5 Common Compliance Problem In Business

5 Common Compliance Problems In Business

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Challenges with compliance will typically be highlighted, when accountable employees disregard one or more rules, practices or procedures that have been put in place for the smooth running of an organization.

COMMON COMPLIANCE PROBLEMS IN A BUSINESS

  1. Corruption
  2. Employee Conduct
  3. Impact on the Environment
  4. Management of Data
  5. Quality

WHY COMPLIANCE ISSUES MATTER

  • Compliance Demands Grow with Your Business: The term “compliance” in the business sense refers to a corporation fulfilling its legal obligations, frequently to safeguard the health, safety, and welfare of others. As your firm expands and concerns become more complicated, the value of compliance becomes clearer. Your duties in relation to your employees will be broadened to include hiring, firing, discrimination, harassment, safety, wages, payroll, and benefits.

  • Reduced Legal Issues: The most obvious benefit of compliance is that it lowers your chance of being fined, penalized, forced to cease working, being sued, or having to close down your business.’

  • Better Public Relations: When you comply with the law, one of the advantages is being able to highlight these accomplishments in your marketing materials and on your website.

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How to write a business plan in seven simple steps

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How to write a business plan in seven simple steps

How to write a business plan in seven simple steps

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When written effectively, a business plan can help raise capital, inform decisions, and draw new talent

Companies of all sizes have one thing in common: they all started small. For those who are just getting started, starting small is the way to go. Learn how to make your first hire, deal with administrative issues, and set yourself up for success.


Writing a business plan is frequently the first step in taking an idea and turning it into a reality. As you write, your ideas begin to coalesce into a strategy, and a path forward emerges. However, business plans are not just for startups; established businesses can benefit from revisiting and rewriting theirs as well. In any case, formal documentation can help to motivate employees, entice investors, and inform future decisions.

The task of writing a business plan—a document filled with so much detail and documentation—can feel daunting regardless of your industry or the size of your team. Don’t let that deter you; there are simple steps to getting started.

What is a business plan and why does it matter?

A business plan is a formal document that outlines your company’s goals, direction, finances, team, and future plans. It can be geared toward investors in order to raise capital, or it can be used internally to align teams and provide direction. Extensive market research, competitor analysis, financial documentation, and an overview of your business and marketing strategy are all typical components. A business plan, when written effectively, can help prescribe action and keep business owners on track to meeting business goals.

Who needs a business plan?


A business plan can be especially useful during a company’s early stages of growth, serving as a guiding force amid the uncertainty, distractions, and, at times, rapid developments that come with starting a business. A business plan for an enterprise company should be a living, breathing document that guides decision-making and facilitates intentional growth.

You should have a game plan for every major commitment you’ll have, from early-stage founder agreements to onboarding legal professionals. You can’t go out on funding rounds or participate in accelerators unless you plan ahead of time.

How to make a business plan and seven components every plan needs
While there is no set format for writing a business plan, there are several elements that are typically included. Here’s what’s important to consider when writing your business plan.

1. Executive summary
The executive summary, which should be no more than half a page long, should briefly introduce your company and describe the purpose of the business plan.

Are you creating the plan in order to attract capital? If so, state how much you hope to raise and how you intend to repay the loan. If you’re writing the plan to align your team and provide direction, explain what you hope to accomplish with this alignment, as well as the size and state of your current team.

The executive summary should explain what your company does and give an overview of your financial health and major accomplishments to date.

2. Company description
To properly introduce your company, you must also describe the broader industry. What is the monetary value of your market? Are there market trends that will impact your company’s success? What is the current state of the industry and its potential for the future? Use data to back up your claims, and make sure to include all relevant information—both positive and negative—to give investors and employees a complete and accurate picture of your company’s environment.


Continue by describing your company and what it offers to its customers. Are you a sole proprietor, limited liability company, partnership, or corporation? Are you an established business or a fledgling startup? What is the composition of your leadership team, and how many employees do you have? This section should provide historical and future context for your company, including its founding story, mission statement, and future vision.

It’s essential to showcase your point of difference in your company description, as well as any advantages you may have in terms of expert talent or leading technology. This is typically one of the first pieces of the plan to be written.

3. Market analysis and opportunity
In order to complete a business plan, more time should be spent on research and analysis than on writing the plan itself. Understanding the market’s size, growth, history, future potential, and current risks is critical for your company’s success, and these considerations should be described here.
In addition, research into the target demographic of your product or service is essential. This could take the form of fictional customer personas or a broader overview of your existing and potential customers’ income, location, age, gender, and purchasing habits.
Though the research should be objective, the analysis in this section is a good place to reiterate your point of difference and the ways you plan to capture the market and surpass your competition.

