Diaspora Banking: Zenith, Fidelity Fly To Texas On CBN And NIBSS Wings To Showcase An Imaginative Concept
The Oasis Reporters
October 21, 2024
It was a beautiful gathering of Nigerians in the diaspora on Sunday afternoon, October 20, 2024 in Houston , Texas, USA during a collaborative session with Nigeria’s Central Bank (CBN) the equivalent of the US Reserve Bank and the NIBSS on OPTIMIZING REMITTANCES TO NIGERIA “A Vision for the Future”.
What made the gathering such a great fun to be present in was the presence of leading Nigerian banks, Zenith Bank Plc and Fidelity Bank Plc.
The two leading banks assisted enormously in the enrollment of Nigerians on the Bank Verification (BVN) platform as well as the National Identification Number (NIN) platform. In other words even though the Nigerian-Americans have left the country, they are still Nigerians in truth and spirit even though in the diaspora.
Subtle reminder that they are not forgotten. Even their spouses and children born in the diaspora are also bonafide parts of the homeland.
There was also the added advantage of a seamless account opening process, easy mortgages at concessionary rates and the ability to consult experts on ground on diaspora Banking.
The long term view is that the astute bankers, borrowing from the Cuban term of las luga, (strategic eyes) is to fill a void in the Nigerian economy as many blue chip foreign firms kept exiting Nigeria due to the downturn of the economy and the cost of living crisis. The idea is for Nigerians in the diaspora to come and occupy that yawning void with their foreign economy portfolio.
Nigeria needs a fresh injection of their foreign currency in an organized and formal way to play a part in the engine of the economy.
To this, kudos to Dame (Dr) Adaora Umeoji (OON) GMD/ CEO of Zenith Bank Plc and Dr. Nneka Onyeali-Ikpe (MD), Fidelity Bank Plc. Real visionaries they are.
That is also not forgetting that the two banks, Fidelity Bank and Zenith Bank have been in the forefront of training people at home via seminars on how to package Nigerian products for export as a new community of Nigerians in the diaspora is burgeoning on a daily basis.
The two forward looking bankers are turning a seemingly difficult situation whereby an exodus of people is occuring, into a financial advantage to grow the nation’s economy.
Welcome to Texas.
Greg Abolo
gregabolo@gmail.com