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FITC launches Banking Survey Report on financial habits of Millennials & Gen-Z



FITC, the innovation-led and technology-driven knowledge institution, has launched a first-of-its-kind Millennial and Gen Z Banking Survey Report.

The launch event themed “Tapping the Millennial & Gen-Z Markets: Redefining Opportunities for Financial Services Growth,” held on Friday, June 17, 2022, at the Lagos Oriental hotel, Victoria Island.

The publication aligns with FITC’s commitment to continuously provide cutting-edge knowledge solutions to the financial services sector and provides vital consumer data on a demographic that is fast becoming a significant consumer segment globally.

The publication was designed to provide crucial data on the Millennials and Gen Z market segment and support decision-making by key stakeholders within the financial services sector.

The launch event was well attended by all the major players and personalities in the Nigerian financial services sector. They include Mrs. Aishah Ahmad, Deputy Governor, Financial Systems Stability, Central Bank of Nigeria (CBN) and Chairman, FITC, Mr. Obaro Odeghe, Executive Director, First City Monument Bank (FCMB), Mrs. Funke Ladimeji, Executive Director, Coronation Merchant Bank, Dr. Temitope Fasoranti, Executive Director, Zenith Bank; Mr. Chuigo Ndubuisi, Executive Director, United Bank for Africa (UBA); Mrs. Emily Osuji, Executive Director, Nigeria Deposit Insurance Corporation(NDIC); and Mr. Adewale Aina, Head, Human Capital Services, Stanbic IBTC Bank amongst others.

Addressing the relevance of the report, the Managing Director/CEO, FITC, Chizor Malize, said the survey was conducted and published by the Insights and Policy Advocacy unit of the FITC.

She disclosed that the unit provides support to businesses through industry analysis, to enable them to strengthen their customer relationships and make better business decisions, driven by accurate data.

In addition to the Millennials and Gen-Z report, the Insights and Policy Advocacy unit consistently publishes reports that provide actionable insights to the financial services sector.

Malize described the publication as a vital tool for innovators and disruptors planning to design products and services for the Millennials and Gen Z demography.

Millennials and Gen Zs are set to become the most important customer group for most banks, neo banks and the financial technology (FinTech) companies. Combined, they currently form the largest adult generation globally with the largest economic impact. Their wealth more than doubled to over $9 trillion since the pandemic began. They are over two billion strong with spending power in excess of $1 trillion. However, “banks” have largely left cutting-edge research on millennial banking habits out of the design processes for product design and marketing strategies development. Financial institutions can no longer afford to neglect this huge group,” Malize said.

“FITC is committed to equipping and supporting the financial services sector and indeed, players and stakeholders across all sectors of the Nigerian economy with the requisite skills and knowledge to succeed. One of several ways by which we accomplish this, is through research-backed insights and accurate data, to aid sound decision making.”

Speaking further, Malize noted that the Millennials and Gen Zs are the most digitally savvy market segment within the financial services sector.

“They are quick to adopt new platforms and technology. With the advent of Fintech, in Nigeria, the competition for this market has become even tougher. Financial institutions must therefore respond proactively to the changes in the market with accurate data and guidance contained in this report.

”In order to earn the loyalty of Millennial and Gen Z customers, financial service brands must think outside the box. They must develop research-driven strategies for approaching Millennial and Gen Z customers, with a thorough understanding of who they are, what they want and how to make the customer journey as appealing to them as possible.

“To help capture and retain this demography, organizations require insights and deep knowledge as they develop the most innovative strategies for building long-term loyalty within the segment. We have therefore brought the industry, cutting-edge research and insights required for winning the minds and wallets of this important demography,” Malize said.