4. Competitive analysis
It is critical to provide an in-depth analysis of your competitors in addition to explaining the elements that distinguish you from them.


This research should delve into your direct and indirect competitors’ operations, financials, history, leadership, and distribution channels. It should analyze these competitors’ value propositions and explain how you can compete with or exploit their strengths and weaknesses.

5. Execution plan: Operations, Development, Management
This section describes how you intend to carry out the tasks outlined in the plan. It should contain details about your organization’s structure as well as the day-to-day operations of your team, contractors, and physical and digital assets.

Include your company’s organizational chart, as well as more detailed information about the leadership team: Who exactly are they? What is their history? What are their contributions? Include the resumes of key members of your team.

Your startup’s execution plan should include how long it will take to start operations and how much longer it will take to reach profitability. It’s a good idea for established businesses to outline how long it will take to execute your plan and how you will change existing operations.
If applicable, include your strategy for recruiting new team members and expanding into new markets.

6. Marketing plan
As you scale operations or launch a new strategy, you must have a comprehensive marketing plan in place, which should be shared with your stakeholders and employees. This section of your business plan should outline how you intend to promote your company, attract customers, and retain existing clients.
Include brand messaging, marketing assets, as well as a timeline and budget for engaging consumers across multiple channels. Include a marketing SWOT analysis in your list of strengths, weaknesses, opportunities, and threats.
Evaluate the way your competitors’ market themselves, and how your target audience responds—or doesn’t respond—to these messages.

7. Financial history and projections
Within your business plan, you must disclose all finances involved in running your company. This is done so that your shareholders understand how you’re expected to perform in the future and how far you’ve come.


Your income statement, which details annual net profits or losses; a cash flow statement, which shows how much money you need to launch or scale operations; and a balance sheet, which shows financial liabilities and assets, should all be included.

An income statement is the measure of your financial results for a certain period and the most accurate report of business activities during that time, [whereas a balance sheet] presents your assets, liabilities, and equity. “It’s crucial to understand the terms correctly so you know how to present your finances when you’re speaking to investors.”

In addition, if you’re asking for funding, you will need to outline exactly how much money you need as well as where this money will go, and how you plan to pay it back.

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How To Be The Boss: 11 Amazing Methods Of Controlling Your Emotions

How To Be The Boss: 11 Amazing Methods

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How To Be The Boss: 11 amazing methods of controlling your emotions.

It’s more crucial than you might think to be able to feel and communicate emotions.

Emotions play a significant role in your reactions as the felt response to a specific scenario. When you’re in tune with them, you have access to vital information that facilitates:

– Making decisions

– Achievement in relationships

– Regular encounters

– Self-care

While emotions can be beneficial in daily life, when get out of control, they can have a negative impact on your emotional well-being and interpersonal connections.

1. Consider how your emotions affect you.

Not all strong emotions are bad.

Our lives are thrilling, distinct, and colorful because of our emotions. Strong emotions may indicate that we completely embrace life and aren’t suppressing our innate responses.

When something fantastic, tragic, or when you feel like you’ve missed out happens, it’s totally normal to occasionally feel emotionally overwhelmed.

So, how can you recognize an issue when it arises?

Frequently irrational emotions can result in:

  • Problems relating to people, in a relationship or in a friendship.
  • Difficulties at work, and a desire to use drugs to cope with your

outbursts, either physical or emotional.

Spend some time evaluating how your uncontrollable emotions are impacting your daily life.

2. Rather than repression, seek regulation

If it were that simple to regulate your emotions, you could do it with a dial. But consider for a second that you could control your emotions in this manner.

You restrict yourself from feeling and expressing emotions when you suppress or repress them. This may occur intentionally (suppression) or unintentionally (repression).

Both can lead to signs of physical and mental illness, such as:

  • Anxiety
  • Insomnia
  • Depression
  • Difficulties
  • muscle tension
  • drug abuse
  • stress management

Make sure you aren’t merely brushing your feelings aside when you are learning to control your emotions. Finding a middle ground between intense feelings and no emotions at all is necessary for healthy emotional expression.

3. Determine your emotions.

You can start regaining control by taking a moment to check in with yourself about your emotions.

