutions that can be followed to combat the challenges that are eminent as the association progresses.
The next meeting is slated to be held possibly at the end of the month at the Standard Chartered Bank for further deliberations on the way forward.
By Poindexter Sama
