The banking and financial services sector has witnessed significant growth over the years, experiencing significant developments technologically. Despite economic downturn in 2020, the financial sector contributed 3.6% in real terms to the total GDP of the country as of the second quarter of the year.

The introduction of card services enhanced access to financial services and enabled POS transactions in the country, which relative to cheque transactions, continue to grow. Technology has also made a tremendous impact on the sector with the increased emergence and flourishing of FINTECHS.

As with other fields of human endeavour, the sector still has room for improvement and Caritas is strategically positioned to provide communication support for the growing number of players in this all-important sector that plays a pivotal role in the growth and sustainability of other sectors of Nigeria’s economy.

The financial services sector is highly regulated and is exposed to the changes that occur in government and public policy. It is therefore imperative that the operators in the sector keep a close eye on developments around public policy, with a view to understanding and staying ahead of the critical issues.