Take a moment and ask yourself;

  • Exactly how do I feel at the moment? (I am dissatisfied, perplexed, and enraged)
  • What took place to cause me to feel this way?
  • Is there a better method for handling them? Ask whether everything is well. (Walk or run outside.)

Reframing your thinking can help you change your initial, irrational response by allowing you to take into account potential alternatives.

Before this response becomes a habit, it may take some time. It will get simpler with practice to mentally go through these procedures (and making them more effective).

4. Acknowledging every emotion, you feel.

You might try downplaying your feelings to yourself if you’re attempting to grow better at managing your emotions.

It may seem beneficial to tell yourself, “Just calm down,” or “It’s not that big of an issue, so don’t panic,” when you start to suffocate after getting wonderful news or collapse on the floor sobbing and shouting when you can’t locate your keys.

This, however, invalidates your experience.

You can become more accustomed to emotions by accepting them as they are. Gaining more ease with overwhelming emotions enables you to experience them fully without reacting in dramatic, counterproductive ways.

5. Keep a mood diary

You can identify any problematic patterns by writing down your feelings and the reactions they elicit.

Sometimes it’s enough to mentally follow your thoughts back via your emotions. Writing down your emotions can help you think about them more thoroughly.

It also aids in identifying the situations that lead to emotions that are more difficult to manage, such as workplace difficulties or family disputes. Knowing your triggers allows you to more effectively control them.

Keeping a daily journal is highly beneficial. Keep a journal on you at all times, and record any extreme feelings or emotions as they arise. Try to keep track of the triggers and your response. If your response wasn’t helpful, use your diary to look into more beneficial options going forward.

6. Breathe deeply

No matter how outrageously pleased or upset you are, there is much to be said for the power of taking a deep breath.

The feelings won’t go away by themselves by slowing down and focusing on your breathing (and keep in mind that’s not the point).

Even so, practicing deep breathing techniques can assist you in centering yourself, taking a step back from the initial, powerful emotion, and any extreme reaction you’d prefer to avoid.

When next you notice that your emotions are taking over:

  • Take a deep breath. The stomach, not the chest, is where you take in deep breaths. Visualizing your breath rising from deep within your abdomen may be helpful.
  • Hold on. After counting to three, softly let the air out.
  • Consider using a mantra, like a slogan. A mantra like “I am peaceful” or “I am relaxed” may be useful to some people.

7. Understanding the right time to express yourself

Everything has its proper time and place, even strong emotions. For instance, crying uncontrollably after losing a loved one is a fairly typical reaction. After being dumped, screaming or even beating your pillow may help you release some tension and fury.

However, in other circumstances, some restraint is required. No matter how angry you are about an unfair disciplinary action, yelling at your supervisor won’t solve the problem.

You can learn when to express your sentiments and when you might want to sit with them for the time being, by being aware of your surroundings and the scenario.

8. Allow yourself some distance

To ensure that you’re responding to strong emotions in appropriate ways, it can be helpful to step back from them.

It’s possible that this separation is physical, as in physically getting out of a difficult circumstance. Distracting yourself, though, might also help you put your thoughts at a distance.

Distracting yourself is okay until you’re in a better situation to cope with your sentiments, even if you shouldn’t ignore or completely avoid them. Don’t forget to visit them again, though. Distractions from good things are only momentary.

Try:

  • going for a walk
  • if you can take a walk, you might just want to remain quiet for a while
  • viewing a humorous video
  • conversing with a loved one
  • spending some time with your pet

9. Attempt meditating

If you currently meditate regularly, it may already be one of your go-to strategies for dealing with strong emotions.

Your awareness of all emotions and events can be improved through meditation. When you meditate, you’re teaching yourself to be present with those emotions, to observe them without criticizing or trying to suppress them.

Emotional management can be made simpler, as was already indicated, by learning to accept all of your emotions. You develop these acceptance abilities more by meditating. There are additional advantages, such as improved sleep and relaxation.

10. Manage your stress well

Managing your emotions might be challenging when you’re under a lot of stress. In times of intense stress and tension, even those who typically have good emotional control may find it more difficult.

Your emotions can become more controllable by reducing stress or discovering more beneficial ways to manage them.

Stress management is also aided by mindfulness techniques like meditation. Although they cannot eliminate it, they can make it more bearable.

Other beneficial methods for managing stress include:

  • having sufficient sleep
  • creating time for conversation (and humor) with friends
  • exercise
  • spending time outdoors
  • setting aside time for leisure and activities

11. Talk to a therapist

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If your feelings are still too much for you to handle, it might be time to get some professional help. They are professionals that can assist you in choosing the right approach for your needs.

