Banking

Nigeria’s banking sector is a diversified one, in which the largest banks follow the universal banking model and a range of specialised actors tap specific niches. New trends include merchant banks, sector-specific lending vehicles, and from policymakers, increased focus on financial inclusion. These include microfinance, mobile tools, and the establishment of a network of mobile money agents to service this developing financial infrastructure. For now, however, the banking sector features a slate of risks that leaves banks reluctant to lend to the private sector, and economic actors of most types suffer from inadequate access to finance. Despite this, overall performance is not expected to slide due to the counteracting improvements in the economy. This chapter contains interviews with Godwin Emefiele, Governor, Central Bank of Nigeria; Abubakar Jimoh, Managing Director and CEO, Coronation Merchant Bank; and Emeka Emuwa, CEO, Union Bank.