The MD/CEO, Wema Bank, Mr Ademola Adebise, delivered the keynote address. He was ably represented by the Chief Digital Officer, Mr. Segun Adeniyi. Adeniyi noted that of the interesting highlights in the report, is the discovery that millennials generally prefer digital platforms, while the Gen Z preference skews towards physical branches. According to him, this emphasizes the need for banks and financial institutions to create user-centered product experiences, tailored to the unique preferences of this market segment. Adeniyi attested that insights, driven by behavioural data such as this report, are necessary tools for designing new products, and improving existing ones within the financial services sector.

The Deputy Governor, Financial Systems Stability, Central Bank of Nigeria (CBN) and Chairman, FITC Board, Mrs. Aishah Ahmad, who unveiled the report, said the financial services sector needs it for effective decision-making on new product development.

“Recent changes in the business environment, and more particularly the banking industry across the globe, makes it imperative for periodic research to be conducted on emerging trends and developments. This provides data for better understanding of issues, as well as informed decision making for organizational success and business sustainability. The Millennials and Gen Z Survey Report is therefore very apt and highly commendable,” she stated.

“Beyond creating digital platforms, it is essential to design unique and specific models that ensure that this demography derives utmost value from their relationship with their banks. Accurate data from reports such as this one, are important tools for sound decision-making. I commend FITC for leading the charge in this regard.”

Ahmad emphasized the importance of funds security and data privacy. According to her, millennials in particular, care about the security of both their money and their personal data. “Earning customer trust depends on an institution’s ability to protect customers from fraud and, keep their personal data safe. Financial institutions, must more than anything else, safeguard their customers against fraud, and ensure that their personal data is protected.”

Speaking on banks-Fintechs competition, she stated that competition elevates the level of service delivery and strengthens the industry.

The panel discussion was moderated by Mr. Lookman Martins, Group Head Lagos 1 and West Commercial Banking Division, Access Bank Plc.

Other panel speakers were: Chisom Okoro, International Operations Officer, Providus Bank; Lanre Oladimeji, Group Head, Retail Banking, Zenith Bank; Chuma Ezirim, Group Executive, eBusiness & Retail Products, First Bank; and Jumoke Olusoga, Chief Strategy Officer, Page International Financial Services Limited.

Olusoga stated the need for financial institutions to go beyond simply providing digital platforms for their millennial and Gen-Z customers. “Today, every bank has a digital platform, so the differentiating factor from one bank to the next, must be in the customer experience. Financial institutions must focus on providing value and a frictionless customer experience to their customers. They need to take note of their specific needs and respond accordingly.” She said.

Highlighting the size and importance of the millennial and Gen Z market, Lanre Oladimeji noted that they are a key retail banking audience, based on their population size – nearly forty percent of the Nigerian population by some accounts. Stressing the need to serve them in the manner that they prefer. “You must meet the customer where they are. Millennials and Gen Zs are digital natives, so it is vital that banks engage them through their preferred platforms, ensuring a seamless customer experience” He shared.

Also speaking to the significance of the market segment, Ezirim emphasized the need to focus on its importance. “The Millennial and Gen Z market is large and significant, so any bank that fails to prioritise the needs of that market segment, does so at their own peril,” he said.

Speaking specifically to the needs of the Gen Z market, Okoro affirmed that they not only want to be able to transact on the go, but they also expect decent profit on their savings and investments. On the expectations that Gen Zs have of their financial institutions, Okoro noted their desire for financial education. “The Gen Zs are coming of age in a period of economic upheaval, so they also want financial education, to help them manage their money better”

In his remark, Dr. Temitope Fasoranti, Executive Director, Zenith Bank noted that with the quality of the FITC Millennial & Gen Z Banking Survey report, the financial services sector is set to gain immensely from the detailed insights it contained. “I am particularly impressed by the quality of this report as it will help the financial services sector look critically at its current ways and methods of serving this important target market. For instance, data obtained from the survey states that only 58.93 % of Millennials and Generation Zs were satisfied with the customer service of their banks’ employees, and 41.07% were left unsatisfied. This points to the need for seamless, dependable, and efficient frameworks, use of modern technology and improved customer service experience across all touchpoints in the banking sector” Fasoranti said.