Important Stages in Change Management

3 Important Stages in Change Management That You Should Know

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Change Management

Change Management – Changes within organizations are inevitable, and these changes can have a significant influence on personnel. Employees handling change in the workplace, frequently experience a sense of helplessness, and are forced to accept the new way of operating.

The 3 stages in change management are;

  • 1. Last Stage

Loss, anger, denial, uncertainty, and frustration are some of the normal feelings that come with learning about a change. When handling change at work, if you can’t move past this phase, it may affect both your performance and sense of personal wellbeing.

The following advice can help you get over “change’s concluding stage”:

Knowing why you feel how you do, will help you control your emotions. Some of them, like a failed change initiative in the past, might be true. Others may be unwarranted, such as the worry that you won’t be able to learn the new procedure before receiving any training.

Share Your Concerns: This is the moment to learn more about the change initiative, rather than holding your worries inside. Frequently, information can allay worries or, at the very least, give you a sense of empowerment.

Keep an Open Mind: When considering how to deal with change in the workplace, keep an open mind rather than making assumptions or visualizing the worst-case scenario. Think about some likely outcomes of the change in a favorable light.

  • 2. Stage of Neutral Zone

Being in the “neutral zone” denotes getting past the first negative and resistant thoughts you had about how to handle change at work. You’ve given yourself permission to consider the potential, that the modification might enhance your productivity at work.

This period may bring a variety of feelings from all ends of the emotional spectrum. As the learning curve steepens, you could be eager to attend training for a new technique while also experiencing anxiety and perhaps fear.

Here are some pointers for moving past the neutral zone, and into a location with less uncertainty:

Ask questions: When we are uncertain about something, our imaginations frequently project the worst-case scenario. As you learn the new ways of doing things, ask questions along the way to ensure that you have the knowledge necessary to handle change in the workplace effectively.

Helping others is one approach to stop worrying about how a change will affect you. A colleague of yours may be experiencing similar worries. To make adjusting to change at work more enjoyable, offer to answer queries or to have a study session on the new procedure with coworkers.

Examine the Potential of the Change: If the change will have an influence on your day-to-day responsibilities, instead of a sense of helplessness, consider how you can implement the change in a way that satisfies your company’s demands, while also giving you some degree of control. Dealing with change in the workplace can be made more powerful by coming up with inventive ways to accommodate the transition.

  • 3. Stage of New Beginnings

Once the change has gone into effect and you are now operating in the “new method,” you often enter the fresh beginnings stage. This can result in sentiments of relief and gladness that you’ve survived, but if there isn’t consistent support, you could still occasionally experience thoughts of bewilderment.

The following advice will help you completely embrace the new beginnings stage:

Ask for Help: One of the best practices for change management is to offer support so that a change can continue after the go-live date. Ask for assistance when needed handling change at work; don’t assume you have to deal with something that may have arisen after the change went into place.

Optimize and Explore: As soon as you’ve grown used to the new routine, spend some time thinking about and exploring ways to make your new workflow even more efficient.

Create Your New Habits: When new habits are formed to replace old ones, quitting old habits is much simpler. When adjusting to change at work, be deliberate about forming routines that will become second nature to you, by developing habits around the new workflows.

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The secret to managing change at work

The Secret To Managing Change At Work

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The secret to managing change at work

Sometimes it seems like the moment you settle into a comfortable pattern at work, something ends up altering and disrupting it! You might be required to use a totally new piece of software, assume more responsibility, or assigned to a new supervisor, who is not familiar with the company’s mode of operation.

Working through change isn’t always simple. Many people react initially with fear, annoyance, confusion, or a combination of all of the above.

However, not everyone approaches change in the same manner. Both individuals who welcome change and those who are resistant to it can be found in the workplace. What’s the dividing line?

It’s frequently a combination two factors:

  1. How effectively the change team handles and communicates the change project.
  2. The employee’s personal perspective on the development.

There are some strategies you can adopt to assist you manage the process of change at the workplace, even if you can’t stop a transformation that affects your daily routine.

Adapting to Change at Work

The developer of Bridges Transition Model for change, William Bridges states, “We resist transition not because we can’t accept the change, but because we can’t accept letting go of that piece of ourselves that we have to give up, when and because the situation has changed.”

The secret to managing change at work, is realizing that there is always an emotional component to any kind of change.

