President of the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, has issued a rallying call for the banking sector to prioritize ethics and professionalism amidst growing challenges and controversies.
Opara emphasised the urgent need for a renewed commitment to ethical standards within the financial services industry. He highlighted recent instances of unethical behavior and regulatory violations that have tarnished the reputation of the banking sector, undermining public confidence and trust.
Also, the institute announced plans to establish a banking school aimed at advancing professionalism and ethical standards within the banking and financial sectors
during the hybrid 2024 Graduates’ Induction and Prize Awards Day held in Lagos over the weekend.
Opara said: “In recent years, the financial services industry has faced numerous challenges and controversies that have underscored the critical need for a renewed focus on ethics and professionalism. Instances of unethical behaviour, regulatory violations, and breaches of trust have tainted the reputation of the industry and weakened public confidence. High-profile cases of misconduct and infractions have not only resulted in financial losses but have also injured the reputation of financial institutions and professionals.”
“In response to this challenge, the Institute has implemented a mandatory annual Ethics Compliance Certification Programme, which is being deployed through the CIBN e-Learning Platform for staff of banks. The purpose of this certification is not only to address specific cases of misconduct but also to ensure that the practice of banking in Nigeria aligns with global standards as prescribed by the Global Banking Education Standards Board (GBEStB). By fostering a culture of ethical conduct and continuous learning, we can uphold the integrity of our profession and enhance trust and confidence in the financial services sector.”