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 Analysing the demands of Nigerian SMEs to achieve global competitiveness 




Growing globalisation presents Small and Medium Enterprises (SMEs) across the globe with an unprecedented opportunity to extend market reach, enhance performance, and potentially upscale to larger companies. Thanks to global interconnectedness, a small family-run business in a remote part of China can manufacture shirts and export worldwide. This is the case for most Chinese SMEs. In 2020 they accounted for 68% of Chinese exports, according to estimates by the Organisation for Economic Co-operation and Development (OECD). In Nigeria, the reality is different for most small and medium-sized businesses. 

In its latest report, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) reported that only 7.7% of business enterprises surveyed exported their goods or services. Of this crop of businesses, 95.3% of exports value less than 10 million Naira ($23,300). This export data highlights the gross under-representation of Nigerian SMEs in international trade despite contributing to nearly half of the domestic GDP when combined with micro-scale businesses. 

The exclusion of Nigerian SMEs from global trade matters because the success of small and medium-scale businesses will directly translate to the enhanced global competitiveness of the Nigerian economy. China and India, both highly populated developing countries, have risen to prominence on the back of value-creation by entrepreneurs in SMEs. 

Furthermore, there is only so much value that can be created within a geographical market; however, expansion to other regions can create new demand and opportunities. Take, for instance, the $93 billion global oil palm industry where Nigeria has a market share of less than 5% despite having abundant natural and human resources to potentially produce and supply oil palm as well as derivatives. We lose out on the multi-fold values that could have been derived from processing and exporting to the vast global market if our agricultural commodities are only consumed within the country and our SMEs fail to break into the global markets. 

There is a plethora of reasons why less than a handful of SMEs in Nigeria are engaged in exports; most of the bottlenecks are behind the borders and overlap with challenges already identified by small and medium business operators. In the 2021 SMEDAN report, 92.4% of surveyed businesses believed the biggest challenge to enterprise development was the lack of finance.  

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The availability of funding is critical for the day-to-day operation of businesses as well as financing business expansion in the long term. Due to high-interest rates, high rates of informality, poor documentation culture, lack of sufficient cash flow, and weak macroeconomic conditions, many SMEs are unable to obtain loans from most financial institutions. Where obtaining a loan is possible, for example from a micro-finance bank, the volume is too little to make a meaningful impact while the volume of loans disbursed by government programs is good but could be better. As a result, 48% of SMEs depend on family and friends, while 15% rely on credit facilities, 8% on trade credit, 6% on co-operatives, and 6% on grants based on PwC MSME Survey 2020.  

Yet, engaging in exports is a capital-intensive venture because of the need to produce goods that meet international standards, as well as investments that need to be put into securing authorization (from Nigeria Export Promotion Council, Standards Organisation of Nigeria, NAFDAC, CBN, etc.) for exports and facilitating the logistics.  

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Another area in SMEs that needs intervention to improve their development, and in turn, global participation is the provision of infrastructure. Per the SMEDAN report, 20.9% consider the paucity of the quality physical infrastructure to be a critical challenge. The problem of infrastructure extends across the entire chain of value businesses rely on. Epileptic power supply means shorter production hours, high operating costs when generating sets (industrial or residential) are employed, or even high capital expenditure to procure alternative power sources. After scaling the issues of power supply, SMEs face obstacles imposed by poor transportation networks. For SMEs involved in exports, goods can be stuck for months at the port and end up in poor form by the time they arrive at their destination. 

Another area of demand for SMEs and similar businesses is vocational and entrepreneurship training. From the SMEDAN report, 20.8% of surveyed businesses rated gaps in vocational and business skills as the main constraint on enterprise development. Often overlooked, entrepreneurship and management skills are a bedrock of SMEs’ success. Programs on vocation and entrepreneurship will help business owners and operators learn essential business skills such as financial and risk management, strategy, sourcing business capital, taxation, human resource management, and so on. This training will also help businesses formalise and position themselves for better opportunities in the market.  