Change implies an end to the way things are now done, and it’s not just a shift in the process; it’s also a change that can be extremely personal, because it entails letting go of routines and behaviors that may have developed into second nature. It entails entering a less familiar territory and having to learn specific processes all over again.

In order to effectively manage change at work, you must be self-aware of your feelings about the change and dig deeper than your initial response to learn WHY it is happening.

For instance, you might have worry about a change at work that will affect your position, making you ignore all other thing being said to you about the change.

You can assert, “Things were OK the way they were” or “I’ve done all I can, there’s nothing else for me to do.”

You might acknowledge your fear if you look deeper into the emotions that are driving your feelings and how poorly you’re adjusting to change at work.

Fear of not being able to learn the new process, or of not being able to keep up with new responsibilities, and thereby having to be relieved of the job.

These are completely natural feelings that any change management team will anticipate and address.

In order to reach the point where you can easily accept change in the workplace, you must go through a number of stages.

It’s up to you to be open to managing the shift in the workplace, ask questions to help reduce your first emotional response, and bring yourself to a position of embracing change at work.

At Prime KBS Institute’s Change Management Workshop, our subject-matter experts explore the most common factors that drive inflection points – crisis, technological evolution, process reviews, consumer habit changes, pressure from new business entrants, acquisitions, mergers, organizational restructuring, and many more. Our change management experts are trained to assist you along the way.

5 Major Key Elements Your Business Needs to Thrive

5 Major Key Elements Your Business Needs to Thrive

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Before we talk about the 5 major key elements your business needs to thrive,

What exactly makes a good team culture?

Innovation, excellence, and excellent service delivery are all wonderful shared values for team culture, these are three crucial aspects that must be imbued in every company’s team culture, regardless of the nature of the organization or the team’s function.

However, it is also imperative for you lay the groundwork for your team’s peculiar culture.

You can use the following principles as the cornerstone of a positive team culture:

  1. Communication: Everyone should have access to the knowledge they require to carry out their work.
  2. Trust: Workers are given the freedom to complete their tasks without being micromanaged.
  3. Teamwork: Rather than competing with one another, employees collaborate together to achieve a common objective.
  4. Knowledge sharing: Team members ensure that everyone has the opportunity to learn rather than hoarding knowledge, which benefits the business.
  5. Support: Employees assist one another in completing tasks as needed, reducing stress and burnout. They are responsible for benefits such as employee well-being, retention, productivity, and business performance.

With these 5 major attributes, we are close to creating our winning team.

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10 tips for increasing the workforce's motivation levels

10 tips for increasing the workforce’s motivation levels

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10 tips for increasing the workforce’s motivation levels

1. Be the visionary

Everyone wants to be sure that their efforts are moving in the right direction. What will happen next? What does the business definition of success entail? Make sure the company’s vision is clear because having a goal in mind helps to inspire the journey.

2. Ensure that everyone is aware of the “why”

Your staff will be aware of what needs to be done, but you must go beyond and clarify the “why” behind each work. The purpose of the business is its overall goal. Even the simplest task gains much-needed motivation,  if everyone is aware of how their individual efforts might contribute to the company’s overarching goal.

3. Establish regular, specific goals

Smaller goals are the key to motivation, even while your firm undoubtedly has enormous goals that it wants to achieve. Although each goal should contribute to the broader objective, it feels less daunting to divide it into smaller, more manageable tasks. Employees will be more motivated to move on to the next set of goals if they consistently accomplish their targets, which will increase their sense of satisfaction.

4. Honor and recognize excellent work

It’s important for workers to understand that their supervisors value their effort. Recognizing deserving individuals boosts not only one’s own self-worth but also one’s enthusiasm and team spirit.

An efficient method for praising top achievers who uphold your company’s principles is a recognition platform. However, we advise going over and beyond and thanking your teams for more significant events, like a 10-year work anniversary or employee of the month.

5. Grant your team freedom.

Time is valuable. Consequently, motivation levels can drastically decline when we don’t feel in control of our time and energy. Allowing some independence in the office, whether it be flexible working hours or unrestricted vacation time, shows employees that their bosses have their best interests in mind. This increases motivation because it gives people the sense of power and freedom to do a task successfully.

6. Establish a friendly workplace.

Nobody wants to spend all day dreading going home while sitting in a dismal office. Employees will look forward to going to work if employers foster a welcoming culture and provide spaces for rest and play. Here, the adage “work hard, play hard” is crucial. Since motivation and mood are intertwined, a bad mood can impair concentration and reduce the level of energy at work.

