In another intellectual session on VTv, which happened on Instagram Live
and hosted by Sam Chidoka, the MD/CEO of Kairos Capital Ltd, the Nigerian
banking sector was dissected by Chika Mbonu, a seasoned banker, and a trained
engineer.
Chika Mbonu mentioned that our economy was already in distress before
the pandemic came around, citing the GDP growth of the country being at 2%and
how per capita growth was actually on the negative side. He said that the
country was still recovering from the recession when the COVID-19 pandemic hit
and exacerbated the issues on ground.
He said he had analyzed two companies based on their correlation with
what was on ground and realized that positive correlation to the issue was
enough to cause a rise in profit and a negative one would be worst hit. He
mentioned that businesses with interests in logistics, telecommunications, etc.,
were among the top earners while those involved with people moving around, e.g.
hospitality, aviation would emerge among the top losers.
Speaking on banking, he spoke about the falling volumes of transactions.
He spoke on his analysis, saying that the businesses that fueled the major
transactions were all closed up and as such, even digital transactions would
not meet up. He then also entered offshore transactions, berating our
dependence on oil, putting emphasis on the fact that we could not meet up with
oil sales, predicting a backlog of salary payments to civil servants.
He advocated that we look into agriculture, real estate, and possibly, IT skills. He also advocated for more of digital banking, citing the massive
crowding of banking halls on the first day of free movement after the lockdown
had been called off. He mentioned that we had to be held accountable for the
quality of leadership; asking that we find a way to get involved in the needed
skills of the future.
On a final note, he endorsed the VBank app, recommending it to everyone
who was watching the interview. He mentioned that he would also be opening an
account with the bank.
- May 10, 2020
- 0 Comments