Other pressing demands of SMEs are the need for workspaces, consistent government policies, and access to research & development. Concerning government policies, some of the pain points of businesses are the multiplicity of taxes, demolition of properties, high fuel prices, customs duties, a ban on particular raw materials importation, and trade permits.  

The government would need to improve accessibility to capital to improve the situation for SMEs. Several state and private funding initiatives such as FGN Special Intervention Fund for MSMEs, National Enterprise Development Programme, the YouWIN Connect Nigeria program, The Youth Entrepreneurship Support (YES) Programme, Tony Elumelu Entrepreneurship Programme (TEEP), and Lagos State Entrepreneurs Trust Fund (LSETF) already exist amongst others. Improving access would involve creating more specialised funds for women entrepreneurs, and training SMEs on how to keep records and apply for existing credit and grants.  

There are no shortcuts to solving the problem of infrastructure for SMEs, but one quick win is expanding opportunities for export-oriented SMEs to participate more in Free Trade Zones (FTZs). FTZ, as defined by Mondaq, is any location where goods can be shipped, handled, manufactured, reconfigured, and re-exported without the involvement of customs agencies. These zones have a tendency to have better infrastructure and streamlined processes that allow a smoother flow of goods.  

On vocational and entrepreneurial training, a partnership by local and foreign experts in the private sector with the government in organising workshops, seminars, boot camps, and similar programs for SME owners and operators will go a long way. Through tax incentives consulting firms like the Big 4s can be encouraged to organise training for SMEs in areas like digitalisation, taxation, financial records keeping, and business strategy. This idea can be extended to the areas of research and development. Asides from private and public research institutes, academia can be a viable partner to pair SMEs with so that new products and technology can be developed. 

To conclude, it is paramount to drive home the point that SMEs hold so much potential to enhance growth and development for Nigeria, as is the case for many developing countries. The limitation faced by SMEs in global market participation is therefore an important issue for national development that must be addressed by all stakeholders.  

About the author:

 Connect with Nnamdi Okoh on Instagram @nnamdiokoh, Twitter @Lord_nnamz and LinkedIn @Nnamdi Okoh. Learn more about Terminal Africa’s service offerings at

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Lagos seals 42 health facilities across the state




The Lagos State Government, through the Health Facilities Monitoring and Accreditation Agency (HEFAMAA) has sealed a total of 42 health facilities out of about 1040 visited between January and September 2022. 

This was made known by the executive secretary of HEFAMAA, Dr. Abiola Idowu, in Ikeja while reviewing the activities of the agency in the nine-month period. 

Sealed for non-compliance with regulatory standards: Idowu said the facilities were sealed for non-compliance with regulatory standards, adding that other infractions committed include non-registration of facilities and lack of qualified medical personnel, as well as the illegal training of auxiliary nurses.  

She disclosed that in the same period, 170 facilities across the state were inspected for registration, while about 157 closure notices were issued. 

Idowu explained that the key areas monitoring officers focus on during monitoring and inspection exercises of health facilities are: the qualification of personnel, operation processes of the facility, the environment, and the standard of equipment. 

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On HEFAMAA’s monitoring activities, the executive secretary explained that the aim of the franchise is to improve the effectiveness of the monitoring exercise so that all the health facilities in the state can be monitored at least twice a year as the law stipulates. 

  • She said, “The Agency is empowered by the Health Sector Reform (HSR) Law 2006 to franchise some of its activities. Section 49 (5) of the law granted the agency the power to select franchise companies to monitor and ensure compliance with the law by health facilities in the state.’’ 

Get acquainted with the law: Dr. Idowu, therefore, advised owners and operators of health facilities to get acquainted with the law and carry out their operations in accordance with it to safeguard the health of the people. 