7. Present enticing rewards/incentives

Make everyone feel as though they are doing their finest work possible. Offering employee perks and benefits, such as the extensive selection on our perks platform, as well as fringe benefits that are intended to improve your employees’ lives, both inside and outside of the workplace can assist to uplift morale and foster a sense of loyalty to the business.

8. Promote teamwork

Collaboration within the organization’s teams enables the further development of ideas. Working with people that have varied skill sets will lead to results that are more innovative. There is strength in numbers in teams, therefore anyone who is lacking motivation should have support from others around them.

9. Plan your career route

Nobody likes to stay still for too long. All of us desire direction so that we can concentrate on the next action. Employees should be asked what they want out of their careers, and then given clear instructions on how to get there. Design a career path with team members, through growth discussions; this will inspire them to advance to the next level and give them hope for a lengthy and fruitful journey inside the organization.

10. Encourage staff well-being

Some organizations frequently ignore wellness while using motivational techniques.

It is without a doubt a powerful motivator to use incentives as an incentive. However, no matter how hard they try, a worker won’t create their best job if they are feeling worn out or overworked.

Taking a holistic approach to wellbeing means treating your team’s mental, emotional, and physical health. This is a fantastic method to keep them in good health, joyful, and competitive spirits.

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Buhari applauds regulators for stabilizing the banking sector.

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President Muhammadu Buhari has stated that the global economic headwinds caused by the COVID-19 pandemic and Russia’s invasion of Ukraine may have destabilized the Nigerian financial system but for the inventiveness of the sector’s regulators.

Speaking yesterday in Abuja at the 15th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN), Buhari praised the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, the Nigeria Deposit Insurance Corporation (NDIC), the Security and Exchange Commission (SEC), the National Insurance Commission, and other key stakeholders for their hard work in ensuring the country’s financial system’s stability.

Mrs Zainab Ahmed, Minister of Finance, Budget, and National Planning, represented the President, who assured the entire banking and finance community that the government would continue to support the industry in all appropriate ways to ensure the sector continues to deliver on its mandates while creating value innovation for its customers.

Buhari stated that what Nigerians urgently require is a Nigeria of the future that leverages its strengths, competencies, and cultural diversity to address the challenges that plague its people, ranging from climate change to pandemics and insecurity, and that the “government will continue to formulate and implement policies aimed at promoting self-sufficiency in critical areas such as energy, agriculture, health, and technologies.”

Buhari also stated that throughout the last seven years, his administration has supported the repositioning of the Nigerian economy within an evolving Glocal (global and local) environment through numerous initiatives.

He cited initiatives such as the government’s support for Nigeria’s creative industry, indigenous small and medium-sized businesses, and the agricultural sector, which have increased the capacity of indigenous enterprises to compete with counterparts from other countries, while reiterating that current efforts would be sustained and expanded to more sectors of the economy.

Farouk Gumel, Chairman of Union Bank, who delivered the keynote address, advocated for banks to have a stronger physical presence in rural areas, saying, “there has been a lot of talk about closing branches in rural areas and being more efficient, but I think what is needed at this time is re-branching of banks into smaller entities such as rural branches that are targeted at meeting the banking needs of rural dwellers.” We no longer want large branches, but rather smaller and smarter branches whose goal will be to provide financial services adapted to the needs of rural people, the majority of whom are farmers.”

Gumel emphasized that great progress has been achieved in the last six years to bring banking to rural communities.

“In recent decades, the discussions have centered on food, agriculture, farmers, and the fintech sub-sector. I believe that there has been a lot of awareness, which has resulted in a lot of interest and investment. People talk about revolution all the time, but I believe it is more of an evolution. It is tough to change people’s attitudes overnight. Changing behaviors requires time and effort. While a result, expectations must be moderated as we work our way to our desired destination.”

Ken Opara, the Institute’s President/Chairman of the Council, stated that innovation is bringing forth new ways of doing things that are transforming the landscape of the financial services business more than ever before.

“As a result of the dynamics,” he continued, “the financial services sector will need to respond to this transition considerably faster.” Services, goods, and technical advancements that were novel and valuable yesterday will be obsolete today. It is a reality that the financial services industry has changed faster in the previous few years than at any other period in history.”

He stated that, as the world evolves, the financial services industry will need to explore innovation and reorganize its operations in order to succeed in the future.