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She also emphasized the commitment of the state government to sustain the fight against quackery and unprofessional conduct in the system, as well as urged intending operators to ensure proper registration with the agency through its website, before commencing operations. 

Going further, she added that existing registered operators should ensure prompt renewal of their certificates to avoid being sanctioned. 


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Nigeria produces 13% of global tantalum output – EITI




The Extractive Industries Transparency Initiative (EITI) said Nigeria produces 13% of the global production of tantalum. 

EITI disclosed this in its 2022 Mission Critical Report which was released on Wednesday, November 2.   

Tantalum is a highly resistant mineral used in manufacturing electronics, especially mobile phones, laptops, and super alloys. 

According to EITI, the mineral will potentially be used in electric vehicle (EV) batteries, depending on the technology development and deployment of alternative zero-cobalt batteries.    

In 2021, China recorded imports of tantalum from Nigeria, the Democratic Republic of Congo (DRC), Ethiopia, Madagascar, Mozambique, and Sierra Leone.   

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Nigeria lacks mining data: The report showed that aside from the recorded tantalum production rate, Nigeria rarely had any definite data for 14 of the minerals highlighted in the report. That’s because the country’s solid mineral sector is characterised by artisanal mining and small-scale mining of manganese and tantalum. 

Lack of data discourages investors: The report showed that exploration and mapping of mineral deposits are limited in many EITI-implementing countries, especially African countries like Nigeria. The availability of comprehensive and public geological data determines the ability of resource-rich countries to attract responsible investors and negotiate favourable terms for the country and its people.  

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The importance of open geological data: EITI said access to open geological data is important to support a transition mineral development strategy and to level the playing field in negotiations between governments, companies, and communities. Transparent information can improve the terms of contracts, facilitate mine planning, and ensure that all stakeholders are well informed.  

Profit shifting in Nigerian mining market: In October 2021, the International Monetary Fund (IMF) said countries like Nigeria lose $600 million in revenue due to tax rate differences between African countries and offshore affiliates in the same multi-national enterprises’ group.   

The EITI report corroborates what the IMF said. The report said: 

  • “Research on profit shifting in mining across Sub-Saharan Africa indicates that African countries are losing, on average, between $470 million and $730 million per year in corporate income tax from MNE tax avoidance. The baseline estimate – which also includes Sub-Saharan African economies with small mining sectors – suggests a revenue loss of about $600 million, based on tax rate differentials between African countries and offshore affiliates in the same MNE group.”   

What you should know: Tax base erosion and profit shifting (BEPS) is a serious governance challenge for countries pursuing resource revenues from the taxation of multinational enterprises (MNEs).  

  • BEPS occurs when companies shift reporting of profits generated in higher tax jurisdictions to other parts of their business in lower tax or no-tax jurisdictions.  
  • This challenge could become more pronounced in the transition minerals sector given the integrated business structures of many of the MNEs involved in mining, processing, refining, marketing, and trading in transition minerals across multiple jurisdictions.  
  • There are also increasingly powerful global partnerships controlling transition mineral value chains, for example, through the consolidation of mine-to-car business deals by upstream and downstream MNEs.    

Nigeria must take action: Nigeria and other sub-Saharan African countries need to take intentional steps to maximize their mineral resources, especially in the era of the global energy transition.  

  • During the October 2022 Reuters Impact Climate Conference in London, the president of the Africa Finance Corporation (AFC), Samaila Zubairu said it was time for Africa to rethink the approach to its mining value chain.  
  • According to him, mining is carried out in Africa, and the minerals are exported to Asia where they are processed and exported to other parts of the world. He said that this cannot continue and Africa needs to also process mineral resources so, there is value capture here before exports take place, and Africa can expand its mining capacity.   
  • Zubairu said; “Africa needs to expand its mining capacity, more minerals should be sourced, mined, and processed here on the continent. More investments in adaptation will increase infrastructural capacity.” 


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